Square Enix, a video game studio, plans to develop more NFT-based products in the future, including crypto video games. It recently published a collection of NFT trading cards in Japan, which sold out almost immediately. After selling out its first Ethereum NFTs in Japan, Square Enix revealed ambitions to extend its blockchain activities.
With firms like Electronic Arts and Ubisoft expressing interest in NFTs and crypto gaming, traditional video game publishers are starting to embrace them. Square Enix discussed their plans to expand into the NFT business by selling collectibles and video games based on blockchain technology. The developer of the “Final Fantasy” video game franchise has also entered the fray.
The well-known gaming publisher, Tokyo/MCH+, has dipped its toe into the NFT sector. With the help of developer Double Jump, the game has been put through its paces. Square Enix designed NFT digital trading cards for the Shi-San-Sei Million Arthur video game and anime franchise in Japan. Immutable X, an Ethereum-based layer-2 scaling solution, was used to make the cards. According to Square Enix, the first batch of NFT cards was distributed on October 14 and promptly sold out. LVC, a Yahoo Japan marketplace and a subsidiary of messaging app Line, is where the publisher plans to provide secondary market trading possibilities. A title deed for a valuable digital asset like a trading card is referred to as an “NFT”. The global NFT market recorded transactions worth $10.67 billion in the third quarter. The market exploded at the beginning of the year, according to DappRadar’s data.
Square Enix is “considering a major entry into blockchain games,” citing the “changing environment” for digital entertainment, which includes, among other things, “an increasingly broad profile of/incentives for persons active in gaming,” as well as “games migrating from centralized to decentralized forms.” The company’s main focus will be “blockchain games built on token economics as a sort of decentralized entertainment,” according to the study.
Traditional game makers have leveraged their recent financial successes to demonstrate their interest in or goals for the crypto arena, following the success of Axie Infinity. Ubisoft has revealed that it will create its own NFT-based games after investing in Animoca Brands. NFTs and crypto, according to Electronic Arts CEO Andrew Wilson, are “a fundamental component of our industry’s future.”
This week, Mythical Games received a $150 million donation from Andreessen Horowitz, the NFL’s 32 Equities fund, and former NBA great Michael Jordan. This week, Animoca’s Sandbox metaverse game raised $93 million. FTX, Solana Ventures, and Lightspeed Venture Partners have established a $100 million co-investment fund for Solana-based games.