Square Enix Releases Earnings Report, Doubles Down on NFTs

Square Enix releases its fiscal year earning report for 2022, and indicates where the company will be going with its near future.

As well as revealing the financial results of the previous fiscal year, an earnings report can also give the public an idea of where a company plans to go with its future. Square Enix, the company behind Final Fantasy and upcoming game Forspoken, has just revealed its earnings report for the fiscal year ending on March 31, 2022. For many fans, there wasn’t anything particularly exciting in the report, certainly when compared with the recent news that Square Enix was selling some of its Western studios to Embracer Group.


However, there was an indication of what Square Enix was looking to do in the future, and it seems that despite the opinion of some fans, the company will be continuing its efforts regarding NFTs and blockchain. NFTs have become a controversial topic, especially where gaming is concerned. While it does seem that in some ways the NFT bubble is apparently bursting, that hasn’t stopped gaming companies from trying to jump on the bandwagon and make NFT games.

Notably, Square Enix’s president was very interested in the idea of NFTs and how the blockchain could work within gaming. While fans have been skeptical of this idea, some believe that Square Enix will not use NFTs as an extension of cryptocurrency. Instead, one fan wrote on Twitter that the Square Enix idea of NFTs could end up as more of a mobile-focused project, “basically just gacha units you truly own, track the value of and exchange,” one fan wrote on Twitter.

While it does seem unlikely that Square Enix will be selling Bored Apes any time soon, the idea of play-to-earn in gaming is enough to cause concern in a lot of players. Further in the earnings report, Square Enix also states that it wants to strengthen its “IP ecosystem.” This is something that fans found ironic, considering the aforementioned sale of Square Enix’s Western studios, which saw the loss of dozens of IPs. This included Tomb Raider, Deus Ex, and some other IPs that haven’t been seen in years like Sleeping Dogs.

While NFTs remain a controversial topic in the gaming industry, some big names have come out in support of the blockchain and its usefulness. Ubisoft, for example, has developed Ubisoft Quartz. However, this concept has reportedly even confused Ubisoft employees. Reggie Fils-Aime, former President of Nintendo America, has also come out in support of NFTs, though, his concept of play-to-earn gaming seems to many as different from what companies are currently focusing on.

Source: Gamerant

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