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Square Enix Will Step Up Its Blockchain Stake According to Latest Earnings Report – Bitcoin News

Square Enix has announced its new mid-term business plan, strengthening its blockchain hub, according to filings. The firm will continue to invest in key players in the blockchain space, including Animoca Brands and The Sandbox, and will also consider other investments in the space. Square Enix recently sold its Western studio for $300 million, but reportedly won’t use the funds for these new Web3 investments.

Square Enix builds blockchain strategy

Japanese gaming company Square Enix seems determined to make blockchain and gaming money-making (P2E) part of its future business and monetization its most recent income During the conference call, the company disclosed its plans for blockchain and monetization as well as the investments it will make in the space.

As part of its mid-term business strategy, the company reports that it is developing new areas, which means it will put money into new areas, including what it calls “blockchain entertainment.”

Additionally, Square Enix is ​​taking other, more concrete steps with regard to its blockchain hub. The company will seek to “establish clear regulations and guidelines for blockchain gaming,” including NFT areas and experiences. Square Enix is ​​also considering issuing exclusive fungible tokens and complementing these tokens with games, which will be included in the game’s world-building. This alludes to the use of blockchain, gaming to make money, and NFTs to build new IPs.

New investment and business structure

The company also announced new investments in companies already established in the Web3 and Metaverse space. The document mentions Animoca Brands, a company with a large blockchain gaming portfolio, and The Sandbox, one of the first experiences to launch using Web3 and the metaverse.

Square Enix is ​​one of the few companies that has worked hard to incorporate these technologies into its business model in a structured way. Other similar developers such as Ubisoft and Konami have also started to venture into the space, but arguably there is no such a clear approach.

Earlier this month, the company Sell Transferred a portion of its western studio and operations to Embracer Group for $300 million, announcing the deal was important “to launch new businesses by advancing investments in areas such as blockchain, artificial intelligence and cloud.” However, according to the company’s statement on the earnings call, the $300 million will be used to strengthen Square Enix’s core business.Analyst David Gibson report This new business will use different funds separate from these funds.

What do you think of Square Enix’s blockchain plans? Let us know in the comments section below.

Sergio Goshenko

Sergio is a cryptocurrency journalist in Venezuela. He describes himself as late to the game, entering the crypto space when prices rose in December 2017. With a background in computer engineering, living in Venezuela, and being affected by the cryptocurrency craze on a social level, he offers a different perspective on the success of cryptocurrencies and how it can help the unbanked and underserved.

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