Gaming Giant Square Enix Enters NFT Sector With This Collection

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In a move to blend gaming with non-fungible tokens (NFTs), Square Enix has launched its first global digital art project, SYMBIOGENESIS. Starting today, the gaming giant is opening its Chapter 1 allowlist entry campaign, offering fans a chance to mint exclusive digital collectibles for free.

SYMBIOGENESIS Campaign Invites Gamers to Exclusive Digital Art Minting

Participants must join the official SYMBIOGENESIS Discord server to engage in various activities and earn a spot on the allowed list before the campaign ends on November 21, 2023.

The campaign introduces a point-based system to determine which players can mint one of the 500 Characters available. These characters, intricately designed to play roles or reveal story elements, will not be available for public minting; instead, the allowlist offers an exclusive chance to claim them.

Square Enix’s strategy to deepen fan engagement includes performance-based activities on Discord, where players can earn points towards the next chapter’s allowlist, and treasure hunts that reward digital relics convertible into campaign points.

For minting, there are three phases. The “Stakeholder” phase allows those closely involved with SYMBIOGENESIS early access. The “Priority for Top-Ranking Player” phase gives top-scoring players and randomly selected participants from the broader pool a chance to mint characters without cost.

The final phase opens to all campaign entrants, with no limit on the number of characters per wallet, increasing the opportunity for many to participate.

Square Enix Merges Gaming With Blockchain In Collectible Strategy

SYMBIOGENESIS is set to debut in December 2023, supporting the Ethereum and Polygon chains and accessible through Google Chrome and MetaMask wallets. It will be available in English and Japanese, accommodating a broad audience.

This initiative reflects Square Enix’s innovative approach to gaming and digital art, building on its legacy of successful franchises like FINAL FANTASY® and DRAGON QUEST®. With this project, Square Enix is not just expanding its entertainment content but also its presence in the burgeoning world of digital collectibles.

As Bitcoinist reported, Square Enix has been making a strategic pivot to aggressively invest in blockchain entertainment, as stated by the company’s president, Yosuke Matsuda, in early 2023. The executive made his intention public via a letter to the company’s shareholders.

This shift comes in the wake of the company’s positive reception to its NFT and digital asset ventures in 2022, which was highlighted in its latest financial results. Matsuda’s commitment to blockchain entertainment aligns with the broader industry recognition of blockchain as a burgeoning field last year.

This aggressive investment strategy is backed by rising net sales from mobile and PC games, signaling a robust interest in digital entertainment avenues. The trend toward digital game sales, which has consistently increased since the third quarter of 2020, underscores the company’s rationale to enhance its digital sales portfolio through blockchain and NFTs, as seen in the chart below.

Square Enix NFT-NFTs-2-768x522
Digital entertainment sales have been increasing since 2020. Source: Square Enix

As part of its blockchain expansion, Square Enix is planning to set up an overseas subsidiary focused on token issuance and management, as well as game publishing in crypto-forward countries. The company is also exploring launching a Corporate Venture Capital division, NFT-exclusive products, a dedicated NFT brand, and new IPs rooted in blockchain technology.

These steps are exploratory and form a core component of Square Enix’s medium-term business strategy, leveraging the success of digital initiatives like the mobile game “Shi‐San‐Sei Million Arthur” and its forthcoming blockchain-integrated second season.

As of this writing, Polygon’s MATIC has recorded a 9% profit in the last week.

Square Enix Polygon MATIC MATICUSDT
MATIC’s price trends to the downside on the daily chart. Source: MATICUSDT on Tradingview

Cover image from Unsplash, chart from Tradingview

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