Square Enix set sights on blockchain games, tokens

Japanese gaming giant Square Enix Holdings has revealed its plan to develop blockchain games and set up overseas subsidiaries responsible for token business. 

During its financial results briefing on May 13, Square Enix laid out its medium-term strategy, which includes developing blockchain games, as well as issuing, managing and investing its own fungible tokens.. 

The company, known for its popular role-playing video game titles such as Final Fantasy, Dragon Quest and Kingdom Hearts, said it would use the knowledge gained from its existing businesses to explore the potentials of profit structures and NFT ownership experience in the NFT business.

It is studying establishing an overseas company to issue, manage and operate its own tokens and to handle game publishing for countries where cryptocurrencies are popular, as well as establishing a venture capital company.

Square Enix noted during the briefing that it had invested in Hong Kong blockchain gaming powerhouse Animoca Brands, its NFT game The Sandbox and cloud gaming solution company Ubitus. Square Enix said it would consider investing in other blockchain gaming companies globally.

In his New Year’s speech in January, Square Enix president Yosuke Matsuda said the company would embrace ‘decentralised games’ such as blockchain games and that this would be a major strategic theme for the year and beyond. 

In March, it announced that its role-playing game Dungeon Siege would be brought to The Sandbox via a partnership.