Square Enix outlines NFT plans

Japanese game developer Square Enix has outlined plans to enter the non-fungible token (NFTs) space.

Square Enix is the developer behind the popular Final Fantasy and Kingdom Hearts series.

Yosuke Matsuda, the president of Square Enix, has put two ideas on the table. “NFTs: Year One” and “Metaverse: Year One”. The project names reflect Square Enix entering its first year of introducing this technology to the broader gaming community.

Matsuda said that the “sophisticated blockchain technology” could build up momentum for the developer.

“To address these changes in our business environment, the medium-term business strategy that we unveiled in May 2020 identified AI, the cloud, and blockchain games as new domains on which we should focus our investments”, he said.

The latest announcement is a continuation of the promise given in November last year when the company vowed to dive into the NFT sector and explore it more thoroughly.

Matsuda has explained that blockchain is not just a complementary technology. There is a root difference between blockchain gaming and traditional video gaming, he argued. The blockchain games are built upon “the premise of a token economy” and hold the potential of very easily becoming self-sustainable and grow rapidly.

The blockchain model enables people who “play to contribute” to feel fulfilled within the game, as it allows them to make their impact on a specific game’s community.

“To address these changes in our business environment, the medium-term business strategy that we unveiled in May 2020 identified AI, the cloud, and blockchain games as new domains on which we should focus our investments”, he added.

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Updated: 01/04/2022 — 16:00