Square Enix sells Tomb Raider and other games to raise funds for blockchain projects

Square Enix, the Japanese video game company, announced on Monday that it will sell three of its studios to Sweden's Embracer Group for $300 million, with the proceeds going into new ventures in blockchain technology, artificial intelligence, and the cloud.

Square Enix sold Crystal Dynamics, Eidos-Montréal and Square Enix Montréal studios
Square Enix

Square Enix has sold the studios Crystal Dynamics, Eidos-Montréal, and Square Enix Montréal, giving the Swedish publisher control of games like Tomb Raider, Deus Ex, Thief, Legacy of Kain, and others.

Tokyo-based Square Enix said in an announcement,

“The transaction enables the launch of new businesses by moving forward with investments in fields including blockchain, AI, and the cloud.”

Square Enix CEO Yosuke Matsuda recently stated that introducing blockchain technology into gaming can foster diversity and self-sustaining growth.

Devoted fans of video game franchises from the 1980s and 1990s have slammed game creators that have declared plans to invest in blockchain technology, claiming they are disregarding traditional fans and endangering the environment.

Existing gamers are suspicious about blockchain enterprises, but Matsuda is optimistic about the technology's promise for the future of gaming.