Video game publisher Square Enix plans to release more NFT-driven projects, including encrypted video games.
It recently announced a series on Japanese Ethernet Square of NFT trading cards, it has been sold out.
Traditional video game publishers have begun to embrace NFT and encrypted games, and third-party giants such as Electronic Arts and Ubisoft have expressed interest or announced their intentions in recent days. Nowadays, Japanese publisher Square Enix, which owns “Final Fantasy”, “Dragon Quest”, “Tomb Raider” and other super IPs, has also joined the ranks.
In a financial briefing covering the six-month period ending September 30, Square Enix described plans to further explore the NFT field by providing collectibles and blockchain-based video games.
Square Enix recently entered the NFT market through a trial run with the developer Double Jump.Tokyo/MCH+. Square Enix issued NFT digital transaction cards based on the video game and animation franchise “Shi-San-Sei Million Arthur” in Japan. These transaction cards were cast on the Ethereum Layer2 solution Immutable X.
According to a report from Square Enix, these NFT cards were issued and sold out on October 14. Square Enix plans to increase secondary market transaction support through LVC, and then explore other initiatives around NFT. It is reported that LVC is a market created by Yahoo Japan and a subsidiary of the popular messaging application Line.
The report states, “We have realized that NFT has a high affinity for our assets. The (proof of concept) phase has ended and will transition to the fully commercialized phase.”
According to DappRadar’s data, the NFT market broke out at the beginning of the year and only accelerated recently. The transaction volume in the third quarter alone reached 10.67 billion U.S. dollars.
Square Enix writes that it is now “considering a major move into blockchain gaming” and mentions the “evolving environment” of digital entertainment, including “an increasingly diverse profile/incentive for game participants.” .
According to the report, the game is expanding from a centralized to a decentralized one. “In addition to the kind of content creation we have traditionally engaged in, we will also focus on blockchain games based on the token economy as a form of decentralized content.”
The Ethereum- based game Axie Infinity has exploded in the summer and has so far generated more than $2.8 billion worth of transactions. After that, traditional game publishers used their latest financial reports to show their interest or plans in the encryption field.
Ubisoft has entered the NFT field and provides support to crypto developers. The company recently stated that after investing in Animoca Brands, it will make its own NFT game. On Wednesday, Electronic Arts CEO Andrew Wilson stated on the latest earnings call that he believes that NFT and the Play-to-Earn model are “an important part of the future of our industry,” although he warned that “now It’s too early.”
The crypto game industry has also recently released a series of major financing announcements. Among them, NFT game startup Mythical Games announced a $150 million financing this week . Andreessen Horowitz (a16z) led the investment. Investors include the National Football League (NFL) investment department32 Equity, NBA star Michael Jordan (Michael Jordan).
Earlier this week, The Sandbox , a meta-universe game owned by Animoca Brands, raised $ 93 million. In addition, crypto exchanges FTX, Solana Ventures and Lightspeed Venture Partners announced the establishment of a $100 million co-investment fund for Solana-based games.
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