Interested in learning what’s next for the gaming industry? Join gaming executives to discuss emerging parts of the industry this October at GamesBeat Summit Next. Register today.
Square Enix has teamed up with Enjin to create non-fungible tokens (NFTs) for digital collectibles for the 25th anniversary of Final Fantasy VII.
Enjin said it will make branded tokenized collectibles using its Efinity Network, which is a decentralized cross-chain blockchain network designed to make NFTs more accessible.
This move is no surprise, since Square Enix signaled it would make investments in innovative technologies like blockchain even as it sold off its Western game studios. Some gamers are going to hate this move, as they associate NFTs with scams, wasted energy, and monetization schemes. But Square Enix has signaled that NFTs are key to the business models of the future.
The digital collectibles will be accessible to consumers who purchase items in the physical collection, which is expected to launch in 2023.
Consumers can pre-order the commemorative action figure starting today at the Square Enix Store. The deluxe physical product will include a code that can be redeemed for a digital version of the figure using the Efinity network, a next-generation blockchain for NFTs, powered by Enjin. Pre-orders for the trading cards will go live later this year.
Enjin said it is providing an alternative destination for eco-conscious blockchain developers, investors, and users. Collectibles are supported by Enjin’s full product suite, which the company said provides environmentally-friendly solutions for building decentralized gaming products.
Enjin has stated that it is committed to carbon-neutral NFTs by 2030 and is building the foundation of Efinity on the most carbon-efficient network, Polkadot. As a signatory of the Crypto Climate Accord, Enjin is striving for a decarbonized and sustainable cryptocurrency industry.
“This partnership marks a coming-of-age phase for digital assets and entertainment; Square Enix, an esteemed developer with iconic intellectual property, is paving the way for the industry,” said Witek Radomski, Enjin CTO, in a statement. “By using Efinity, fans can experience interactive NFTs without even realizing they’re on the blockchain. Enjin can establish the next phase of growth in blockchain entertainment, merging curiosity and creativity.”
Square Enix utilizes the Efinity blockchain and the Enjin Open Platform toolkit to seamlessly integrate, manage and launch its digital collectible offering. The Efinity blockchain offers its users the benefits of efficiency, depth, and employability, Enjin said.
Enjin said its NFT tech stack enables the wholesale management of Square Enix collectibles on the eco-friendly Efinity blockchain network, using NFT.io and Enjin Wallet as the non-exclusive secondary marketplace and wallet solution for users, and Enjin Beam for its unique and accessible QR code NFT distribution system.
GamesBeat’s creed when covering the game industry is “where passion meets business.” What does this mean? We want to tell you how the news matters to you — not just as a decision-maker at a game studio, but also as a fan of games. Whether you read our articles, listen to our podcasts, or watch our videos, GamesBeat will help you learn about the industry and enjoy engaging with it. Learn more about membership.
/cdn.vox-cdn.com/uploads/chorus_asset/file/24774108/STK156_Instagram_threads_3.jpg "Threads is testing custom feeds for your favorite topics")
Discussion about this post