Square Enix, in a press release, has announced that it is selling several of its IPs and game studios in order to focus on blockchain.
Square Enix is putting cash in its coffers to develop new blockchain projects, according to the press release today.
Square Enix will sell three subsidiaries including Crystal Dynamics, Eidos-Montréal, and Square Enix Montréal. It will also sell off more than 50 game properties including Tomb Raider, Deus Ex, Thief, and Legacy of Kain.
The properties will be acquired by Embracer Group, which reports the sale is valued at $300 million.
Though the sale agreement was reached today, the sale itself is expected to close between July and September.
According to Square Enix, the money earned from the sale will allow it to “launch new businesses by moving forward with investments including blockchain, AI, and the cloud.”
Square Enix will retain several of its most popular brands, including Just Cause, Outriders, Life is Strange, and Final Fantasy.
Square Enix has been involved in blockchain even prior to those announcements. In 2020, it created NFTs for its Million Arthur franchise. It also invested $2 million in Animoca Brands, the company behind the blockchain game The Sandbox, that year.