Sega, Square Enix, Konami Join Japanese Blockchain Gaming Alliance
Gaming titans Sega, Square Enix, and Konami have teamed up with Coincheck to form a new blockchain games alliance in Japan
The move was announced by the Japan Cryptocurrency Business Association (JCBA) and will also include gaming companies COLOPL and Drecom, as well as BrilliantCrypto, a play-to-earn gaming firm, and other key industry players.
Two of Japan's "big four" international law firms, Mori Hamada & Matsumoto and Anderson Mori & Tomotsune will also join the alliance to bring their expertise to the initiative, highlighting the importance of regulatory and legal considerations in the blockchain gaming space.
The alliance will function as a subcommittee under the JCBA, which also oversees subcommittees dedicated to NFTs, decentralized finance (DeFi), and stablecoins.
Coincheck President Tomoyuki Isaka will chair the subcomittee while Square Enix’s Keisuke Hata will serve as vice chair. Konami, COLOPL, SEGA, and Drecom officials will take on executive roles.
The subcommittee’s primary focus will be addressing legal, accounting, and taxation issues in blockchain gaming. The group will also study legal aspects of NFTs and conduct case studies to advance the agenda of integrating blockchain technology into gaming.
Critics argue that ambiguities in legal, accounting, and taxation frameworks have hindered Japanese firms from fully embracing blockchain gaming.
Konami, Sega, and Square Enix have already explored Web3 gaming but have faced backlash for doing so. Last year, Square Enix came under fire for its NFT game "Symbiogenesis."
Symbiogenesis marked the Japanese publisher's first NFT game, described as "narrative-unlocked entertainment." As the player unlocks the main story and stories of each character, "mysteries" of the world will unravel.
Earlier this year, Konami partnered with Avalanche to debut its NFT platform, "Resella." The platform is aimed at simplifying NFT creation, issuance, and trading by removing common blockchain barriers.
Resella streamlines the process for newcomers by eliminating the need for external wallets and complex cryptocurrency transactions, offering user-friendly features such as support for Japanese yen to cater to Japan's market.