Non-fungible tokens (NFTs) have never really found their footing. That's likely because most of their early days have been filled with insultingly bad art, monkey pictures and constant grifts associated with Elon Musk’s Tweets. Even the biggest and most popular blockchain games in the world were low-quality, pay-to-play gimmicks.
But it seems that some mainstream players are looking to get involved and change this. One of the biggest mainstream players continues to be Square Enix Holdings Co. Ltd. SQNNY, the company behind Final Fantasy, Kingdom Hearts, Dragon Quest and dozens of others.
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The company recently reaffirmed in its annual 2023 New Year’s letter that it plans to continue its focus on blockchain-based gaming. It noted that it has several original works and intellectual property (IP) under development for blockchain-based gaming. The company also noted it wants to focus on titles that are “competitive globally” and using blockchain as a “means to an end” rather than focusing on “monetization.” The company is likely planning a move away from the gimmicky cash grabs present in the industry to a more technology-focused approach using new AAA titles.
Square Enix isn’t the only one looking to bridge the gap between blockchain-based assets and mainstream gaming. In the startup investing world, Gameflip is a marketplace focused on facilitating the trading of in-game assets for both mainstream and blockchain-based games. Similar to the Counter-Strike: Global Offensive weapon’s skins market or other secondary markets for gaming items, Gameflip is building multimillion-dollar markets for dozens of games.
Gameflip recently launched an equity crowdfunding campaign so anyone can invest in this high-growth startup for a limited time. The startup has also raised $10 million from venture capitalists and over $635,000 from everyday investors.
In the traditional blockchain world, there are some independent studios seemingly breaking the cycle as well. The Sandboxes and Axie Infinities of the world lack features and are just plain boring. Companies need to make games people want to play first, then look to implement blockchain if needed.
While a number of card games have done this, one of the most anticipated independent blockchain games of 2023 is Illuvium, a blockchain-based take on team fight tactics. This doesn’t guarantee success, but it’s a move in the right direction.
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