Square Enix Sells Tomb Raider, Other Major Franchises to Help Fund Blockchain Projects

Japanese gaming giant Square Enix has sold $300 million (approximately Rs 2,295 crore) of intellectual property belonging to the major franchises – Tomb Raider, Legend of Kane and Deus Ex, along with the rights to over 50 titles from several of its overseas studios – In favor of funding blockchain initiatives. The properties will be acquired by Sweden-based Embraer Group, and although the sale agreement is under wraps, the sale is expected to close between July and September.

one in Press releaseSquare Enix said the sale will give them the resources they need to move forward company growth in the digital entertainment industry. Square Enix also revealed that the proceeds from the sale will be directed towards blockchain technology, AI and cloud computing.

“Furthermore, the transaction enables the launch of new businesses moving forward with investments in areas including Blockchain, AI and Cloud. The move is based on the company’s strategy of business infrastructure optimization,” the release said. The medium-term business strategy was unveiled on May 13, 2021.”

In April, the company’s president Yosuke Matsuda re-emphasized its pro-blockchain gaming stance. in an interview With Yahoo Japan (viewed and translated by those at Video Game Chronicle). Matsuda revealed that he believed gamers wanted more of the future than traditional games in the present.

The Executive also noted that square Enix In the future, our approach to making games may change, moving away from making games that are 100 percent defined by developers, to which gamers can contribute.

This isn’t the first time the Square Enix chief has put his weight behind disruptive technology. In the New Year’s letter to customers, the executive revealed That he was excited by the new technology and the possibilities brought by advances in NFTs and the metaverse. Matsuda has also hinted at the company to create a cryptocurrency.

Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.

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