Square Enix sells Lara Croft gaming franchise for $300M

• The company intends to invest in NFTs and blockchain technology

Japanese gaming giant Square Enix announced that it would sell several of its development studios for $300 million to invest in blockchain.

Square Enix’s decision implies that Tomb Raider games, Deus Ex, Thief, and Legacy of Kain titles would all be divested to Sweden-based Embracer Group AB. The agreement is expected to conclude between July and September of this year.

Square Enix’s subsidiary Crystal Dynamics is the principal developer of Tomb Raider, which generated $92 million in revenue in its fiscal year ending March 2021.