The Japanese company Square Enix announced its intention to develop games on the blockchain, invest in the Web3 industry and the metaverse.
Square Enix has released a recent financial report and announced its intention to make blockchain and Play to Earn (P2E) technology a part of its business model in the future. The company has disclosed part of its investment program.
One of the main goals of the company is to standardize the principles for blockchain games. The developer plans to release non-fungible tokens for his new projects as additional content. That is, NFTs will complement the game worlds created by the company, as well as diversify the gaming experience.
In early May, Square Enix sold several of its sister game studios – Square Enix Montreal, Crystal Dynamics and Eidos-Montreal – as well as the rights to popular game franchises such as Tomb Rider, Deus Ex, Legacy of Kain and Thief to the Swedish Embracer Group. The deal amounted to $300 million. The Japanese company promised that the proceeds will be used to develop projects in the field of NFT and blockchain.
According to the announcement, Square Enix will invest in firms that are already working in the Web3 and Metaverse space. Among others, the document mentions Animoca Brands, a company that has invested heavily in blockchain games this year, and The SandBox, one of the largest developers of the metaverse.
Previously, Animoca Brands announced the acquisition of two French game developers to expand its range of products.
