Square Enix president says property sales will be used to “foster solid IP” – not NFTs

During a financial results briefing, Square Enix president Yosuke Matsuda shared that the money raised by selling many of its western properties last year will be used to “foster solid IP” rather than invest in NFTs and blockchain technology.

Back in May, Square Enix announced a deal with Embracer Group to sell some of the company’s biggest western titles, including Tomb Raider, Deux Ex, and Thief. Several studios – including Crystal Dynamics – were also included in the sale.

At the time the company shared that the sales would help invest in “blockchain, AI, and the cloud“, however, Square Enix has seemingly decided against this.

In a financial results briefing, Matsuda shared that “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.”

Matsuda added that Square Enix will raise funds for “new investment domains” separately from the company’s “core business” to do so, and revealed that “the Just Cause franchise will remain our IP, and we are at work developing a new title in the franchise.”

Just Cause 4. Credit: Square Enix

Over the last year, Matsuda has been a vocal supporter of blockchain technology, despite criticism from fans. In January, the Square Enix president penned a letter that suggested the company will further explore the field, something he doubled down on during an interview in April.

As for the properties Square Enix has sold, Embracer Group has shared that it sees “great potential, not only in sequels, but also remakes, remasters, spinoffs as well as transmedia projects,” following “an overwhelming and positive response” to the sale’s announcement.

In other gaming news, quality assurance workers for Dragon Age: Dreadwolf have voted unanimously to unionise, and shared it will offer “a better chance of getting some better working conditions together.”

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