Video game Industry Pushing Forward With NFT Plans

Video Game Industry Pushing Forward with NFT Plans

NFTs and video games have been intrinsically linked for a while and as the platform has grown stronger, AAA video game studios have announced their intentions toward Web 3.0 technology. Sure, in some cases, such as Steam owner Valve Corporation has completely denounced BFT technology. The company publicly stated that it will never have blockchain games published on its storefront. But others have taken a different approach, with multiple publishers and studios announcing their new NFT game projects. Of course, the recent NFT market crash has put a dent in NFT lovers’ aspirations, with many observers claiming that this might be the end of interest in Web 3.0. But this week, two new statements from major names in the industry have put NFT games back on track.

Square Enix Reaffirm Their NFT Intentions

The popular publisher has been one of NFT gaming’s most prominent supporters. Earlier this year, Square Enix offloaded several huge franchises from its publishing catalogue, including Crystal Dynamics. These studios are behind hits such as Tomb Raider and Legacy of Kain. This was done to focus more on new NFT games, with the publisher promising to release new titles that incorporate blockchain technology.

This week, the company’s report for its 2022 shareholder’s meeting says that it plans to introduce “story-focused NFTs” in its games. How these story-focused NFTs will work is still a mystery. Right now, we’re still waiting for the company to provide more details on how these new NFTs will function.

Former PlayStation Execs Form New NFT Game Studio

Our next announcement doesn’t come from a big AAA studio, but rather a newly formed studio that has been created by two former PlayStation execs. John Garvin and Michael Mumbauer have now formed Liithos. The new studio plans to develop games on the Hedera blockchain. The studio is in fact already working on its first game, titled Ashfall. Development is being spearheaded by Garvin who previously served as writer and director on Bend Studio’s Days Gone.

The studio has already mentioned its aim of bridging narratives across various media and giving players something tangible to own within that shared universe. The company’s mission statement claims that “Web 3 will unlock the power to transform the way we engage with entertainment. Imagine reading your favorite comic book or watching the latest season of a show you love; except they are all based in the same amazing world. Even better, by watching the show, you get something that adds incredible value to your enjoyment of the game. Is that possible?”

NFTs and the Future of the Video Game Industry

Despite its recent market crash, it seems like NFT technology is still going to be featured heavily in the video game industry’s future. AAA studios seem to be looking for new ways to implement the technology, with story-based games and single-player experiences seemingly taking center stage. But will this endeavor give us the best NFT games yet, or will it fall apart before achieving its goals? Only time will tell.

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