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

Square Enix will funnel money from selling major gaming franchises to invest further in blockchain-powered gaming.

By Shomik Sen Bhattacharjee | Updated: 4 May 2022 15:19 IST

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

Photo Credit: Square Enix

Square Enix struck a deal with Embracer to sell multiple famous franchises, including Tomb Raider

Highlights

Sweden-based Embracer Group will gain access to 50+ titles
The deal is expected to be completed between July and September
Square Enix's President has been pro-blockchain for a while now

Japanese gaming giant Square Enix has sold $300 million (roughly Rs. 2,295 crore) worth of intellectual property tied to major franchises — Tomb Raider, Legend of Kain, and Deus Ex, alongside a number of its foreign studios with rights to over 50 titles — in favor of funding its blockchain initiatives. The properties will be acquired by Sweden-based Embracer Group, and although the sale agreement has been wrapped up, the sale itself is expected to close between July and September.

In a press release, Square Enix stated that the sale would give them the needed resources to advance the company's growth in the digital entertainment industry. Square Enix also revealed that proceeds from the sale would be directed into blockchain technology, AI, and cloud computing.

The release read, "In addition, the transaction enables the launch of new businesses by moving forward with investments in fields including blockchain, AI, and the cloud. The move is based on the policy of business structure optimization that the company set forth under the medium-term business strategy unveiled on May 13, 2021."

Dubai’s Virtual Assets Regulator to Set Metaverse HQ in The Sandbox

In April, the company's president, Yosuke Matsuda, re-emphasized his pro-blockchain gaming stance in an interview with Yahoo Japan (spotted and translated by those over at Video Games Chronicle). Matsuda revealed that he believed that gamers would want more than what traditional games currently offer in the future.

The executive also noted that Square Enix could, in the future, change its approach toward building games, moving away from building games that are defined 100 percent by the developers to something which gamers can contribute to.

It is not the first time the Square Enix Chief has thrown his weight behind the disruptive technology. In a New Year's letter to customers, the executive revealed that he was excited by the possibilities brought on by the new technology and advancements in NFTs and the metaverse. Matsuda has also hinted at the company creating a cryptocurrency.

Vitalik Buterin Wants Ethereum L2 Transaction Fees to Be 5 Cents

Are affordable smartwatches worth it? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.