2022 was not a good year for NFT projects in gaming. Gamers have shown a lot of skepticism, even hatred, towards the technology. Then, at the end of 2022, the provider FTX went bankrupt, taking parts of the crypto market with it. The head of Square Enix doesn’t want to know anything about it, dismisses it as a small setback and predicts NFTs enormous growth in 2023.
This is what happened in the crypto market in 2022:
That is the consequence: With the bankruptcy of FTX, the price of its own crypto coin FTT also fell. However, the crash took the entire crypto market with it: the well-known and previously ailing currencies Bitcoin and Ethereum also lost value.
Bankman-Fried was arrested shortly thereafter in the Bahamas on charges including fraud and misappropriation of client funds. In gaming, many experts saw the crash as the downfall of blockchain-related NFTs and the idea of Web 3.0.
But now the head of Square Enix (Final Fantasy), Yosuke Matsuda, speaks almost exclusively of NFTs in his New Year’s speech. He thinks: this is where the future lies and his company wants to throw itself fully into Web 3.0 in 2023. Square Enix already raised concerns among fans last year with its entry into NFTs.
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According to Matsuda, Square Enix will focus on blockchain. In his speech he said something like: “In the business area, we have named three investment fields in our medium-term business plan. Among these, we are most focused on blockchain entertainment, to which we are devoting aggressive investment and business development efforts.”
New blockchain games are planned, some of which are already known, others are yet to be announced. The development should be shifted from the idea of monetization to the interests of gamers:
“In 2023, the market was driven more by speculative investors than by gamers. In other words, the main content was created with the premise that blockchain and NFTs should result in monetization. […]
But now there is a trend to see blockchain technology as a means to an end and to discuss what needs to happen to result in new experiences and excitement for customers.”
However, Matsuda does not go into detail about which projects for NFTs are pending at Square Enix. The head of the MMORPG Final Fantasy XIV, one of Square Enix’s flagships, has previously spoken out clearly against NFTs.
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Matsuda only acknowledges the great crash of FTX in a subordinate clause and sees NFTs as continuing to grow. As proof of this, he cites the fact that the term “Web 3.0” has established itself as a buzzword among business people.
The setbacks of the last year are normal and part of the development. Matsuda says, “New technologies and systems lead to innovation, but they can also create significant confusion.”
The statements are met with incomprehension and criticism in the community. A user on Twitter criticized: “A company with so much talent and so many beloved IPs […] and he can only talk about blockchain and NFTs.” There are even calls that Matsuda should be replaced as CEO of Square Enix.
The concern among the players is mainly related to the fact that crypto projects used to be used for scams. Speculators lost up to 3 million euros because they fell for tricks.
But that doesn’t just apply to the large frame like FTX. Blockchain and NFT have also been a phenomenon in gaming for some time. However, the developments here are not always stable, games close – and players are then left with their purchased NFTs:
Players Invest Over €260,000 In NFT Game Now Closing – What Happens To The Money?