cryptocurrency

Video game giant Square Enix is ​​doubling down on its commitment to Web3 gaming in 2023.

Company president Yosuke Matsuda penned a new year letter that reaffirmed his focus after several partnerships and investments in 2022.

Having partnered with The Sandbox metaverse in Dungeon Siege, it sold its western arm and all associated intellectual property rights to the Embracer group for $300 million to focus on blockchain gaming and later backed Bitcoin gaming infrastructure provider Zebedee in a $35 million funding round.

Matsuda said that the creator of Final Fantasy is developing multiple blockchain games based on the original IP. His first NFT game, Symbiogenesis, followed in November.

He believes that the volatility in the crypto market, including the FTX crash, will ultimately result in a more transparent Web3 industry.

“Looking outward, I think it’s fair to say that blockchain gained significant recognition as a field in 2022, as evidenced by the fact that ‘Web 3.0’ became a firmly established buzzword among entrepreneurs,” Matsuda wrote.

“However, the year also saw volatility in the cryptocurrency and non-fungible token markets that tracked the dramatic changes in the macroeconomy described above. The second half of the year in particular produced a grim series of news stories with blockchain connections, including FTX’s scandalous bankruptcy filing in November.

“Following these developments, we heard rumors from some countries about the first moves to regulate this type of business more strictly. In Japan, meanwhile, the drive to foster these types of companies has gained momentum, led by the government.

“New technologies and frameworks lead to innovation, but they also create considerable confusion. Having weathered such social tides, some of these technologies and frameworks gradually become part of people’s lives, eventually giving 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.”

Matsuda said that attitudes towards blockchain, including in the gaming industry, were changing.

“Multiple blockchain gaming events held abroad recently have produced a more active discussion than ever about what makes gaming exciting and what its user community looks like,” he wrote.

“The market was driven more by speculative investors than players until 2021. In other words, the content that was at the forefront was created on the premise that blockchain and NFTs should drive monetization.

“However, in the wake of the aforementioned turbulence in the cryptocurrency industry, there is now a tendency to view blockchain technology as merely a means to an end and discuss what needs to happen to achieve the end to bring new experiences and excitement. to the clients. . I see this as a very beneficial development for the future growth of the industry.”

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FTX founder Sam Bankman-Fried will plead not guilty to charges of defrauding clients and investors today following the collapse of the cryptocurrency exchange.

The Italian Senate approved an increase in the capital gains tax on trading crypto assets over €2,000 to 26%. Those who declare their holdings on or after January 1, 2023 will qualify for a payment less than 14%.

BMW has announced a blockchain-based loyalty program after partnering with blockchain infrastructure startup Coinweb and BNB Chain.

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The overall market capitalization of the 22,100 coins is $808 billion at the time of writing (7am UK).

For roundups of recent cryptocurrency news developments, click here.

For valuations of the top 100 coins by market capitalization in US dollars, plus 24-hour price change, see below.