Square Enix emphasizes Blockchain investment in 2023 strategy plan of DailyCoin

• Square Enix President Yosuke Matsuda shared in an annual letter that the game studio is committed to delivering high-resolution games and expanding its business globally.
• The Final Fantasy developer is committed to blockchain technology and is committed to reviewing its blockchain investment strategy.

Square Enix released some of the most anticipated games of 2022, and the studio will release the latest additions to the Final Fantasy series in June this year. Matsuda revealed that growing existing franchises such as Kingdom Hearts into global blockbusters with an extensive IP collection is their main priority. They later added that they are also focusing on blockchain investments, especially entertainment.

Legitimation of Web 3.0

Matsuda revealed that Square Enix had devoted aggressive investment and business development efforts to the blockchain entertainment industry. However, the aggressive investment strategy raised the concerns of players. They feared that they would abandon the development of hardcore games in favor of “fraudulent” blockchain games.

However, Square Enix later claimed that they would continue to make hardcore titles.

Matsuda added,

“Looking externally, I think it’s fair to say that blockchain gained significant recognition as a field in 2022, as evidenced by ‘Web 3.0’ becoming a well-established buzzword among business people. However, the year also saw volatility in cryptocurrency markets and NFT (non-fungible token) that tracked the dramatic changes in the macro economy described above. Japan has been one of the top Web3 markets in 2022, projecting over 53% growth despite the chaotic market conditions. Factors such as interest from youth, progressive government policies and affinity for arts played a crucial role in the mass adoption of Web3 technology in the country.

Interestingly, the Japanese Cabinet signed a plan called the ‘Priority Policy Program for Realizing a Digital Society’ in June 2022. The plan led to the creation of an environment that promotes Web3 development, including the use of Web3 technology.

As a result, Square Enix became optimistic about investing in Web3. The company believes there are many business opportunities in the sector.

Matsuda shared,

– New technologies and frameworks lead to innovation, but they also create considerable confusion. After riding out such societal tides, some such technologies and frameworks gradually become part of people’s lives, eventually giving rise to new businesses and growth.”

Tough year for NFTers

Matsuda claimed that 2022 was a year of significant volatility for the blockchain industry following the excitement and euphoria surrounding NFTs and metaverse concepts in 2021. However, the president shared his enthusiasm for 2023, viewing the previous year as a springboard for development and regulations.

Matsuda added,

“However, if this turns out to have been a step in a process leading to the creation of rules and a more transparent business environment, it will definitely have been for the best for the growth of blockchain entertainment,” the president added that existing and future Web3 -games must operate based on a self-sustaining decentralized model. He sees this concept and model as the key to the sector’s success.

Matsuda shared his curiosity about what kind of games and experiences Square Enix will reveal with this model heading into 2023. Global gaming events have recently produced more active discussions about game development compared to speculative conversations in 2021.

Matsuda said,

“There is now a trend to look at blockchain technology as just a means to an end and discuss what needs to happen to achieve the end of delivering new experiences and excitement to customers. I see this as a very favorable development for the industry’s future growth.”

On the other side

• The game developer reported that it is developing more blockchain games with original IPs and is preparing to unveil more titles this year.
• Square Enix entered into a $300 million deal with Swedish publishing group Embracer to fund its blockchain gaming strategy in 2022.