Square Enix and Enjin’s partnership on NFTs to boost cryptoverse?

July 21, 2022 04:06 PM AEST | By Ankit Sethi

Square Enix and Enjin’s partnership on NFTs to boost cryptoverse? — Image source: Pixabay.com

Square Enix NFTs

The Japanese gaming company, popular for games like Final Fantasy, is set to jump on the digital assets bandwagon. What makes it stand apart from other NFT offerings is that it offers a combination of both virtual and physical worlds. It is being said the NFTs of Square Enix will be accessible to enthusiasts that buy items from a yet-to-be-launched physical collection.

Enjin, which lets users create and trade NFTs, is providing services for the Square Enix NFT collection rollout. Separately, Enjin also has a crypto token named Enjin Coin or ENJ. As of writing, the ENJ token is one of the top 100 cryptos, but the price has dropped nearly 10% over the past 24 hours.

In a press release, Enjin has stated that Square Enix digital collectibles will celebrate Final Fantasy VII’s 25^th anniversary. The collection will include cards and figures to commemorate the long journey of the game. The launch will be supported by the Efinity blockchain.

Square Enix Store

The collectibles, according to Enjin’s press release, are available for pre-order on the Square Enix Store. The physical item that any asset from the collection is linked to will be launched later. It is being said that once the physical item is delivered, it will have a code to redeem the digital iteration of the figure or card on the Efinity blockchain.

Can Square Enix NFTs revive cryptoverse?

This year has been dull for both NFTs and cryptocurrencies. Madonna’s NFT collection could not repeat the success of some of the previous works of Beeple. The recently launched collection of actor Bill Murray has also failed to attract high prices.

Separately, a bearish sentiment is underway in the cryptocurrency category in the wake of Tesla having reported the sale of its Bitcoin holding. By these measures, it is not likely that the Square Enix NFTs will lift sentiments by a big margin. That said, how gaming enthusiasts react is a wait-and-watch scene.

Selling price of Beeple’s NFTs

Bottom line

The coming together of Square Enix, Enjin, and Efinity is a big news for the cryptoverse. Looking at how NFTs have performed in 2022, the Final Fantasy NFTs will have to go the extra mile to create a frenzy among crypto and NFT enthusiasts.

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