Square Enix rectifies: it will not allocate the 300 million of its last sale in NFT, but will continue to invest in the asset

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Just a few weeks ago, the company wanted to take advantage of the sale of three developers to explore this sector.

Square Enix rectifies: it will not allocate the 300 million of its last sale in NFT, but will continue to invest in the asset

At the beginning of May, a new earthquake occurred in the field of studio purchases: Square Enix sold Crystal Dynamics, Eidos Montreal y Square Enix Montreal to Embracer Group. It didn’t take us long to dream of the return of some iconic franchises in the sector, but Square Enix preferred to think about how to take advantage of the $300 million of the Swedish group. Your initial response? NFTs and cloud gaming.

Square Enix will use the 300 million to reinforce the core of the companyHowever, today we know that the company has made a new decision on this issue. Apparently, Square Enix will not allocate these amounts in the NFTs because it prefers to invest them in the core of the company. This was commented by the directors in a call designated to comment on the profits achieved in the last fiscal year, which in turn has been collected by the analyst David Gibson.

Does this mean that Square Enix is ​​definitively distancing itself from NFTs? Unfortunately, no. Although the non-fungible token will no longer receive this $300 million investment, the company clarifies that it has other financial avenues to continue exploring the sector. As such, we may come across more news linking Square Enix to NFT initiatives in the future.

Despite this, it is possible that the digital asset has lost all its charm (generally, purely economic) in the face of a good assortment of companies. And it is that, as we have seen in recent weeks, the value of NFTs continues in free fall and their sales have already dropped to critical levels. What, from another prism, can be seen as a bubble that has begun to burst.

More about: Square Enix, NFT and Purchase of studios.

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