As Square Enix sells Tomb Raider to focus on blockchain, the NFT market collapses.
What is something that no one could have predicted? That a market built on fictitious ownership of infinitely duplicable jpeg photographs might not be long-term sustainable in the end. The NFT market is “flatlining,” according to The Wall Street Journal, down 92 percent since September. Which makes it the most fantastic time for Square Enix, the Japanese publisher known for Final Fantasy, to sell off most of their Western-facing IP and studios in order to risk on the flop.
Square Enix announced yesterday that it plans to sell Crystal Dynamics, Eidos Montreal, and Square Enix Montreal, as well as IPs for games like Deus Ex, Tomb Raider, Thief, and Legacy of Kain, to the conglomerate The Embracer Group. Why? “The Transaction facilitates the establishment of new businesses by pushing forward with investments in domains such as blockchain, AI, and the cloud,” according to Squenix. That is, it has previously stated its desire to profit from the NFT/blockchain business.
NFTs appear to be the most incredibly exact symbol of the twenty-first century. Everything is blatantly evident nonsense. Companies are selling a line of code on a blockchain to repackage the incredibly old concept of digital asset ownership as the next great investment you should get in on while the going is good. Of course, video game skins have been available for purchase for quite some time. However, many of these businesses are putting a lot of work into suggesting that you may now own a photograph, and then pretending that by doing so, the photograph gains inherent value —all brought to life by enough idiots cheering and shouting about how they believe in fairies.
Unfortunately, many of these clapping idiots wear expensive suits and speak loudly in boardrooms, and corporations have been desperately trying to profit before the whole illusion blows away on a breeze, as with every other facet of the scam-fest that is “web 3.0.” And it appears that the breeze arrived earlier than anyone anticipated.
We are the biggest NFT marketing agency with the reach over 30 million people.
This article is just for educational purposes.
Make your own exploration before making any form of investment, as always.
Possessors, holders, suckers, members of the community, jumbos. Want to give your composition a boost by putting it at the top of the homepage? == > Get in touch with us!
