Square Enix’s stock price surges by 8% following CEO’s endorsement of NFTs, blockchain technology

Image via Square Enix Square Enix’s stock price on the Tokyo Stock Exchange rose by roughly 8% on Tuesday, according to MarketWatch. This surge followed a controversial letter published on January 1 by Square Enix CEO Yosuke Matsuda, in which the studio head praised non-fungible tokens (NFTs), blockchain technology, and the metaverse. In the letter,…

Image by Sq. Enix

Sq. Enix’s stock mark on the Tokyo Stock Commerce rose by roughly 8% on Tuesday, in accordance with MarketWatch. This surge adopted a controversial letter published on January 1 by Sq. Enix CEO Yosuke Matsuda, by which the studio head praised non-fungible tokens (NFTs), blockchain technology, and the metaverse.

Within the letter, Matsuda spoke extremely of blockchain integration in video video games, and went as some distance as expressing a desire to put into effect token economies in future Sq. Enix titles in the hopes of conducting a “decentralized gaming” ecosystem.

Whereas the corporate is not any doubt benefitting from the stock mark’s surge, it’s also skilled heavy scrutiny from fans since the letter’s newsletter. Many own taken self-discipline with the CEO’s obvious dismissal of anti-NFT voices, whom Matsuda identifies in the letter as comprising the huge majority of on-line sport gamers.

“Folks that play our video games to own stress-free are the huge majority of our player horrid and they’ve stated they decline this. We glean it, we save now not care, and we gotta glean that rip-off jpeg money. ~For Progress~”

Yosuke Matsuda should always restful resign for this. https://t.co/B2T4IdXrCN

— Steven (@cazlone) January 1, 2022

Sq. Enix isn’t essentially the most appealing company to leap on the NFT bandwagon. Ubisoft started gifting awayof NFTs in slack 2021, and Memoir Video games has also commended blockchain technology. The builders on the attend of S.T.A.L.K.E.R. 2: Coronary heart of Chernobyl at the birth announced plans to embody NFTs of their upcoming sport, nonetheless backtracked following overwhelmingly negative reactions by fans.

NFTs are a controversial topic this day, largely due to the debates over their perceived cost. An NFT is successfully metadata that proves you are the original owner of a digital correct, such as a listing file. NFT critics repeatedly command that NFT marketplaces are hotbeds for scams and paintings theft, due to the how with out problems an NFT might presumably additionally be minted. Critics own also raised concerns concerning the environmental impact of minting, procuring, and promoting an NFT, all of which are believed to emit high ranges of carbon emissions.