Square Enix wants to develop ‘story-focused’ NFTs

Square Enix plans to create “story-focused” NFTs, it’s been reported.

According to the company’s 2022 Shareholders’ Meeting Report (as reported by michsuzuki,) it plans to continue to integrate blockchain technology into game development.

As revealed in the report, the company’s medium-term goals include the “development of blockchain games and entertainment products”.

However, when discussing how the blockchain would impact the company’s biggest franchises, Square Enix President Yosuke Matsuda said: “It’s still too early to consider making Dragon Quest and Final Fantasy blockchain games.”

Square Enix recently offloaded Crystal Dynamics, Eidos Montreal, Square Enix Montreal and a catalogue of IPs including Tomb Raider, Deus Ex, Thief and Legacy of Kain for $300 million to the Embracer group.

When the acquisition was announced, Square Enix said that “the transaction enables the launch of new businesses by moving forward with investments in fields including blockchain, AI, and the cloud”.

However, during the Japanese publisher’s full-year financial results briefing on May 13, president Yosuke Matsuda instead said the money from the sale will be used to strengthen the company’s core games business.

Further reading

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Square Enix says Crystal Dynamics and Eidos sale won’t be invested in NFTs and blockchain

It will instead be used to strengthen the company’s core games business

“Rather than using the proceeds from the divestiture in new investment domains such as NFT and blockchain, we intend to use them primarily to fund our efforts to foster solid IP and to enhance our development capabilities in our core Digital Entertainment segment,” he said.

In a New Year letter published during the holiday break last year, Matsuda committed to making blockchain and NFT games a part of Square Enix’s games portfolio.