Mobile gaming company Playstudios recently announced that they are diving into the world of Web3 games. The company is launching a blockchain gaming division that will introduce the concept of “rewarded gaming” to its users who are already receiving real rewards for playing its games. Playstudios is also investing $10 million in Web3 gaming companies.
Playstudios implements Web3 and Blockchain technologies
Playstudios, a Las Vegas-based mobile game company with over $300 million in funding, diving into the world of blockchain and Web3 games. The company that owns games like Tetris is launching a blockchain gaming division called Playblocks, which will add blockchain-based incentives to its “reward games” program.
Andrew Pascal, founder and CEO of Playstudios, spoke about this move. Techcrunch:
When we enter the Web3 space, we have been in the game for 10 years to make money, so I would say that we are pioneers in the world of games. We’ve spent a lot of time thinking about how to reward players in our games.
The new division will be based on the acquisition of Wonderblocks, a company that offers “play to earn” services to third parties. Game blocks will also ostensibly benefit from Forte’s technical expertise as part of Strategic partnership. Forte, which raised $725 million last year, provides blockchain, token and NFT services to game companies, facilitating the incorporation of these technologies into new games.
$10M Web3 Game Fund
Playstudios creates a fund to invest in Web3 gaming initiatives with a $10 million investment. Dubbed the Future Fund, this initiative will allow Playstudios to invest in new companies that also want to integrate blockchain into their business model, bringing gamers closer to technology.
The fund’s first investments, in amounts not disclosed, were in Forte, the company mentioned above, and Kryptomon Company, a Pokémon-themed game that allows users to control and train their personal NFT creatures.
While other sectors of the crypto economy have shrunk, the Web3 gaming sector seems to be thriving and several venture capitalists and organizations have recently invested in these initiatives. Griffin Gaming Partners announced the launch of a $750 million Web3 gaming fund in March, while A16z also launched a $600 million gaming fund in May.
What do you think of the new division of Playstudios Web3? Tell us in the comments section below.
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