Square Enix paid Gumi $52.7 million to create NFTs and metaverse project

Square Enix invests into NFT gaming firm

Japanese gaming giant Square Enix, which supports NFTs, has funded gaming company Gumi 7 billion yen ($52.7 million) to fund the creation of “high-quality” mobile games, blockchain games, and a Metaverse project.

A translation of the press release indicates that as a result of the partnership, Gumi will have access to some intellectual property owned by Square Enix, and the two companies may work together to create an NFT marketplace with a focus on games.

The company has announced its intention to develop a variety of NFT games that will have integration with the Metaverse. The Japanese company has coined the enigmatic term “Wow and Earn” to describe games based on well-known IP that feature Play-to-Earn (P2E) components facilitated by blockchain technology.

As the article wrote it, “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.”

As a means of diversifying its revenue streams beyond mobile games, Gumi has also suggested that it is “working day and night” to expand its Metaverse-focused side of the business.

Square Enix and Gumi partner on a few mobile games in the Final Fantasy Brave Exvius series, and both companies are involved in the Oasys blockchain-gaming project, which is creating a separate network for P2E gaming.

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The post Square Enix paid Gumi $52.7 million to create NFTs and metaverse project appeared first on NFT News Pro.



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