Embracer Group in Sweden has agreed to pay $300 million to purchase Square Enix’s popular video game Tomb Raider.
In addition to Legacy of Kain, Thief, and Deux Ex, the transaction includes the rights to three more gaming series’ intellectual property. These assets were sold by the corporation to save expenses and invest in emerging technologies like blockchain, AI, and the cloud.
Eidos Interactive, Square Enix Montreal, and Crystal Dynamics are all being sold off by Square Enix on Monday, along with their respective IPs.
The Tomb Raider video game series is one of the most popular in history, with over 90 million copies worldwide. In addition to Final Fantasy, Dragon Quest, and Kingdom Hearts, Enix still owns a number of other notable titles.
As was to be anticipated, the decision to increase investment in the crypto and blockchain industries was met with considerable anger on social media. As one user put it, this was like “trading a real mansion for magic beans,” and the company’s fans were outraged.
NFTs and play-to-earn games have long been viewed with scepticism by gamers, who argue that while they reward players monetarily, they often do little to enhance the experience of the game itself. Others consider NFTs in gaming to be nothing more than a money-grabbing scheme that harms the environment.
By the end of the month, the agreement should be authorized and finished.
The Metaverse Advances in the Field of Gaming
NFTs and the metaverse are receiving a lot of attention from gaming developers, and it doesn’t seem to be slowing down any time soon. A sampling of our most recent stories on gaming, NFTs, the metaverse, Web3, and blockchain technology may be seen below:
- Launch of the Loopring gaming NFT market by Gamestop
- In the metaverse, gaming inventor Krafton makes his debut
- As the most sought-after NFT collection in the world, Axie Infinity
- Kids may explore a virtual world using Epic Games and Lego
- NFTs will get $100 million in funding from Gamestop
Even though Embracer isn’t a big brand in the gaming industry, recent acquisitions of large companies like Gearbox and Koch Media make it a long-term participant in the industry.
Square Enix has yet to announce how it plans to use the sale proceeds. Even while a “leaner organisation” will be re-built and refocused on investments, Piers Harding-Rolls, head of games studies, says the sale will help the firm appeal to shareholders.
Investments in Web3, NFTs, and metaverse areas are expected. If Square Enix makes any statements or investments in these emerging technologies and digital areas, we’ll keep an eye out for it!
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