Square Enix has announced that it is in the process of selling several of its studios and IPs to focus on blockchain, AI, and cloud gaming.

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Square Enix is selling three subsidiaries: Crystal Dynamics, Eidos-Montréal, and Square Enix Montréal. Additionally, the Japanese firm will sell over 50 game properties, including fan favourites Tomb Raider, Deus Ex, Thief, and Legacy of Kain.

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Swedish video game and media holding company Embracer Group has agreed to pay $300 million to acquire the properties. While the sale was announced yesterday, it is expected to close between July and September.

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In its press release, Square Enix shared it will use the money to “[adapt] to the changes underway in the global business environment by establishing a more efficient allocation of resources.” It also noted the “launch of new businesses” that will invest in blockchain, alongside A.I., cloud computing, and other fields.

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This comes months after Square Enix, CEO Yosuke Matsuda first revealed the company’s plans to explore NFTs and blockchain technology in a New Year letter to fans and investors.

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While Matsuda understands not all gamers are fans of NFTs, crypto, and other principles of Play-to-Earn games, he strongly believes there are "a certain number of players in the world who want to contribute to making the game more interesting, and create new settings and ways of playing."

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