Square Enix Won't Be Investing Funds from Studio Sales Into NFTs
The recent sale of Crystal Dynamics and Eidos Montreal by Square Enix continues to be a hot topic across the gaming industry. With the funds raised by the transaction with Embracer Group, one corporate area of Square Enix causes concerns for long-term supporters of the company's games. Square Enix addresses this area within the latest financial results briefing.
On May 2, Embracer Group announced the acquisition of Crystal Dynamics, Eidos Montreal, and Square Enix Montreal for roughly $300 million. At the time, Square Enix announced plans to launch new businesses with the acquired funds and invest in blockchains, NFTs, AI, and the cloud. The news became polarizing for gamers who disagreed with Square Enix's plans to invest in NFTs instead of brand-new games. Square Enix has many new titles coming down the line, including the highly anticipated Final Fantasy 16.
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Square Enix published its latest full-year financial results briefing in English, revealing funds generated from the studio sales would be used to strengthen the company's core game business. Square Enix president Yosuke Matsuda states that acquired funds will not be used for blockchains and NFTs as the company diverts its attention away from that business sector. The funds will boost Square Enix's efforts in maintaining IP, stepping up online offerings in North American and European markets, and focusing on new titles.
Square Enix sold Crystal Dynamics, Eidos Montreal, and Square Enix Montreal as «the primary purpose was a reorientation of our primary portfolio.» Matsuda reiterates the company's focus on building IP and new games. Specifically, the company president references Just Cause in the briefing since it is still a
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