Square Enix has been one of the mainstay game producers in my childhood and upon learning that they are venturing into the NFT scheme, the inner child in me got excited.
They are not the first ones who touched this field as other game companies such as EA, Ubisoft and Sega ventured already.
Why Did Square Enix decide to join the NFT rush?
According to their six-month financial results report, there was a slight decrease in revenue for their sales. However, they saw that there’s an increase of opportunity on the blockchain side. Their findings show that when they first launched their NFT project for Million Arthur within 2 weeks time span it turned out that it got sold out already on the 14th of October. Some speculate that one of the reasons why it got sold quickly was because of the sense of entitlement from people across the globe I mean, owning one NFT is kinda cool nowadays. Plus the fact that some of the fans who were young can buy their own NFTs now versus before where they need to rely on their parent’s allowance.
The tokenomics nowadays has been trending and more and more people want to acquire one. Some games incorporate it on their strategy and Square Enix will likely focus on this area moving forward.
The Negative Effects of Square Enix joining in the NFT scene?
As I read some articles using ETH consumes a lot of electricity, an average NFT would be around 340kWh and that is for just 1 transaction of an art piece. Their involvement will increase the hype of people to be more interested in NFTs and it will add more to the hype train.
The more energy than we consume, the more we damage the environment and somehow as ordinary persons, we are seeing it as an irresponsible business practice.
What we should expect moving forward?
With the implementation and joining of other companies on the blockchain ecosystem, the big businesses are the winners as they can tap the masses. Not all people are gamers and we can all agree on that. Some just purchase NFT’s for investments hoping that it will appreciate in the long run. As someone who plays games, I just wish that the quality that they are giving to their users will not deteriorate but rather become more superb. About the carbon footprint issues, I just hope that they will also address that in the future or while they are reaping the rewards. As big companies they have some corporate social responsibility still that they need to adhere to.