Square Enix President Expresses Interest In NFT In New Year’s Letter

The new year has officially begun, and Square Enix is ​​still in a good position. The Final Fantasy XIV: Endwalker the expansion came out early last month and it became so popular that Square Enix must Temporarily stop selling of the base game. While the unbelievably long queue times that led to this decision caused quite a few headaches in the short term for both the player base and the developer, they did not reduce player satisfaction with the game. extend. Of course, the success of Endwalker As well as the transparency of the developers, Square Enix has received a lot of goodwill from fans. Unfortunately, Square Enix could seriously damage this goodwill very soon, as company President Yosuke Matsuda recently expressed interest in the skeptical business of NFTs as well as the “metaverse.”

But why?

Matsuda reveals her thoughts on these concepts through a letter published on January 1. He begins the letter by referring to the “metaverse” as “inspiring a heated global conversation first about what a metaverse is and then about what kind of opportunity the business it brings.” He also brought up Facebook’s rebranding to “Meta”, which he clearly sees as “proof that the concept is not a mere buzzword but here to stay”. On top of that, he predicts that “the metaverse will likely see a meaningful transition to the business phase by 2022, with a wide range of services coming to market.”

He then discussed the rise of NFTs in 2021. Matsuda wrote that “the introduction of NFTs using blockchain technology has greatly increased the liquidity of digital goods, allowing for trading. variety of such goods at high prices and arouse worldwide conversations. ” He is said to have viewed “2021 not only as “Metaverse: Year One” but also as “NFTs: Year One” as that was the year when NFTs were met with great enthusiasm by the rapidly expanding user base. ”

FFXIV Endwalker Square Enix NFT

What are these “conversations” about?

Saying that the NFT generates conversation and enthusiasm is certainly one way to gauge people’s reactions to them. While those investing in cryptocurrencies have certainly embraced NFTs, many others have rightly criticized them and expressed concerns about their viability and mining potential.

Although people advertise NFT as the only currency the user has ownership in, Research does not suggest that these users own many things related to this matter. In the strict legal sense, there’s nothing that can stop someone from simply right-clicking on an NFT, uploading it to another site, and claiming it as their own. What the user actually owns is a link with proof that they have purchased the NFT, which is itself tied to a server. If that server crashes for any reason, it could be an error or a permanent expiration of the Domain, then the link disappears forever.

These issues make it difficult to see the long-term benefits of bringing NFT into the game. They encourage people to spend large sums of money for little, or potentially zero, material gains. Alternatively, the in-game NFT economy could incentivize publishers and developers to design their games around NFT in the same way they did with microtransactions. For instance, they can easily create radical systems that require too much grinding unless the player spends money on NFT.

Outriders Square Enix NFTs

Tell me more about the company

None of this stops Matsuda from praising NFT, which he sees as an opportunity “to enable self-sustaining game development”. He labels “diversity” as ” the driver that most allows for such self-sustaining game development “and this “variety” refers to”how people interact with interactive content like games” as well as “their motivation to do so”. He thinks “ahThe economy’s dvances in tokens are likely to add impetus to this diversification trend. “

After making these statements, he specifically addressed Square Enix fans and players in general who have little interest in NFT as a business model. He mentioned “that some ‘play for fun’ and those who currently make up the majority of players have expressed reservations about these new trends, and understandably so.” He then tries to justify his interest in NFT by saying that some players will want to “play to give” or “make the game more fun”.

Apparently, “the traditional game provides no clear motivation for the latter group of people, who are motivated by inconsistent personal emotions such as goodwill and volunteerism.” He says that, up to this point, user-generated content has existed “only for the sake of individuals’ desire to express themselves and not because any obvious motive exists to reward efforts.” their creativity”. Matsuda claims that this has caused what he considers the relative lack of “game-changing” user-generated content in recent years, a curious claim considering how much of the press is out there. audience and even influence of user-generated content, such as mod, was released recently. Supposedly, token economies will provide users with “clear incentives” that will lead to “more consistency in their motivations” as well as “a tangible benefit to innovation efforts.” their creation”.

Project of Square Enix Athia Square Enix NFTs

A confusing message

It seems odd that Matsuda would frame ideas like “goodwill and volunteerism” in a negative light by using terms like “consistency”. His statements seem to stem from the view that people primarily motivate themselves through money, and that production continues to play a net positive role. But it’s that “inconsistent” passion that deserves to be celebrated, as it alone has resulted in some truly massive endeavors within the gaming community as well as some breathtaking art in its own right. of them. It seems difficult to imagine that it is monetary incentives that will lead to people taking on passion projects more consistently, especially since art without passion or love often doesn’t end. nice ending. Like Woody from Kingdom Hearts III would say, “you know nothing about heart and love.”

At the end of the letter, Matsuda said that he and Square Enix in general “will closely monitor social changes in this space, listen to the many user groups that reside within it, and increase our efforts.” to develop the business accordingly. It seems ironic that Matsuda would talk about listening to users while acknowledging that the majority of Square Enix’s player base is probably not comfortable with NFT. This has resulted in a degree of backlash from players, and if this backlash develops further, Square Enix will likely abandon its NFT plans. Such a scenario happened before, and it’s very likely to happen again.

Square Enix NFTs NieR Automata Square Enix President Expresses Interest In NFT In New Year’s Letter


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