In a new year newsletter issued at the start of January by the company’s CEO, Yosuke Matsuda, he acknowledged plans to venture into the blockchain space are progressing despite the industry being weighed down by the general drop in cryptocurrency prices. However, Matsuda did not delve into the type of blockchain games likely to be rolled out later by the company behind popular titles such as Final Fantasy and Dragon Quest.
Capitalizing on the crypto sector crash
According to the executive, the correction in crypto prices and the overall impact of the prevailing macroeconomic factors offered an opportunity for consolidation in decentralized gaming technology. Interestingly, Matsuda suggested that the entry of non-fungible tokens (NFTs) in the gaming space was characterized by speculation, and the drop in valuation is an opportunity to explore new use cases. At the same time, he stressed the importance of blockchain-based gaming, observing the decentralization principles. At the same time, with the cryptocurrency and blockchain sector marred with volatility and incidents such as the FTX collapse, the Square Enix head noted that the situation had accelerated the call for regulation. In this line, he points out that Japan’s move to unveil mechanisms to regulate the sector is a welcomed move.
Square Enix’s blockchain history
It is worth mentioning that Square Enix previously announced a plan to embrace blockchain technology back in 2021. For instance, the company launched the NFT-powered Symbiogenesis, an interactive experience. Notably, Matsuda has mostly supported the introduction of Web3 technologies as part of entertainment and gaming. Overall, the global gaming industry is increasingly embracing new technologies with a focus on segments such as metaverse games. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
