"Final Fantasy" gaming developer and media company Square Enix announced that it will create a robust ecosystem that will utilize blockchain and NFTs across its gaming assets.
This is a part of the gaming developer's ongoing business strategy for 2022.
Square Enix to Invest in NFTs
The company recently transferred the assets of its other mainstream franchise, "Tomb Raider," to Embracer Group AB, a company based in Sweden, for $300 million, according to Forbes.
According to its latest earnings report, the gaming company currently has $3 billion in assets under management.
As for its Web 3 plans, Square Enix wants to adopt a stringent regulatory framework to allow for NFTs and its token system to scale across several games.
Also stated in the latest earnings report was how the game developer trialed NFTs on the Shi-San-Sei Million Arthur game in early 2022.
The successful adoption of the NFTs amongst gamers will grow in the initiative being rolled out across other video games.
Animoca Brands, a capital firm specializing in gaming and Web3, is partnering with Square Enix to help them develop their plans.
In an interview with Cointelegraph, Animoca's executive chairman Yat Siu talked about their partnership with the gaming company.
Siu said that Square Enix "had been talking about the potential of blockchain games" for years now, so the media company gets the process better than most traditional gaming giants.
Current Development of Blockchain-Based Games
Square Enix is not the only gaming company pushing into the Web3 space across gaming. "Samurai Saga" is a new blockchain-based game that allows users to purchase NFTs to gain access to their play-to-earn rules.
The team behind the new game is also developing an online multiplayer option where players will be able to earn rewards for every level finished.
One of the artists of the project is Dino Tomic. He reavealed,
"Most NFT projects in the space promise to deliver a game but most of them are yet to do one effectively. Some have released a play-to-earn game that is in 8-bits," Tomic said.
Tomic added that the play-to-earn model has been in the gaming industry, so it is not new anymore to some people. However — to some players who had been in this niche — saw a gap between online multiplayer games and true play-to-earn. With that, the team aims to close that gap by creating a multiplayer play-to-earn game with surreal graphics.
There is no shortage of projects and games entering the marketplace, but several projects are not delivering on their concepts, so skepticism is now rife, according to DailyCoins.
Though "Samurai Saga" has successfully delivered a playable demo to combat this, attracting new players remain a challenge. It is something that will most likely apply to a company like Square Enix with its profitability and market recognition.
Tomic concluded that they are striving to release the full game at the end of 2022, where users will have a full multiplayer game experience while playing to earn.
At the same time, they want to focus on shortening the gap to bring players from Web2 into the Web3 space and vice versa to build a full play-to-earn game in the gaming industry truly.
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Written by Sophie Webster
