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Throughout 2022 we saw both the rise and fall of NFTs, with game developers and publishers around the world announcing their own spin on the technology – before quietly moving away from the idea following backlash. One publisher that seems committed to the technology however is Square Enix, with them now discussing NFT plans for 2023.
In a new year letter written by Square Enix president Yosuke Matsuda, alongside topics such as COVID-19, the Ukraine invasion by Putin and the rise in inflation, the executive discussed Square’s plans for 2023 as it pertains to NFTs, saying:
“Our Group has multiple blockchain games based on original IPs under development, some of which we announced last year, and we are undertaking preparations that will enable us to unveil even more titles this year. We are also engaged in global sourcing from an investment perspective and will continue to take stakes in promising businesses whether we find them in Japan or abroad.”
Matsuda continued, “Blockchain has been an object of exhilaration and a source of turmoil, but with that in the rearview mirror, we hope that blockchain games will transition to a new stage of growth in 2023.”
It is interesting to see the publisher continuing to commit to the technology, especially as Matsuda himself acknowledges the issues with NFTs, saying that 2022 “saw volatility in the cryptocurrency and NFT (non-fungible token) markets that tracked the dramatic shifts in the macroeconomy described above. The latter half of the year in particular produced a sombre string of news stories with blockchain connections, including the scandalous bankruptcy filing of FTX in November.”
Despite this, it seems that Square Enix plans to continue on this previously-determined trajectory – even though NFTs fell out of popularity just as quickly as they rose. It will be interesting to see just how much the publisher’s tune changes over the course of 2023.
KitGuru says: What do you think of the letter? Should Square Enix give up on NFTs? Let us know your thoughts down below.
