A year ago, Square Enix President Yosuke Matsuda said that NFTs (Non-Fungible Tokens) and blockchain games are the future. Then 2022 happened and it became clear to all but the die-hard NFT investors and cryptobros that this whole digital JPEG property was a scam that the public continued to ignore. But apparently, even after everything this, Matsuda and Square Enix are not giving up on NFTs or blockchain games. In fact, it sounds like the company is doubling down on “blockchain fun” heading into 2023.
As a reminder, NFTs are digital items that do not actually have an owner. Instead, you get a receipt stating that you own the monkey or whatever image outright, and you can then collect it and hope to resell it one day for a huge profit. But you it probably won’t make money sells expensive NFTs as in the market around completely collapsed. It turns out that overpriced jpegs are not a stable investment. Who would have guessed? (Millions of people have done this.) Anyway, Square Enix won’t allow the little things. an almost universal public response to NFTs or huge cryptocurrency exchanges go bankrupt overnight Discourage the Japanese publisher from continuing to invest heavily in Web 3.0.
In his New Year’s open letter published on January 1, Matsuda said that Square Enix has invested in various business areas, but that it is “most focused on blockchain entertainment.” In the letter, he used souped-up words and platitudes to try to paint a picture that blockchain technology isn’t dying or collapsing, but is actually growing and becoming more popular. An argument cited by Square Enix’s president: Web 3.0 has become “a well-established buzzword among business people.”
After a very short note massive FTX bankruptcy it happened in november – where a A $32 billion cryptocurrency exchange exploded overnight and nearly destabilized the entire market in the process—Matsuda addressed the ongoing backlash against NFTs and blockchain technology. It’s all part of the plan, according to the president, who suggested that new technology like this often creates “confusion” before people accept it.
“By riding such societal waves, some such technologies and frameworks gradually become a part of people’s lives, eventually leading to new businesses and growth,” Matsuda explained. “After the excitement and excitement surrounding NFTs and the metaverse in 2021, 2022 has been a year of great volatility in the blockchain-related space. However, if this proves to be a step in a process that leads to the creation of regulations and a more transparent business environment, it will certainly benefit the development of blockchain entertainment.
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Read more: Square Enix’s Final Fantasy VII NFTs are silly little things
Square Enix’s president penned a similar letter in 2022, though it was widely circulated online. Critics of his vision for the company were particularly upset by a part of the letter in which Matsuda talked about people “playing to contribute” instead of people playing games just for fun. Interview again months later in April 2022 Yahoo, The Square Enix boss didn’t back down and went on to predict the future of gaming that will include NFTs and blockchain.
And just like last year, Matsuda once again makes no concrete or vague plans for how NFTs or blockchain will improve video games, or whether the technology will provide new options for developers or gamers. Instead, Matsuda only said the company has “multiple” blockchain-powered games in development. announced before Symbiogenesis. Getting excited, I guess?
“Blockchain has been the subject of excitement and confusion,” concluded Matsuda, “But with that in the rearview mirror, we hope that blockchain gaming will enter a new phase of growth in 2023.”
It’s no surprise to see Square Enix continue to focus on NFTs like they did last year the publisher sold three game studios—Crystal Dynamics, Eidos Montreal and Square Enix Montreal — monolithic Embracer Group and all to help them further fund their future investments in blockchain technology, AI and cloud gaming.
Meanwhile, Square Enix has spent the last six months or so closure of various online games including The fall of Babylon and Final Fantasy VII battle royale spin-off First Soldier. I’m sure there’s something to worry about as the company pushes to include NFTs in future titles. Yes, your investment in Square Enix’s digital worlds will be completely safe and long lasting…