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(Kitco News) – As the blockchain ecosystem struggles to regain its footing after a disastrous 2022, Japanese gaming giant Square Enix, creator of the popular Final Fantasy franchise, is looking to reassure the crypto community that it has no intention of abandoning its Web3 aspirations in 2023.

According to a New Year’s letter from Square Enix president Yosuke Matsuda, blockchain entertainment is the new business domain the company is most focused on and has devoted “aggressive investment and business development efforts” to it.

Matsuda noted that blockchain saw a surge in recognition in 2022 despite the volatility seen in the cryptocurrency and non-fungible token (NFT) markets. This was especially pronounced in the area of ​​Web 3.0, which became a “firmly established buzzword among entrepreneurs.”

The country of Japan continues to take an open stance towards the development of blockchain technology, and Prime Minister Fumio Kishida said during a speech last October that the country wants to expand the use of Web3 services using the metaverse and NFTs.

Matsuda highlighted the fact that while new technologies and frameworks have the ability to lead to innovation along with confusion and confusion, some of them eventually become part of people’s daily lives and give rise to new businesses. and growth.

“After the excitement and jubilation that surrounded NFTs and the metaverse in 2021, 2022 was a year of great volatility in the blockchain-related space. However, if this proves to have been one step in a process leading to the creation of rules and a more transparent business environment, it will definitely have been for the sake of the growth of blockchain entertainment,” he said.

The president of the gaming company emphasized the importance of blockchain gaming continuing to operate based on a self-sustaining decentralized model.

According to Matsuda, the turmoil of 2022 has driven out speculative investors who focused on content created on the premise that blockchain and NFTs should give rise to monetization.

“There is now a tendency to view blockchain technology as merely a means to an end and to discuss what needs to happen to achieve the end of bringing new experiences and excitement to customers,” Matsuda said. “I see this as a very beneficial development for the future growth of the industry.”

Square Enix has already revealed multiple original IP-based blockchain games in development and continues to make preparations to reveal additional titles over the next year.

“Blockchain has been an object of euphoria and a source of confusion, but with that in the rear view mirror, we expect blockchain gaming to transition into a new stage of growth in 2023,” Matsuda said. “Our Group intends to achieve further growth by continuing our self-sustaining evolution and transformation while remaining attentive to the changes that will occur in the next decade and beyond. We will boost our businesses with the aim of making 2023 a year of great evolution and transformation”.

Square Enix now plans to move away from the current model of its Japanese and Western-based publishing organizations operating independently, and instead form a single global organization called “One Square Enix.” The goal of this movement is to “capture as much of the potential of digital change as possible.”