Vault Wallet Media Division

Created Dec 30th 2022

• High Hopes For WEB3 Gaming and Cryptocurrency This Year 2023

Blockchain gaming has been continually gathering interest among the biggest gaming firms in the world. This is apparent even in the midst of the cryptocurrency winter that has disturbed several areas of the industry. In fact, this Sunday, Yosuke Matsuda, who is the representative director and president of Square Enix, a multinational holding firm that is responsible for the renowned Final Fantasy games, published a letter on New Year's that affirmed the company's efforts to cater to the blockchain space.
In the letter, Matsuda stated, "In terms of new business domains, we named three focus investment fields under our medium-term business plan." "Among those, we are most focused on blockchain entertainment, to which we have devoted aggressive investment and business development efforts."
Included within its plans for this year, the Tokyo-based gaming giant stated it has several blockchain games that are based on its original IP (intellectual property) in development. Furthermore, it has teased this since last year and has also been soliciting global investment so that it can increase its stake in notable blockchain startups.
Additionally, the firm has acknowledged that although cryptocurrency has been experiencing a period of high volatility, it remains confident regarding Web3's future. Consequently, this can also be reflected in what Matsuda wrote: "In the wake of the aforementioned turbulence in the cryptocurrency industry, there is now a trend to view blockchain technology as a mere means to an end and to discuss what needs to happen to achieve the end of delivering new experiences and excitement to customers." "I see this as a very beneficial development for the future growth of the industry."
"Blockchain has been an object of exhilaration and a source of turmoil, but with that in the rearview mirror, we hope that blockchain games will transition to a new stage of growth in 2023."

• Developmental Prospects within Japan

Last year, in June, the government of Japan approved a plan known as the "Priority Policy Program for Realizing a Digital Society." This plan outlines the way Japan will promote Web3 by increasing its understanding of both NFTs and DAOs (decentralized autonomous organizations). Then, in July of the same year, the Web3 Policy Promotion Office was established by the Ministry of Trade, Economy, and Industry so that any issues pertaining to the building of a firm on the blockchain could be fully grasped. Not only that, but the financial regulator in Japan has proposed easing tax rules for individual and corporate cryptocurrency investors, with its digital ministry exploring the idea of making a DAO to improve its understanding of the technology.

• Final Thoughts

As investment in the Web3 gaming landscape gathers more interest, other conventional gaming studios, like Ubisoft, have also started looking into this space. 

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