Wider adoption of non-fungible tokens (NFT) and play-to-earn games could be on the way, as one of the world’s largest gambling companies sees them as the future of the industry.
Yosuke Matsuda, Square Enix CEO, revealed the company’s intentions for blockchain and NFT spheres in its New Year’s message on Saturday. In his letter, Matsuda begins a discussion of the metaverse before pointing it out Facebook’s renaming to Meta is proof that the concept is not a passing fad. He expects 2022 to be a year of hype for the Metaverse as society begins to embrace virtual worlds and their ability to connect people across geographic boundaries.
He believes that extended reality technology, the increasing use of cloud computing and 5G will lead to the existence of the metaverse. While discussing the concept, Matsuda wrote:
“When this abstract term takes on concrete forms in the form of product and service offers, I hope for changes that will also have a stronger impact on our business.”
A New Years letter from the Square Enix President talks about new technology / concepts including NFTs, the Metaverse, and in particular how blockchain games “have the potential to enable self-sustaining game growth”. https://t.co/qtdFCvQdeB pic.twitter.com/FOG4S9Hpgb
– Wario64 (@ Wario64) January 1, 2022
He proceeds in a similar way via NFTs, then blockchain and play-to-earn. Matsuda points out that 2021 was “year one” for NFTs and the Metaverse, when there was a lot of wild trade that didn’t always match market speculation.
Investments in blockchain are still skyrocketing, and some of the most persistent attempts to legitimize blockchain technology have been companies in the gaming business. Square Enix initially invested in the Metaverse by investing in a. participated $ 2 million in funding Round for The Sandbox, an Ethereum-based metaverse game. Matsuda’s annual letter indicates that the company will be doubling down on several development technologies.
Matsuda’s letter appears to be a reaffirmation of Ubisoft’s position that it will remain true to its commitment NFT and blockchain ambitions. Another big name in the game industry, Andrew Wilson, CEO of video game company Electronic Arts, agreed. NFTs and play-to-earn games are the future of gaming, although it’s still early days to figure out how they’ll work.