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Square Enix Doubles Down On NFTs

Updated: May 13, 2022 11:08 am
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Square Enix has sadly doubled down on their commitment to NFTS and other new asinine technologies in their recent Results Briefing Session for the fiscal year.

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A Terrifying Brief

The briefing contains information on Square’s medium-term business strategies, including but not limited to discussions of the Embracer Sale. An excerpt that will excite absolutely nobody however, is the following:

“Accelerate launch and monetization of new businesses by moving forward with investments in focus fields (blockchain, AI and the cloud)”

The briefing also brings up some of Square’s plans when it comes to NFTs under initiatives to promote Blockchain Entertainment, with some of the absolute highlights below:

“Issuing exclusive fungible tokens and designing earnings structures/communities (UGC, Governance, Guilds, etc.)”

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“World-building, story-focused creatives x launching a new NFT brand and IP.”

“Issuing, managing, and investing our own tokens.”

Square Enix Fumbles Again

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When Square sold many of their properties such as Tomb Raider, Legacy Of Kain, Deus Ex and Thief to Embracer for a measly $300 million, they also released a press statement discussing their reasons for doing so, and it’s a doozy that helps to explain this medium-term business strategy, stating that:

“The Transaction will assist the Company in adapting to the changes underway in the global business environment by establishing a more efficient allocation of resources, which will enhance corporate value by accelerating growth in the Company’s core businesses in the digital entertainment domain. In addition, the Transaction enables the launch of new businesses by moving forward with investments in fields including blockchain, AI, and the cloud.”

Most game studios that have announced recently that they plan to invest in NFTs and the blockchain in some way, shape, or form have either gone completely quiet on the subject or backed off in almost record time. So, it’s a surprise to see Square Enix double down on NFTs despite the very clear and present backlash.

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