The studios and rights to the game titles were sold to the Swedish company Embracer Group. The deal amounted to $300 million.
According to a press release, the funds are to be used to develop Blockchain and NFT projects.
“This deal will allow us to launch new lines of business, including investments in areas such as Blockchain, artificial intelligence and cloud computing”, the press release stressed.
Square Enix said the company needs to “adapt to changes in the global business ecosystem” and seek to allocate resources more efficiently.
Square Enix still has the rights to such game series as Just Cause, Dragon Quest and Final Fantasy, but the company is likely to noticeably reduce the number of games it develops and releases.
Embracer Group was formerly known as Nordic Games and THQ Nordic. The company continues to buy game studios and rights to game series. Thus, earlier Embracer Group bought the developers of Borderlands.
Note that not all game studios welcome NFT and Blockchain. For example, recently Mojang Studios, which is behind the popular “sandbox” Minecraft, urged game developers to study the risks of NFT before implementing them in their products.