Fun

Square Enix to Reinforce Blockchain Bet, According to Latest Earnings Report

News Feed - 2022-05-17 09:05:21

Square Enix to Reinforce Blockchain Bet, According to Latest Earnings Report


Square Enix has announced its new mid-term business plan, reinforcing its blockchain pivot according to the documents presented. The company will continue to invest in key companies in the blockchain arena, including Animoca Brands and The Sandbox, and will also consider other investments in the area. Square Enix recently sold its Western studios for $300 million, but will reportedly not use the funds to pursue these new Web3 investments. Square Enix Structures Blockchain Strategy


Square Enix, the Japanese gaming company, seems determined to include blockchain and play-to-earn (P2E) as part of its business and monetization scheme for the future. In its recent earnings call, the company disclosed plans regarding blockchain and play-to-earn and the investments it will make in this area.


As part of its mid-term business strategy, the company reported taking on new domains, meaning that it will be putting funds behind new fields, including what it calls the “blockchain entertainment domain.”


Also, Square Enix is taking other, more concrete steps regarding its blockchain pivot. The company will seek to “establish regulatory clarity and guidelines for blockchain games,” including NFT zones and experiences. Square Enix also contemplates issuing exclusive fungible tokens and complementing these with games whose world-building will be designed to include them. This hints at the establishment of new IPs using blockchain, play-to-earn, and NFTs. New Investments and Business Structure


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


Square Enix is one of the few companies that has strived to include these technologies in their business model in a structured way. Other, similar developers like Ubisoft and Konami have also started to dabble in the space, but arguably without such a defined approach.


Earlier this month, the company sold part of its Western studios and operations to the Embracer Group for $300 million, and declared this transaction important to enabling “the launch of new businesses by moving forward with investments in fields including blockchain, AI, and the cloud.” However, according to statements of the company in the earnings call, the $300 million will be directed to reinforce the core business of Square Enix. Analyst David Gibson reported that this new business will use different finances, separate from these funds. Tags in this story Animoca Brands, Blockchain, business plans, earnings call, NFTs, play to earn, square enix, The Sandbox, Tokens


What do you think about Square Enix’s blockchain plans? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Terra Community Plans to Vote on Forking the Chain — Launch May Airdrop a Billion New Tokens to Network Participants NEWS | 5 hours ago Luna Foundation Guard Discloses Usage of Bitcoin Reserves NEWS | 15 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSkillzVault and ESE Entertainment Win Gold at Muse Creative Awards 2022 Next articleBitcoin, Ethereum Technical Analysis: ETH Remains Above $2,000, While BTC Recaptures $30K Level Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design

News Feed

El Salvador Drafts 20 Bills for Legal Structure of Bitcoin Bonds — Funds to Be Used to Build Bitcoin City, Buy BTC
El Salvador Drafts 20 Bills for Legal Structure of Bitcoin Bonds — Funds to Be Used to Build Bitcoin City, Buy BTC El Salvador is preparing to introduce 20 bills to provide a leg
Sat Symbol Initiative Attempts to Get Satoshi Design Widely Adopted by the Bitcoin Community
Sat Symbol Initiative Attempts to Get Satoshi Design Widely Adopted by the Bitcoin Community Over the last few days, cryptocurrency advocates have been discussing the Sat Symbol in
Iran Allows Renewable Power Plants to Supply Crypto Miners With Electricity
Iran Allows Renewable Power Plants to Supply Crypto Miners With Electricity Authorities in Iran have decided to permit power generation plants using renewable sources to sell elect
Bitcoin, Ethereum Technical Analysis: ETH Heads Towards $1,200 Breakout on Saturday
Bitcoin, Ethereum Technical Analysis: ETH Heads Towards $1,200 Breakout on Saturday Ethereum was once again nearing a breakout of its $1,200 level, as bearish sentiment returned to
Dogecoin Large Transactions On The Rise — Can This Fuel DOGE Price Recovery?
Este artículo también está disponible en español. Dogecoin increased in value by more than 12% in the historically bearish month of September but has not quite been able
Bitcoin analysts agree that BTC has ‘a lot further to run’
Nancy Lubale2 hours agoBitcoin analysts agree that BTC has ‘a lot further to run’Key on-chain metrics suggest a higher baseline for Bitcoin price now that the halving is complete.2080 Total views2 Total sharesMarket
Decentralized Finance Crypto Exchange Uniswap Starts Blocking Addresses Linked To ‘Blocked Activities’
Decentralized Finance Crypto Exchange Uniswap Starts Blocking Addresses Linked To "Blocked Activities" Uniswap, one of the main decentralized finance exchanges in the cryptocurrenc
Martin Young2 hours agoCanadian regulatory body clarifies stablecoin rules for exchanges and issuersThe umbrella organization for Canada’s securities regulators has set conditions for trading and issuing stablecoins.56
US Prosecutors Seek to Further Restrict Former FTX CEO Sam Bankman-Fried’s Internet Access
US Prosecutors Seek to Further Restrict Former FTX CEO Sam Bankman-Fried"s Internet Access The U.S. attorney for the Southern District of New York (SDNY), Damian Williams, and the
Analysts come unglued ahead of Nvidia earnings call — $10T within 5 years
Tristan Greene5 hours agoAnalysts come unglued ahead of Nvidia earnings call — $10T within 5 yearsThe Sept. 28 earnings report is being called the most important event of the year for the stock market.4049 Total views4
Solana’s $110 Test: Bullish Reversal Or Whale-Driven Fade?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Spot Bitcoin ETFs One Year After US Launch: Here’s How Funds Have Fared So Far
Este artículo también está disponible en español. The introduction of Spot Bitcoin exchange-traded funds (ETFs) in the United States marked a historic milestone for the c