Square Enix Shares Plans To Create NFT For Gaming Franchises
After selling its first Ethereum-based NFTs, one of Japan's largest game developers, Square Enix, announced plans to step up its strength in blockchain-based products.
Over the past year, non-fungible tokens have become a hit in the cryptocurrency industry, along with DeFi. It is not surprising that they interested not only artists who paint their worlds and heroes on canvases, but also those who create them in virtual space. We are talking, of course, about the employees of gaming companies who create concept art with popular characters, locations, and even in-game items, as well as their 3D models.
Representatives of Square Enix announced their intention to join the ranks of gaming giants, such as Ubisoft and Electronic Arts, investing in blockchain products. As part of a report over the past six months, the hit publishing company Tomb Raider, Dragon Quest, Final Fantasy, and many more spoke about its plans to create collectibles and blockchain-based video games.
By releasing its NFTs based on the Shi-San-Sei Million Arthur anime franchise in partnership with Double Jump.Tokyo/MCH+ on Immutable X, Square Enix has apparently been able to better assess the future of the cryptocurrency industry. In addition, all non-fungible tokens in the form of virtual cards were quickly sold out.
In the report, Square Enix highlighted that the digital entertainment industry is changing rapidly today, including more and more incentives for user engagement. Games, according to the management of the publishing house, are also expanding, gradually moving away from a centralized format to a decentralized one. The company itself intends to focus on blockchain games, whose economy is based on tokens as a form of decentralized content.
After the summer explosion of Axie Infinity, it is hardly surprising that the largest publishers are turning their eyes to the GameFi sphere at once. Its total profit, according to preliminary estimates, is more than $100 billion in 2021 with the prospect of doubling in the next few years. As for NFT, in the third quarter of 2021 alone, according to DappRadar, industry trading volumes exceeded $10.6 billion.
If Square Enix's idea succeeds, there will likely be more than one NFT collection for the publisher's largest franchises in the near future.
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