Yosuke Matsuda, a pro-NFT gaming CEO of Square Enix, stands down his position as president – the company has announced.
Takashi Kiryu, who is presently the chief strategy officer of the Japanese video game publisher, will fill his role.
In 2020, Kiryu joined Square Enix, and in 2022, he was made a director of the business.
Matsuda, who has worked for Square Enix for a while, will formally retire in June 2023. The decision is made while the gaming sector undergoes a significant transformation. Matsuda is one of the leading proponents of blockchain gaming.
Last year, the outgoing president led the company’s drive into NFTs and blockchain initiatives in the wake of the collapse of the cryptocurrency exchange platform FTX and the ensuing decline in the cryptocurrency market.
Square Enix announced its choice with the following statement:
“Under the rapid change of business environment surrounding the entertainment industry, the proposed change is intended to reshape the management team with the goal of adopting constantly developing technological innovations and maximizing the creativity of the company’s group to deliver even greater entertainment to its customers around the world.”
Matsuda managed one of Square Enix’s greatest product changes, the $300 million sale of western companies Eidos Montréal and Crystal Dynamics to Embracer Group.
Because of the choice, the publisher had to do rid of some of its most recognizable games, like Tomb Raider. Square Enix has since chosen a different route and is now mostly focused on blockchain gaming.
Several of the company’s most recent profile launches have failed to generate the expected amount of business. This group includes Marvel’s Avengers, Babylon’s Fall, and Forspoken. The situation for the massive video game developer might be worse if it weren’t for its most popular game, Final Fantasy.
In its initial year of release, Symbiogenesis, the first NFT title from Square Enix, received conflicting reviews for its trailer. The business disclosed last month that it has selected Polygon blockchain for the game.
With partnerships with some of the top businesses, including Reddit and Starbucks, Polygon is undoubtedly the top Layer 2 blockchain gaming network. This provides them with a significant addressable market.
In an effort to hasten user onboarding for its first NFT game, Square Enix may attempt to tap into this pool of web3 groups. The company unveiled a comprehensive plan to publish more blockchain games in 2023 in January.
The business has also made an investment in the bitcoin payment system Zebedee and operates nodes for the Japanese gaming-focused blockchain Oasys network.