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Scalebound's assets will be utilized for a new Drakengard.
While the game itself has been cancelled, Platinum recently received critical acclaim and financial success from NieR: Automata. Take into account how the first game spun-off from Drakengard and do the math.
  • Adding on to this. Scalebound was to come out in the same year it was cancelled. Meaning it was likely at a point of development that the game was likely playable, Obvious Beta though it might have been but still, and Microsoft owning the trademark requiring the game to be changed to the point of being unrecognizable. Yoko Taro desires to make a Drakengard game after his success and amicable relationship with the staff that worked on Automata. It makes little sense not to make another game with a popular developer and in a franchise with a whole new slew of fans. It seems more unlikely for this to NOT happen.

Ninja Theory will revive Scalebound, or at least create a spiritual successor.
Since Ninja Theory has recently been acquired by Microsoft, who owns the rights to Scalebound, it’s more likely that the team, who create hack and slash games, such as DmC: Devil May Cry and Hellblade: Senua's Sacrifice, will potentially recreate Scalebound from the ground up.

Nintendo will help PlatinumGames revive the project
I don't fully believe this myself, but a lot of others do. There were apparently rumors within the game industry as late as Summer 2018 that Scalebound would still come out, just not as an Xbox exclusive, with PlatinumGames attempting to get the trademark for the name back from Microsoft. Fast-forward to February 2019, with rumors that Nintendo is reviving a "dead and buried" game that was publicly announced and cancelled. Throw the two developers' amicable relationship into the mix, with Nintendo having funded several PlatinumGames titles in the past few years, and it makes sense that if any publisher has enough faith in Platinum to let them continue work on a cancelled game (and the means to handle whatever legal stuff that might have to be hashed out with Microsoft), it would be the House of Mario.
  • Jossed: If you didn't believe responses from people close to PlatinumGames that there was no way this was happening shortly after speculation began, then believe the originator of February 2019 statement (Irman Khan), who would all but confirm shortly after the game's E3 2021 announcement that it was Metroid Dread that he was referring to.

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