Japanese Game Developer, Square Enix, And SBI Inks A $52M Metaverse Agreement
Gumi Inc., the Japanese gaming company, Square Enix, and top finance firm SBI Holdings Inc. recently revealed a strategic collaboration. The new deal will accelerate Gumi’s metaverse business development.
Seeking Virtual Relevance
Launched 15 years ago, Gumi is now a household name in the local mobile gaming ecosystem as it has developed numerous games to meet the needs of its growing fan base. In addition, as non-fungible tokens (NFTs) become popular in the gaming environment, the company has already released an NFT-related game.
The new metaverse deal with Square Enix and SBI seeks to speed up the company’s quest for an alternative revenue stream by leveraging the relevance of the digital space. Accordingly, the partnership will see SBI Holdings having a 22.46% stake in Gumi and becoming its biggest shareholder, followed by Square Enix with a 3.01% stake.
As Web3 continues to expand rapidly, some of the leading game makers in Japan, like Sega, Konami, and Square Enix, have announced several business strategies to explore the virtual environment.
In October 2022, Konami recruited 13 new hires to handle new job positions for its metaverse game ventures. In the same month, the Japanese prime minister, Fumio Kishida, revealed the country’s decision to start its digital revolution drive, with the government investing massively in metaverse-related enterprises, including NFTs.
Japan’s Metaverse Initiative
Prime Minister Fumio Kishida announced in October that the government’s priority is investing in digital transformation to expand Web3 use cases. Japan has witnessed a massive growth of blockchain-based innovations, with the government awarding limited-edition NFTs to seven city Mayors for their efforts in harnessing digital technology to solve social issues.
Since assuming office in 2021, Kishida disclosed that he plans to achieve Web3 development goals, which will be part of his notable achievements after leaving office. Similarly, in July, the country’s Ministry of Economy, Trade, and Industry established the Web3 Policy Promotion Office to explore and apply the technology in the traditional business sector.
In addition, the government is working on amending existing regulations that could checkmate entities’ use of crypto exchanges to transfer funds.
Expanding NFT Adoption In Asia
The leading Japanese digital creator, Fumiya, spearheads Southeast Asia’s move to the NFT ecosystem. Fumiya is a popular Japanese social media creator with massive popularity across various social media platforms in Asia.
The creator has held various ambassadorial roles for brands looking to make inroads into new markets in Asia. As a result, he is likely to lead the play-to-earn game, PROJECT XENO, due to his massive followers on social media.
The game is an NFT-based simulation and adventure battle that allows gamers to participate in and win tournaments to earn rewards. Japan holds the ace in broader NFT adoption in the region, and it’s one of the significant Web3 hubs in Asia.
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