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Why Final Fantasy developer is betting on Web3 gaming in 2023



As an old year wrapped up and a new year began, several leaders of organizations gave a review of the previous year and an outlook for the new year. For Square Enix, the year 2023 will be focused on investments in blockchain entertainment with attention on games.

Yosuke Matsuda, President and Representative Director, Square Enix Holdings Co., Ltd. noted in an open letter how the company has fared and highlighted that the company has already “devoted aggressive investment and business development efforts”. 

Square Enix Holdings Co., Ltd. is a Japanese-based, international company that’s focused on entertainment with such products like Final Fantasy, Dragon Quest, Star Ocean and Kingdom Hearts role-playing video game franchises. The firm was founded in 2003 by Yasuhiro Fukushima and Masafumi Miyamoto. Since then, it has been at the forefront of innovating the gaming industry and with a massive interest in Web3.

Web3 is gaining ground globally 

Yosuke said in his letter that while Web3 gained momentum in the world of business especially in 2022, there were weaknesses linked to the industry. He cited the volatile situation in the market as well as the collapse of FTX in November. “The latter half of the year in particular produced a somber string of news stories with blockchain connections, including the scandalous bankruptcy filing of FTX in November,” he said.

The president noted that these weaknesses are not enough to hinder the progress of the industry in territories such as Japan that are designing and implementing systems to accommodate the innovations web3 will bring. Some of the systems include the signing of the Priority Policy Program for Realizing a Digital Society in June last year by the Japanese Cabinet, and launch of Japan’s Digital Agency.

He added that to harness the tools blockchain presents for the advancement of businesses focused on entertainment and games, “blockchain gaming must operate based on a self-sustaining decentralized model” and not the old centralized pattern. Focusing on the utility, value and new experiences consumers will need is more important than seeing Web3 tools as speculative elements in a growing industry.

Blockchain events and Square Enix games 

Another catch for the leader of the entertainment company towards Web3 is the unusual support multiple Web3 gaming events gained. “Multiple blockchain gaming events held overseas recently produced more active discussion than ever before about what makes the games exciting and what their user community looks like,” he added.

These events and further discoveries in the industry have made it imperative to begin to see blockchain technology as a means to an end that is focused on value, the Japanese businessman noted. As the new year begins, the President said that Square Enix will be launching more blockchain games to add to its fleet of previous projects.

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