Square Enix President Details Web 3.0 and Blockchain Growth Initiatives for 2023
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Square Enix president and representative director Yosuke Matsuda explained the company’s approach to NFTs, Blockchain games, and Web 3.0 development in a recent New Year’s letter and mocking multiple new blockchain games in development based on original IPs.
The director attributes Square Enix’s attempt to double down on blockchain development to the drastic change in the macroeconomics caused by the pandemic and how this has led to volatility in the cryptocurrency and NFT markets, leading to the need to regulate these businesses more strictly. The director still sees the potential for growth and innovation in this market if it begins to have transparent rules and cites Japan’s 2022 policy programs to realize the Digital Society as a positive step in establishing these rules and facilitating the growth of Web 3.0. . and blockchain fun.
The director also praised the decentralized aspect of Web 3.0, its self-sustaining feature compared to traditional games. Decentralization refers to the concept of players or individuals who own and manage the content they use rather than being mediated by a third party or government, such as Web 2.0 social media websites, thus controlling the sustainability of the content themselves.
However, the volatility of the cryptocurrency market due to external factors, which is something gamers cannot control, is a major obstacle to this idealistic goal, and so the director talks about creating gaming experiences that will primarily entertain and excite gamers. and most importantly, instead of focusing on making money above all else. That way, they won’t leave the game if the value of their digital assets drops or the in-game economy collapses.
On a related issue, the director is putting resources from Crystal Dynamics, Eidos-Montréal, and Square Enix Montréal to strengthen in-house development and “being globally competitive” and maintaining the costs needed to sustain such efforts.
Square-Enix has previously invested in the Sandbox Etherum Metaverse project with Dungeon Siege IP, which has seen significant and sustained growth in previous years. The company also announced Symbiogenesis, the first NFT collectible art project where players can solve a mystery based on how they use their in-game resources. The project will be released on Google Chrome and other browsers next spring.
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