Square Enix Invests ¥7B in Web3 Game Developer Gumi‍

‍Square Enix, the developer of the well-known video game series Final Fantasy and Kingdom Hearts, has invested 7 billion yen, or about $53 million, in the blockchain games company Gumi. This partnership will allow Gumi to design games based on Square Enix's intellectual property, particularly the Final Fantasy series.

The collaboration will also enable Gumi to explore entertaining blockchain games, claims the company's news statement (translated from Japanese). It also mentioned the fundamental blockchain gaming principle, "Wow and Earn," adding that the main reason why traditional gamers have avoided Web3 games so far is that they aren't enjoyable to play.

Square Enix and Gumi may pursue two more Web3 options in addition to working together to develop blockchain games: developing a one-stop NFT marketplace and issuing cryptocurrencies, especially for Japanese cryptocurrency exchanges. The NFT marketplace would also allow gamers to trade in-game non-fungible tokens(NFTs), and cryptocurrencies to fulfill the "earn" portion of "Wow and Earn."

"We are already considering the establishment of a platform dedicated to blockchain games and an NFT marketplace, etc. Through collaboration between the two companies, we will provide a one-stop service from the development and distribution of blockchain games to the sale and distribution of tokens and NFTs," Gumi noted in the press release.

Gumi stated in the news announcement that it will also focus on the metaverse, however, its ambitions for these virtual reality spaces are yet to be defined. The 7 billion yen investment will be made in the form of issued stock to Square Enix and SBI Holdings. This strategic move will give the two firms the largest combined stake in Gumi.

The investment by Square Enix in Gumi is exciting news for blockchain gaming enthusiasts, and it might lead to some intriguing blockchain game releases in 2023. We'll keep our ears to the ground for any further developments in the story here at NFT Drops Calendar.

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