Square Enix Eyes the NFT Market, Signs Yet Another Crypto Deal

It would appear that Square Enix is planning to make a significant investment in the cryptocurrency and NFT markets. In the earlier part of this year, we reported that the studio had released a game based on NFTs, and now it seems as if it is looking to explore more in the same general direction.

On Resetera, earlier today, a user made a discovery that they found to be quite interesting. Square Enix invested in Gumi, a long-term partner, and Japanese video game developer and publisher. One of Square Enix’s mobile games that have been fairly successful is called Brave Exivus, and Gumi is the company that developed it. Because the development company uses blockchain technology as well, this helps to connect the dots.

SBI and Square Enix Invest Over $50M in Blockchain Game Developer Gumi

— Fortune Crypto⚡ (@fortune_btc) December 23, 2022

Both Gumi (more specifically SBI) and Square Enix now intend to make significant moves in the crypto and blockchain gaming space as a result of the deal, which has an estimated value of approximately 7 billion Yen ($53 million). SBI stated in a press release that it would “combine” Gumi’s “game development and operational know-how” with its own “token listing” expertise. The statement was made in reference to Gumi’s capabilities.

We aim to list [Gumi-developed crypto gaming] tokens on cryptoasset exchanges such as SBI VC Trade and Bitpoint Japan.”

The point is to make games that provide value by entertaining players without relying on the inherent uncertainty of all current blockchain-based games. The biggest issue with blockchain-based games so far has been that they don’t interest many players, many people won’t even give them a try because they’re not interesting, poorly designed, and lack excitement because they’re focused on the sale of digital goods mostly.

With this deal, Square Enix wants to eliminate that and provide genuine value to the players it seems. And while this is what we know so far, we will make sure to keep you updated as new information becomes available. Till then, let us know your thoughts on the integration of blockchain into the gaming space, and if it will ‘revolutionize the industry’.