Square Enix’s rapid transition to Web3 has been led by Yosuke Matsuda. To sell its western operations, the CEO has reached a $300 million agreement.
Square Enix, a renowned Japanese game company known for its Tomb Raider and Final Fantasy titles, began expanding its presence in the Web3 market in 2021, with CEO Yosuke Matsuda leading the initiative.
After making it clear that it will pursue a Web3 strategy under Matsuda’s direction, Square Enix has launched a number of efforts in the sector, collaborating with Web3 pioneers like Polygon, Animoca Brands, and others.
Nevertheless, Square Enix stated on March 2nd, 2023, that its President and CEO will be resigning in order to “reshape the management team.”
The sudden leadership transition has worried Web3 aficionados about the company’s future and whether it will continue to embrace blockchain technology, given Matsuda’s involvement in pushing Square Enix towards Web3.
Taking on Huge Shoes
Yosuke Matsuda has led Square Enix’s rapid transition to Web3 technology. To help Square Enix finance its aspirations to produce Web3 games, the CEO has agreed to sell its western studios for $300 million. This agreement includes the rights to popular titles like Tomb Raider.
Matsuda stated in an annual letter distributed on December 31, 2022, that the firm will concentrate blockchain advances in its 2023 plan, despite growing criticism from gamers over the corporation’s aggressive investments in the blockchain industry.
The CEO expressed great enthusiasm for the Web3 industry and said that Square Enix will seek to create a number of blockchain games based on unique intellectual properties. Matsuda continued by saying that the business is getting ready to launch a number of games in 2023 using an efficient and self-sustaining decentralised approach.
Matsuda led the transition to Web3, however Square Enix announced on March 2nd, 2023, that Chief Strategy Officer Takashi Kiryu will take over as CEO.
Square Enix stated in a formal statement:
The proposed change is intended to reshape the management team with the aim of adopting constantly-evolving technological innovations and maximising the creativity of the company’s group in order to deliver even greater entertainment to its customers around the world. This is due to the rapidly changing business environment surrounding the entertainment industry.
Square Enix’s failure to address their future blockchain strategy alarmed Web3 proponents.
DailyCoin contacted Square Enix to inquire.
Still optimistic about Web3 Gaming
We contacted Square Enix after the news broke to ask if Matsuda’s departure would affect the company’s future plans for blockchain development.
- Will Mr. Matsuda’s resignation affect Square Enix’s future Web3 plans in any way?
Mariko Kiyono, a corporate spokesperson for Square Enix, responded as follows:
- It will not. We continue to implement our continuing Web3 strategy.
On February 15, 2023, Square Enix announced a partnership with Polygon to offer Symbiogenesis, a Web3 experience, in the next spring. Its foundation will be digital collectable artwork connected to a narrative that players will discover through a turn-based quest.
Symbiogenesis will add enduring Web3 components to the Final Fantasy plot in an effort to strengthen relationships with fans and promote trading.
In order to provide gamers with quick, safe, and long-lasting transactions for the sale and duplication of their digital treasures, the project will make use of Polygon.
Yosuke Matsuda stated in his annual letter that the gaming behemoth will continue to release other Web3 games in addition to Symbiogenesis this year.
On the other hand
In June 2022, Square Enix and Animoca Brands entered into a partnership to develop an NFT ecosystem for all of its properties.
Why It’s Important
One of the oldest and most renowned game developers in the conventional gaming market is Square Enix. The industry powerhouse in the gaming industry created some of the most well-known game titles, including Final Fantasy, Dragon Quest, and others.
Under Yosuke Matsuda, the company’s transition to Web3 was innovative for both the conventional and blockchain gaming industries. While many worried the corporation would change course without Matsuda, it is still on track with its 2023 ambitions.
Check out Square Enix’s 2023 strategy here.
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