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Square won't invest recent sale into blockchain and NFT
finefluff
Member RarePosts: 561
Good news. Square announced that none of the 300 million dollars raised from the recent sale of some of their IPs will be invested into blockchain or NFT.
“Rather than using the proceeds from the divestiture in new investment domains such as NFT and blockchain, we intend to use them primarily to fund our efforts to foster solid IP and to enhance our development capabilities in our core Digital Entertainment segment.”
"We want to focus on creating new titles that align with our strategy, including ones that leverage new IP."
i.e., NFT games aren't aligned with their strategy.
https://www.videogameschronicle.com/news/square-enix-says-crystal-dynamics-and-eidos-sale-wont-be-invested-in-nfts-and-blockchain/
“Rather than using the proceeds from the divestiture in new investment domains such as NFT and blockchain, we intend to use them primarily to fund our efforts to foster solid IP and to enhance our development capabilities in our core Digital Entertainment segment.”
"We want to focus on creating new titles that align with our strategy, including ones that leverage new IP."
i.e., NFT games aren't aligned with their strategy.
https://www.videogameschronicle.com/news/square-enix-says-crystal-dynamics-and-eidos-sale-wont-be-invested-in-nfts-and-blockchain/
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Comments
I might have to buy some of their titles just to show support even if not ones I'm likely to ever play.
I can always give them to my son.
"True friends stab you in the front." | Oscar Wilde
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Just trying to live long enough to play a new, released MMORPG, playing New Worlds atm
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Don't just play games, inhabit virtual worlds™
"This is the most intelligent, well qualified and articulate response to a post I have ever seen on these forums. It's a shame most people here won't have the attention span to read past the second line." - Anon
Full quote for context -
“Rather than using the proceeds from the divestiture in new investment domains such as NFT and blockchain, we intend to use them primarily to fund our efforts to foster solid IP and to enhance our development capabilities in our core Digital Entertainment segment,” he said.
“Our intention is to undertake fundraising efforts for our new investment domains separate from those for our core business, and we are considering various possibilities, including potentially establishing a CVC.”
Makes a lot of sense to me. I mean what are they gonna do build a chain? I'm not even sure how a company would invest 300 million into NFTs. Go buy some Apes?
Web 3 sounds very much inline with Square Enix's strategy. Going as to establish a venture capital wing to invest further than they already have.
"undertake fundraising"... "potentially establishing a CVC"... They don't believe in it and don't see it as part of their core business going forward.
Blockchain is part of their r&d budget along with vr. Segments they invest in but probably won't flat out build resources for. They're going to invest money in projects and lend IPs probably for several years. They already have lent an ip in a partnership, I wouldn't put it past them to do it a lot more.
https://biturl.top/rU7bY3
Beyond the shadows there's always light
An informative video about Nfts