Square Enix Sells ‘Tomb Raider’ to Fund Blockchain Gaming Development Plans

05/03/2022

2 minutes read

2022.05.03 18:41

Japanese game developer Square Enix has struck a $300 million deal with Swedish publishing group ‘Embracer’ (previously known as TDQ Nordic). Although Lara Croft is no longer part of the Square Enix family, this could turn out to be great news for her fans, as the franchise’s new owners have already confirmed that there is talk of a new Tomb Raider game.

Despite the game being at the centre of attention of the trade, Embracer Group also acquired three notable Western studios—Crystal Dynamics, Square Enix Montréal, and Eidos-Montréal. The titles under the banner of the studios includes fan favourites such as ‘Legacy of Kain‘, ‘Thief‘ and ‘Deus Ex‘.

SQUARE ENIX HOLDINGS CO., LTD. enters into an agreement with Embracer Group for the acquisition of Crystal Dynamics, Eidos-Montréal, Square Enix Montréal, and IP. Press Release: https://t.co/ooOYacp4PW pic.twitter.com/2PmQE967gk

— Square Enix (@SquareEnix) May 2, 2022

A Deal to Build a Brighter Future

Square Enix admitted one of the reasons for their decision to sell the iconic studios was based on the current unstable business situation. More cash means more opportunities. The company is looking to take on an innovative approach, and claims to be looking into developing blockchain games.

This would mean the integration of in-play NFTs to Square Enix’s future work, but Yosuke Matsuda, the president of the company, approached the subject cautiously at the beginning of the year, saying that the NFT gaming market is “overheated”.

Different Games for Different Players in a Rapidly Evolving Market

Moreover, Yosuke Matsada envisions the picture of the near future with consideration for different types of gamers—those that play for fun, and those that play to contribute. User-related gaming content is becoming increasingly influential, and gaming NFTs are here to stay, despite not all traditional gaming companies being able to implement the new feature successfully.

Square Enix first jumped on the NFT train in March 2021, creating NFTs for ‘Million Arthur‘. The change in the company’s outlook came from the understanding that modern-day gamers have different needs, and traditional gaming might not be able to fulfil them. “I believe that token economies will lead to more people devoting themselves to such efforts and to greater possibilities of games growing in exciting ways.” Yosuke Matsada explained.

Square Enix CEO Yosuke Matsuda fully embraces NFTs, the metaverse and blockchain-based games in a public New Year’s letter”By designing viable token economies into our games, we will enable self-sustaining game growth.”https://t.co/0eWsCC0sMa pic.twitter.com/GEGqD9dJqX

— Nibel (@Nibellion) January 1, 2022