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Major game publisher Square Enix has announced that it will continue to invest in blockchain games despite the current bear market in the cryptocurrency industry. In a letter, the company’s president, Yosuke Matsuda, stated that Square Enix is focusing on blockchain gaming as part of its new business development efforts and is developing “multiple blockchain games” based on original intellectual property. The firm is also considering investment opportunities in the blockchain sector both in Japan and internationally.
Matsuda noted that, despite the volatility in the cryptocurrency and non-fungible token (NFT) space, there has been widespread adoption of blockchain technology, with “Web 3.0” becoming a buzzword among businesspeople. He also highlighted the Japanese government’s efforts to encourage Web3 development as part of the “Priority Policy Program for Realizing a Digital Society,” including the awarding of NFTs to certain authorities.
The president tried to downplay the recent market downturn, stating that new technologies often cause “confusion” before gaining widespread adoption. Square Enix is a well-known video game publisher and developer based in Tokyo, Japan, known for its Final Fantasy franchise. In November, the company released its first blockchain game, Symbiogenesis, which is built around Ethereum NFTs and described as a “digital collectible art experience.” Square Enix has also partnered with NFT platform Enjin to launch an NFT collection celebrating the 25th anniversary of the popular game Final Fantasy VII.