Square Enix Plans to Issue Tokens and Make Substantial Investments in Web3 Gaming
According to the report, the company began testing NFTs on the Shi-San-Sei Million Arthur game in February. The pilot programme's success will lead to the second season of the game's NFTs, and the company will eventually expand its NFT and blockchain activities. SE wants to provide regulatory clarity and norms for blockchain gaming, address scalability in NFT economies, and consider forming a corporate capital venture unit as the top priority of its blockchain domain projects.
The company also announced that it intends to create an overseas organization responsible for "issue, maintaining, and investing our tokens," implying that the company will begin to build a large gaming token economy. SE has been exploring its prospects in the blockchain gaming market with Web3 gaming and Metaverse venture capital firm Animoca Brands. As SE digs deeper into the ecosystem, the two companies' collaboration is expected to deepen.
The report's third goal in its medium-term business strategy is investing in and monetizing blockchain, artificial intelligence (AI), and cloud computing. This aligns with CEO Yosuke Matsuda's stated desire to expand his company's involvement in those technologies in January.
Despite a broad crypto market dip in 2022, the appeal of Web3 and NFT gaming has remained strong. On May 14, according to market tracker DappRader, there were 1 million daily active gamers, nearly the same as on January 1.
On the other hand, Gamers aren't buying as much as they used to, as total NFT gaming item sales have decreased 88 percent from $70 on January 1 to $8.7 million on May 14.
