Square Enix plans to join in on NFT blockchain technology
With the success of Million Arthur NFTs, Square Enix plans to follow blockchain technology with future games.
We’ve already heard the likes of SEGA releasing “non-fungible token” items, but now it seems like Square Enix may be joining in on the NFT market too. Both companies recently announced a collaboration with Square Enix’s mobile card game Million Arthur and Phantasy Star Online 2.
However, a recent financial presentation reveals Square Enix has further interest in NFTs.
What is an NFT and why is Square Enix interested in blockchain technology?
“NFT” stands for “non-fungible token”. The idea behind NFTs is that it promotes the idea of exclusivity in the digital environment. Much like how there can only be one copy of the Mona Lisa, NFTs make digital property have a unique certificate of authentication that cannot be copied.
Of course, a lot of discourse surrounds the NFT market and the overall concept. After all, what stops someone from simply saving the JPEG of an NFT piece and having their own version of it? (The answer is: nothing stops them. They just don’t have a certificate). That, and NFTs have serious environmental impact, making it a rather double-edged sword for some and a complete disgrace to others.
Square Enix’s financial presentation lists business strategies and progress on the NFT front. They claim NFT’s are “a proof of concept for establishing what synergies we can derive by combining NFTs with our business assets” and that NFTs “have high affinity with our assets”. They’ve already seen great success with Million Arthur NFTs, which sold out after its October 14 release. Because of this, they seem to have no hesitation diving further into the NFT market.
What does a Square Enix NFT mean for the future of the gaming market?
When it comes to Square Enix, or any other large gaming company, NFTs could have a great impact on how games and items are purchased. In-game items could be fully exclusive and traded among only the blockchain crowd. Games with limited releases could be all the more restricted. Collectors editions could be even harder to come by. But mostly? NFTs promote an unnecessary exclusivity in the gaming world, at least to me.
Of course, that’s my personal opinion. Whether it be for a video game or a piece of digital art, NFTs, to me, only prevent people from sharing something we all love. While it can be fun to have an exclusive collector’s edition, NFTs ramp up those standards an unnecessary amount—and it comes with a large carbon footprint.
Regardless of my opinion, what are your thoughts on Square Enix NFTs? Should other companies be following suit? What downsides do you see to NFTs in the gaming market? Let us know in the comments down below!
Via, Nintendo Life.
