Japanese gaming giant Square Enix announced Monday that it is selling three of its gaming studios to Sweden-based Embracer Group for US$300 million and will use the funds for new businesses in blockchain technology, artificial intelligence and the cloud.
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Fast facts
- Square Enix sold Crystal Dynamics, Eidos-Montréal and Square Enix Montréal studios, which will give the Swedish publisher ownership to game titles such as Tomb Raider, Deus Ex, Thief, Legacy of Kain and others.
- “The transaction enables the launch of new businesses by moving forward with investments in fields including blockchain, AI, and the cloud,” Tokyo-based Square Enix said in an announcement.
- Yosuke Matsuda, president of Square Enix, previously emphasized that incorporating blockchain technology can promote diversity and self-sustaining growth in gaming.
- Devoted fans of video game franchises that date back to the 1980s and ‘90s have panned game developers that have announced business in blockchain technology, claiming they are neglecting traditional fans and causing potential harm to the environment.
- Matsuda acknowledged that existing gamers are skeptical of ventures in blockchain, but remained upbeat on the technology’s prospects for the future of gaming.
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