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The firm plans to establish an overseas entity that will be in charge of Issuing, managing, and investing the company’s own tokens, a move that suggests it now wants to adopt a robust game economy.
Japanese game developer, Square Enix Holdings Co Ltd (TYO: 9684) has detailed the plans to expand its blockchain gaming offshoot in its Fiscal year performance report. Termed as its medium-term business strategy, Square Enix said blockchain and Non-Fungible Tokens (NFTs) are the perfect ways to strengthen its push into new domains.
Specifically, the company said it launched the Blockchain Entertainment Business Division back in February this year. The offshoot will be tasked with developing its strategies to embrace everything related to a tokenized gaming ecosystem powered by distributed ledger technology. As one of the blockchain milestones the firm has achieved thus far is the release of the NFT-themed Season 1 of Shi‐San‐Sei Million Arthur which was completed in March this year.
Square Enix has projected further ventures in this regard should the season 1 record a better than projected success rate.
“Encouraged by the results and feedback from our NFT business, we have decided to produce a second season. Our plan is to incorporate game content into our service and to leverage the development and operational expertise we have amassed in our existing businesses to explore the potential of earnings structures, breadth of play, and NFT ownership experiences in the NFT business,” the company said in the report.
Square Enix outlined three basic initiatives to promote its blockchain entertainment domain. The firm declared one of these to be blockchain gaming development and these will feature an initiative to establish regulatory clarity and guidelines for blockchain games, tackling scalability in NFT economic zones and experiences, issuing exclusive fungible tokens, and designing earnings structures/communities (UGC, governance, guilds, etc), and building a brand new NFT brand and IP.
The firm plans to establish an overseas entity that will be in charge of Issuing, managing, and investing the company’s own tokens, a move that suggests it now wants to adopt a robust game economy. In addition, the company plans to float a Venture Capital Unit to power up its NFT and Web3.0 ambitions.
One of the best strategies to deepen its foothold in the NFT and blockchain gaming world is to invest in key areas and startups including Animoca Brands, game development and operation focused on blockchain games, and investment business in the Web 3.0 space as well as The Sandbox, a Hong Kong-based development and operation of the decentralized metaverse.
Cointelegraph reported earlier that Square Enix has been working with Animoca Brands on its NFT gaming pursuits and their cooperation is billed to grow further as the firm has publicly declared its interest in this space.
“Square Enix has already been talking about the potential of blockchain games for a long time, so it gets it better than most of the traditional gaming giants out there,” said Yat Siu, Animoca Brands’ Executive Chairman.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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Even though details of the acquisition were not disclosed, it is reported that Icy Tools will keep its platform functionality intact.
The album will be released on May 13. The NFT drop will take place on May 17. After the initial drop, users will be able to transfer and sell their tokens like most NFT products.
New doesn’t always mean evil – it’s not even necessarily true when the new thing is driven by profit-motives and centralised institutions.
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