Friday, December 9, 2022

Square Enix Sold Off Game Studio To Focus On Blockchain

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Square Enix sold off Game Studio and IPs to focus on Blockchain and cloud gaming as we can see more today in our latest blockchain news.

Square Enix sold off several studios like Eidos and Crystal Dynamics to focus on blockchain, cloud gaming, and AI. Embracer Group made the purchase and reported tht the sale is valued at $300 million and will conclude this fall. Square Enix said that it is selling several of the IPs and game studios and focusing on Blockchain instead. The platform is putting cash in its bag to develop new blockchain projects and will sell the three subsidiaries including Crystal Dynamics, Square Enix Montreal, Eidos Montreal and sell off more than 50 game properties like Deus Ex, Thief, Tomb Raider, and Legacy of kain.

The properties will be acquired by Embracer Group and reported the sale is valued at $300 million while the sale agreement concluded and it is expected to close between July and September. As per Square Enix, the money earned from the sale will allow launching the new business by moving forward with the investments like Blockchain and the cloud. It also said that the new sale will allow it to improve the relationship between the divisions with the goal of maximizing worldwide revenue.

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Square Enix will retain a few of its most popular brands like Outriders, Cause, Life is Strange and Final Fantasy. Square Enix announced the blockchain plans this January and the company’s president Yosuke Matsuda called 2021 year one for NFTs and said the company created a medium-term strategy for NFTs and blockcahin. He also gave an interview that detailed the company’s plans and in the interview, he suggested that blockchain technology will be used to incentivize the creation of autonomous game content.

Square Enix was involved in blockchain before these announcements and in 2020, it created NFTs for the Million Arthur Franchise and invested $2 million in Animoca Brands. It is still unclear how today’s sale will allow Square Enix to become involved in blockchain but the previous developments still give a slight idea of where the company is focused on.

As earlier reported, Yosuke Matsuda noted that those who play games for fun already showed their reservations about NFTs and he thinks that there will be a certain number of people that will be motivated to play to contribute as traditional gaming already offered no explicit incentive for players.

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