Square Enix Adds NFTs To Its Games And Invests In Web 3.0

Game developer Square Enix said in its first-quarter earnings report that it will expand non-fungible tokens (NFTs) to more gaming products as part of its mid-term business strategy in 2022. According to the latest report, Square Enix (SE) has $3 bln in assets under management. The firm owns the Final Fantasy property and sold the Tomb Raider franchise on May 3 for $300 mln.

The company already piloted an NFT in the online card game Shi-San-Sei Million Arthur in February this year. Due to its success, the game was renewed for a second season. SE plans to establish regulatory clarity and guidelines for blockchain gaming, address the scalability issue in the NFT economy, and consider establishing a corporate venture arm.

The game developer is investing in Animoca Brands, which focuses on blockchain and Web 3.0 games, and The Sandbox, a “decentralized metaverse” selling virtual real estate. The creation of a new NFT brand and intellectual property is planned.

Image: PlayGround