Square Enix invests into NFT gaming firm, Beeple speaks on NFT art future and more

Nonfungible token (NFT)-friendly Japanese gaming giant Square Enix has invested 7 billion yen ($52.7 million) into game developer Gumi to create “high-quality” mobile games, blockchain games and a Metaverse initiative, among other things.

Gumi mobile games: Gumi

According to a translation of the press release, the partnership will help Gumi tap certain intellectual property from Square Enix, while it has also teased that the duo could be teaming up for a game-NFT-focused marketplace.

“We are already considering the establishment of a platform dedicated to blockchain games and an NFT marketplace, etc. Through collaboration between the two companies, we will provide a one-stop service from the development and distribution of blockchain games to the sale and distribution of tokens and NFTs.”

The company also outlined plans to work on a host of NFT games that will likely have metaverse integrations. The Japanese company has outlined a quirky new term called “Wow and Earn,” which essentially refers to games built off of world-famous IP that is integrated with blockchain-based play-to-earn (P2E) features.

“In the future, while considering the use of powerful content that everyone recognizes, we will break away from the highly speculative blockchain games of the past and create value while enjoying fun and excitement. We strongly recognize that it is necessary for game users all over the world to create a blockchain game that realizes ‘Wow and Earn,’” the release reads.

Gumi also stated that its “working day and night” to develop its metaverse-focused arm of the business as it looks to add another source of revenue outside of mobile games.

Gumi has previously worked with Square Enix on a couple of mobile games as part of the Final Fantasy Brave Exvius series, and both firms are partners of the Oasys blockchain-gaming project, which is building its own network designed purely for P2E gaming.

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