Square Enix, the Japanese firm and creator of major franchises like Final Fantasy and Dragon Quest, has gradually increased its investment and presence in the Web3 space over the last few years, and in President Yosuke Matsuda’s annual new year’s letter for 2023, he explained that Square Enix is “most focused” on blockchain-powered gaming amid its new business development efforts.
Square Enix is developing “multiple blockchain games” based on original IP, rather than its existing franchises, Matsuda wrote, and the firm plans to announce further games this year. The firm is also still considering investment opportunities around blockchain.
Matsuda’s letter highlights the growing use of the term Web3, which he writes has become “a firmly established buzzword among businesspeople.” However, he also notes the market challenges that emerged in 2022, including the collapse of cryptocurrency exchange FTX in November and the subsequent industry contagion.
(Reporting by Shikha Singh, Editing by Kapil Rajyaguru)
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