Playstudios, a mobile gaming company, has recently announced
it is diving into the world of Web3 gaming. The company is launching a
blockchain gaming division that will introduce the concept of “rewarded
play” to its users, who already enjoy real-world rewards for playing its
games. Playstudios will also invest $10 million in Web3 gaming
companies.
Playstudios to Embrace Web3 and Blockchain Tech
Playstudios, a Las Vegas-based mobile gaming company that has received more than $300 million in funding, is diving
into the world of blockchain and Web3 gaming. The company, which owns
games like Tetris, is launching a blockchain gaming division called
Playblocks, that will add blockchain-based incentives to its “rewarded
gaming” program.
About this move, Andrew Pascal, founder and CEO of Playstudios, told Techcrunch:
As we enter into the Web3 space, we’ve kind of been doing
play-to-earn for 10 years, so I’d argue we’re the pioneers in the world
of play. We’ve spent a lot of our energy thinking about how to reward
players in our games.
The new division will be built around the acquisition of
Wonderblocks, a company that deals in offering play-to-earn services to
third parties. Playblocks will also ostensibly benefit from the
technical knowledge of Forte as part of a strategic partnership. Forte, which raised
$725 million last year, provides blockchain, token, and NFT services to
gaming companies, facilitating the inclusion of these technologies in
new games.
$10 Million Web3 Gaming Fund
Playstudios is setting up a fund to invest in Web3 gaming
initiatives, seeding it with $10 million. This initiative, called the
“Future Fund,” will allow Playstudios to make investments in emerging
companies that also want to integrate blockchain into their business
model, bringing gamers closer to the tech.
The first investments of the fund, whose amounts were not specified,
were made in Forte, the company mentioned above, and the Kryptomon
Company, a Pokemon-like themed game that allows users to manage and
train their personal NFT creatures.
While other sectors of the crypto economy have shrunk, the Web3
gaming sector seems to have thrived, with several VCs and organizations
investing in these initiatives recently. Griffin Gaming Partners announced the launch of a $750 million Web3 gaming fund in March, and A16z also launched a $600 million Web3 gaming fund in May.
source link : https://news.bitcoin.com/tetris-owner-playstudios-to-launch-blockchain-gaming-division-and-web3-fund/
