Square Enix Partners With Enjin To Launch An NFT Collection

Square Enix, a Japanese video game firm, has launched a new NFT collection in partnership with Enjin which will be responsible for storing Square Enix’s tokens on its Efinity blockchain.

The NFTs will be based on the firm's Final Fantasy franchise, one of the most successful games of all time, and will go live in 2023. The new NFT collection will be developed on Enjin (ENJ), a blockchain software that allows individuals, businesses and developers to integrate NFTs and will commemorate the original PlayStation game’s silver jubilee.

Despite a bearish market and the popularity of non-fungible tokens (NFTs) declining, as per Google trends, Square Enix's NFTs from Final Fantasy VII will not be purely in digital form. Instead, they will be tied to physical action figures and trading cards and will be released to the purchasers of these items in the first phase.

The action figures are live and can be pre-ordered in the Square Enix Store. The deluxe version of the products will include a code that can be redeemed for the digital version of the same on the Efinity network. The pre-order of the trading cards will go live later this year.

“This partnership marks a coming-of-age phase for digital assets and entertainment; Square Enix, an esteemed developer with iconic intellectual property, is paving the way for the industry,” Enjin CTO Witek Radomski said in a statement Wednesday. “By using Efinity, fans can experience interactive NFTs without even realizing they’re on the blockchain. Enjin can establish the next phase of growth in blockchain entertainment, merging curiosity and creativity.”

Square Enix is not the only firm to try to enter the NFT industry. Ubisoft launched NFT collectibles in Ghost Recon Breakpoint, but following a fierce backlash, Ubisoft closed the whole thing.