The company's CEO, Yosuke Matsuda, acknowledged in a newsletter at the start of January that plans for entering the blockchain space are progressing despite the general drop in cryptocurrency prices.
“Our Group has multiple blockchain games based on original IPs under development, some of which we announced last year, and we are undertaking preparations that will enable us to unveil even more titles this year. <…> We hope that blockchain games will transition to a new stage of growth in 2023,” he said.
In spite of this, Matsuda did not elaborate on the types of blockchain games that will be released in the future by the company behind popular titles such as Final Fantasy and Dragon Quest.
The executive explained that decentralized gaming technology presented an opportunity following the correction of cryptocurrency prices and the overall impact of macroeconomic factors.
The entry of non-fungible tokens (NFTs) into the gaming space has been characterized by speculation, and the drop in valuation is an opportunity to explore new uses. He emphasized the importance of blockchain gaming as a decentralization principle.
The FTX collapse, along with volatility in Bitcoin and blockchain, has accelerated the call for regulation, Square Enix's head noted. Japan's initiative to unveil regulations for the sector is welcome, he said.
“If this proves to have been a step in a process that leads to the creation of rules and a more transparent business environment, it will definitely have been for the good of the growth of blockchain entertainment,” he wrote.
Blockchain history at Square Enix
Blockchain technology will be embraced by Square Enix in 2021. Among NFT's innovative projects is Symbiogenesis, an interactive experience.
In the entertainment and gaming sector, Matsuda has mainly supported Web3 technologies. Globally, the gaming industry is embracing the latest technologies, particularly metaverse games.