The Japanese video game publisher has already made grounds in the adoption of nonfungible tokens and expects metaverse technology to grow significantly.
In a statement published on Monday, Japanese video game publisher Square Enix announced that it would be divesting its popular Tomb Raider franchise for $300 million and investing the proceeds into blockchain, artificial intelligence (AI) and cloud computing technologies. The principal developer of Tomb Raider is Square Enix’s subsidiary Crystal Dynamics, which generated $92 million in revenue in its fiscal year ending March 2021. Aside from Tomb Raider, Crystal Dynamics and Eidos Interactive, another subsidiary to be divested, hold intellectual properties for titles such as Deus Ex, Thief and Legacy of Kain. Shares of both companies, as well as Square Enix Montreal, will be transferred to Sweden-based Embracer Group AB. The agreement is expected to conclude between Jul
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