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Final Fantasy NFTs Coming to Polkadot at Square Enix, Enjin Alliance

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Briefly

  • Square Enix is ​​taking a “very measured” approach to NFTs by joining Enjin to release Final Fantasy NFTs.
  • Polkadot-based NFTs will be paired with physical cards and toys that will be released in 2023.

One of the most successful video game series of all time to win an award NFTs processing in 2023 as Japanese publisher Square Enix partnered with blockchain game firm Enjin to release an NFT based on the Final Fantasy franchise.

However, NFTs will not be purely digital products. They’re tied to figurines and trading cards based on the stunning 25th Anniversary RPG Final Fantasy VII of the original PlayStation game.

Square Enix will release physical trading card packs for the first time in spring 2023, selling for $4 for a six-card set. Each comes with a code to redeem one NFT trading card, minted by Enjin on their Efinity platform, which is built on Dotted blockchain.

In November 2023, the publisher will release a limited edition action figure of the game’s star, Cloud Strife. Both the standard figure and the “Digital Plus Edition” will come with an NFT COA redemption code, but only the latter comes with an optional NFT: a digital copy of the physical toy. The standard figure will sell for $130, while the Digital Plus Edition will sell for $160.

The Efinity blockchain runs on Polkadot as a parachain or sort of dedicated subnet that is part of the overall Polkadot ecosystem. Polkadot uses a proof-of-stake consensus model that does not require energy-intensive mining, unlike the leading NFT platform. Ethereum.

Vitek Radomsky, CTO of Enjin, spoke about this. decipher that the firm first worked with Square Enix a few years ago, hosting websites for online guilds playing Final Fantasy XIV.

However, this new partnership comes amid growing interest in blockchain technology and NFTs for Square Enix. Final Fantasy, which has sold 168 million games worldwide since 1987, is its crown jewel.

“They looked at all kinds of blockchains, testing them,” Radomsky said. He added that Square Enix was looking for a platform that could “meet the needs of gamers,” including considerations such as low transaction costs and energy efficiency.

NFT is a blockchain token that works as proof of ownership of an item, including both digital and physical goods. NFTs are often used for things like digital pictures, profile pictures, video game collectibles and interactive elements, and the NFT marketplace. rose to $25 billion trading volume in 2021 only.

Square Enix has stepped up its blockchain and NFT efforts over the past couple of years. it invested in an Ethereum-based metaverse game The Sandbox in 2020 and earlier this year announced plans bring your franchise to Dungeon Siege into the NFT-based gaming world.

The firm also released NFT collectibles in Japan last year based on its Million Arthur game series using Blockchain platform LINE. Earlier this year, President of Square Enix wrote positively about potential benefits NFT and the tokenized economy, noting the interest in “play to contribute” experiences in which players benefit financially from the growing success of the game.

Most recently, Square Enix sold a list of major franchises (including Tomb Raider) and three of its game studios. for 300 million dollars, in part to fund their growing endeavors in the crypto industry. Just yesterday, Square Enix was announced as investor in startup Bitcoin Gaming Zebedeewhich raised a $35 million Series B round.

Radomsky said that Square Enix took a “very measured” approach to the NFT initiative with Enjin, aiming to make the process easier for gamers who may experience NFT for the first time. “This allows us to further customize our products,” he said. decipher. “It was amazing.”

Evolution of the Engine

Enjin, who is also a partner with Microsoft as well as Samsungis probably best known for his work in the Ethereum ecosystem. Enjin Coin (ENJ) is an ERC-20 token and Radomsky is the author of the ERC-1155 NFT standard for several Ethereum tokens. But the firm gradually realized that Ethereum’s low transaction throughput and rising fees would limit game developers.

“Back in 2018, I realized that at some point Ethereum would have some restrictions, even though the fees were pennies back then,” he said. “We can’t handle millions of transactions. We can’t run thousands of games on Ethereum because that would be too many.”

Radomsky said that Enjin explored the potential for scalable solutions that could be ideal for gaming and collecting, but ultimately decided it didn’t want to build something from scratch. Instead, the team decided to build Efinity on Polkadot, which it says is attractive as a “blockchain framework” that allows developers to customize it however they want.

“Everything we launch now [on Efinity] looks like the second generation of everything we’ve built,” he explained.

Along with the move to Polkadot, Enjin is changing the way it works, Radomsky said. Instead of a software-as-a-service (SaaS) style model in which Enjin hosts content in partnership with game developers, the firm allows creators to use Efinity’s open platform to deploy their own infrastructure and create NFT-based games.

“It’s been a dream of the past five years,” he said, “and now it’s finally coming true.”

Efinity runs on the Polkadot parachain, but Enjin plans to expand the functionality of the cross chain and connect to other blockchains. The transition to Ethereum is just around the corner, Radomsky said, so these Final Fantasy NFTs could be migrated to Ethereum by the time they launch. Other blockchains that support the Ethereum Virtual Machine (EVM) can also be added.

Growth of NFT games

Radomsky thinks it’s good for NFT games to see big publishers like Square Enix and Ubisoft plays in space. These Final Fantasy NFTs are not meant to be used in any game but Square Enix prior interest in creating NFT-based games with a tokenized economy.

These publishers rely on the support of independent developers who have experimented with blockchain technology for NFT-based games in recent years, sometimes with huge success – as in the case of the Ethereum-based “play to earn” game. Axi Infinity.

However, NFTs also provoked the ire of gamers, due in part to the environmental impact of some platforms, as well as scams and rampant speculation. For some gamers, the problem is also that some NFT-based games are geared towards earning tokens rather than having fun. This is a view that experienced game developers could potentially change.

“Gamers need to be shown that developers want to responsibly use these things in interesting ways to improve the gaming experience,” Radomsky said, “and not just as a monetization mechanism.”

He added that Enjin has recently been in talks with “various AAAs” or major publishers. These studios not only have a track record of making polished games for the masses, but they also make good money. They don’t need to sell NFTs. just to fund game development, which could potentially lead to stronger games using blockchain technology for new kinds of experiences.

“It will be another year or two before there are more games like this that use NFT in interesting ways,” he said. “But it happens — people think about it. I think AAA [publishers] going to show some innovation. They have the budget to really explore these exciting new concepts for NFTs.”

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