Square Enix Sells Popular IPs To Invest More In Blockchain Gaming

Blockchain technology is steadily affecting several industries, including the gaming industry. Square Enix, for example, announced on Monday that it has sold some of its successful games in order to invest in blockchain gaming.

Square Enix Takes Steps Towards Blockchain Gaming

Square Enix announced on Monday that it was selling some of its international studios and popular gaming games to Embracer Group, a Swedish gaming company. The acquisition is worth around $300 million, according to Embracer, and includes games like Tomb Raider, Deus Ex, Thief, and Legacy of Kain. At the time of writing, Square Enix President Yosuke Matsuda was claimed to have made the final decision on the sale, and all conditions were said to have been met.

Square Enix stated in a news release that the sale will provide them with the resources they need to continue their expansion in the digital entertainment business. Square Enix also stated that the money from the sale would be used to invest in blockchain technology, artificial intelligence, and cloud computing. According to the press release:

“In addition, the Transaction enables the launch of new businesses by moving forward with investments in fields including blockchain, AI, and the cloud. The move is based on the policy of business structure optimization that the company set forth under the medium-term business strategy unveiled on May 13, 2021.”

In an interview with Yahoo Japan last month, the company's president, Yosuke Matsuda, reaffirmed his pro-blockchain gaming attitude. Matsuda stated that he believes that in the future, players will desire more than what standard games now provide. Square Enix could shift its approach to game development in the future, moving away from titles that are completely defined by the developers and toward something that gamers can contribute to, according to the executive.

It's not the first time Square Enix's CEO has thrown his support behind a game-changing technology. The executive expressed his excitement for the potential brought on by new technologies and breakthroughs in NFTs and the metaverse in a New Year's message to customers. Traditional gaming embraces blockchain as a technology that will propel the industry forward.

The number of traditional gaming firms investigating blockchain and metaverse integration continues to rise. Both Bandai Namco and Epic Games, the creators of Fortnite, have revealed plans to enter the metaverse, according to a source last month.

The gaming market is predicted to expand by $125.65 billion, according to a forecast by market research firm Technavio. The experts cited blockchain technology integration as a major driving element for this rise in their analysis. Users will be able to securely trade in-game assets, while developers will be able to monetise services more effectively, thanks to the current trend.