Square Enix President Yosuke Matsuda asserts commitment to NFT, Blockchain Games

In January of the year 2023, Square Enix Yosuke Matsuda released the annual New Years Letter from the President. These messes will explain the company in terms of what the company has to expect as well as what it can expect. In addition to mentioning the 20th anniversary of the merger of Square and Enix, the goal of establishing a end-to-end global publishing organization, and bringing up how it got rid of Crystal Dynamics, Eidos-Montreal and Square Enix Montréal, it also noticed a tenacious commitment to an endeavor mentioned in 2022. Despite the fluctuation and the egregious situation that occured in 2022, Square Enix is going to continue to invest in non-transferable technology and blockchain games, while still investing in new technology.

As a reminder, The Square Enix president Matsuda also introduced NFTs and blockchains in the New Years Letter 2022. He figured out if there were any stories-focused NFTs.

Here’s the portion of the New Year Letter Square Enix, where Matsuda discussed how companies can get used to NFTs and blockchain games.

In terms of new business technologies, we named three focus investments in our medium-term business plan. Among them, we focus mainly on blockchain technology. Since then, we have dedicated considerable investments and investment-added efforts. I think looking outside is good to say that blockchain became a field in 2022 – the proof that it became a firmly established buzzword among businesspeople. Nevertheless, the year saw dramatic shifts in the cryptocurrency market and in NFT (non-fungible token), which triggered the enormous shifts in the macroeconomic description. In particular the second half of the year brought an entire generation of news stories that have blockchain connections, including the scandalous bankruptcy filed by FTX in November.

In wake of these developments, we hear some complaints about early measures to strictly regulate such companies. In Japan, the action on the need to encourage such businesses has gained a lot of momentum, led by the government. In June 2022, the Japanese cabinet signed a proposal called the Priority Policy Program for Realizing Digital Society, which includes information about the development of a web 2.0 platform and the adoption of cloud-based technologies in response to a blockchain network. Japans Digital Agency launched an interactive study group.

New technologies and new frameworks lead to innovation, but also create considerable confusion. Having pushed through such societal tides, some of these technologies and frameworks become gradually part of the lives of people, leaving new businesses and growing businesses. After the excitement and exhilaration that surrounded the NFTs and the metaverse in 2021, 2022 was a year of big volatility in the blockchain-related space. If this proved to be a step in a process that leads to the creation of rules and a more transparent business environment, it would certainly have been the best of the growth of blockchain entertainment.

Keep on looking at these environmental changes while considering the real pity of Web 3.0 and blockchain entertainment presents a different perspective. As I mentioned in my New Years letter last year, the blockchain gaming must operate in a self-sustaining decentralized model, since traditional gaming has been centralized. I think that concept, philosophy is key.

That is to say that every kind of new experience and new excitement our digital entertainment company can deliver to its customers through its game development and other efforts under the self-sustaining, decentralized concept is extremely important.

Several resurgence of the blockchain gaming event in Korea recently generated more active discussion than ever before on what makes the games interesting and what their user community looks like. The market was driven more by speculative investors than by gamers, though twenty-first century now has gone by a lot. In other words, the content that was at the forefront was created based on the premise that the blockchain and NFT could eventually be monetized. But in the wake of the aforementioned turbulences in the crypto industry, there is now a trend to view blockchain technology as a simple way to stop and to discuss what needs to be done to become the most efficient and exciting buyer. I think that this is a very beneficial development for the future growth of the industry.

We have a huge number of blockchain games, built upon original IPs, which we have announced last year, and will allow us to reveal another two hundred more titles this year. We’re also engaged in global sourcing in a strategic direction and will continue to take the risk of promising companies whether we find them in Japan or abroad. Blockchain has been an object of frustration and a source of anger, but, with that in the rearview mirror, we hope to be able to bring blockchain games into a new era in 2023.

Square Enix started dipping a toe into these kinds of tasks. In November 2022, he announced a symbiogenesis. An announcement on the project, which enshrined the announcement, told the paper that it would be a collectible art project that people would untangle the story across the globe. That’ll start in October 2023.