Square Enix surges on metaverse embrace despite gamer backlash

Many gamers and industry observers expressed dismay on social media at the suggestion that playing to have fun was about to be outmoded by a different method of engagement. — Social media psd created by Kerfin7 - www.freepik.com

Square Enix Holdings Co president Yosuke Matsuda issued an enthusiastic endorsement of novel technologies such as blockchain gaming, non-fungible tokens and the metaverse over the weekend, triggering an 8% jump in the game maker’s shares – as well as a backlash from wary gamers on social media.

In his new year’s letter, Matsuda touched on the full range of nascent technologies, including artificial intelligence and the proliferation of 5G wireless connectivity, but it was his comments about using blockchain tokens to entice players that drew the most attention. He also said Square Enix would consider issuing its own token in the future.