Square Enix Resolves to Continue with Web3, Blockchain Gaming Drive

Blockchain Gaming NFT

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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October 19, 2023 11:44 EDT

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The Japanese gaming giant Square Enix has reasserted its commitment to blockchain gaming, announcing that it will continue to develop blockchain, Web3, and NFT games in the next 12 months.

The firm, which created the Final Fantasy series, issued an end-of-fiscal year statement this month.

Square Enix has faced a furious backlash from many gaming communities for its blockchain pivot, which it first unveiled in early 2022.

The company’s turnover fell slightly over the past year from around $2.7 billion at this time last year to about $2.5 billion.

It also lost almost 1,000 staff members in the same period.

But despite a lukewarm reception for its NFT-related titles such as Symbiogenesis, the company said that it would continue to target Web3 growth.

The firm called its blockchain business an “initiative” that “will achieve further growth.”

It explained that it wanted to become a “pioneer” in Web3 gaming and would “continue to carry out investment activities globally.”

The company also claimed that the “acceleration of blockchain game development” was one of its “priorities” for the year ahead.

The firm has also recently launched an NFT game as part of its long-running Million Arthur series.

While this game has also been pilloried by the international gaming community, Square Enix said that it was enjoying popularity.

Square Enix said that “more than 75%” of the NFTs it issued for the game last month have been sold.

Some sets have already sold out, it added.

The company said that its title’s NFTs held the top-placed transaction ranking by item type on the Line Blockchain protocol.

And the company said that also explained that its Symbiogenesis project was “still under development” with plans to “sell about 10,000 NFT artworks.”

Square Enix: Will Blockchain Gaming Pivot Succeed?

The company has previously said that focusing on traditional forms of gaming would “not be enough” for the company to thrive in the future.

The company’s President and CEO Yosuke Matsuda has previously talked of Square Enix’s desire to “try its hand” at “providing autonomous game content.”

Matsuda also spoke of his plans to launch a cryptoasset.

But an apparent downturn in the firm’s fortunes could soon be set to spark a regime change that may influence the future of Web3-related progress.