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CEO of Square Enix unveils ideas for blockchain, metaverse, and NFTs

3 min reading

Yosuke Matsuda distinguishes among "play-for-fun" games and next-generation, blockchain-based "play-to-earn" games.

Nonfungible tokens (NFT) and play-to-earn games may find widespread adoption in the future, according to one of the world's leading gaming companies.

Square Enix CEO Yosuke Matsuda announced the company's plans for the blockchain and NFT sectors in his new year's greeting on Saturday. Matsuda starts his letter by addressing the metaverse before stating that Facebook's rename to Meta shows the idea is not a fading trend. He predicts that 2022 will be a year of enthusiasm for the metaverse, as society gradually accepts digital worlds and their potential to link people over geographical borders.

He believes that expanded reality technology, the increased usage of cloud computing, and 5G all will contribute to the development of the metaverse. Matsuda wrote the following while addressing the idea:

“As this abstract concept begins to take concrete shape in the form of product and service offerings, I am hoping that it will bring about changes that have a more substantial impact on our business as well.”

He continues identically on NFTs, blockchain, and play-to-earn. According to Matsuda, 2021 was "year one" for NFTs and the metaverse, with a huge amount of erratic trading that did not generally correlate to market hypotheses.

Blockchain investments are continuously increasing at a fast pace, and gaming companies have been among the most insistent in their efforts to validate the technology. Square Enix made its first move into the metaverse by investing in a $2 million fundraising round for The Sandbox, an Ethereum-based metaverse game. The company is persisting in various evolving technologies, as per Matsuda's annual letter.

Matsuda's letter seems to be a reassertion of Ubisoft's approach to its NFT and blockchain initiatives. Andrew Wilson, CEO of video game company Electronic Arts, acknowledged that NFTs and play-to-earn games represent the future of gaming, disregarding the fact that it is too soon to determine how they will operate.

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