Square Enix Sells Off Tomb Raider and Three Studios to Fund NFT Games

Square Enix has long been a vocal supporter of blockchain and NFT-based games in the gaming industry, but now the company is putting its money where its mouth is. The Japanese company revealed today that it will sell studios and important franchises, including Tomb Raider, to help fund new business ventures, including blockchain. Square Enix has agreed to pay Embracer Group $300 million for Tomb Raider, Deus Ex, Legacy of Kain, and Thief, as well as game developers Crystal Dynamics, Eidos-Montréal, and Square Enix Montréal. In total, roughly 1,100 people are employed by the three studios. In its press release, Square Enix pinned the sale to a need to “[adapt] to the changes underway in the global business environment by establishing a more efficient allocation of resources.” It also specifically called out the “launch of new businesses,” with blockchain listed alongside technology such as A.I. and cloud computing. Square Enix still has its long-running role-playing game franchises like Final Fantasy, Dragon Quest, and Kingdom Hearts, as well as newer IP like Life is Strange and Just Cause. However, the transaction appears to have resulted in a reduction in the company’s total game production operations. The new age is here Embracer Group will also acquire the rights to more than 50 previous Square Enix games. Nordic Games and THQ Nordic were the previous names for the Swedish publisher, which was created in 2011. It rose to pr...