Playstudios to Launch Blockchain Gaming Division and Web3 Fund
The mobile
gaming company, Playstudios, has announced that it is stepping 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. In addition,
Playstudios will invest USD 10 million in Web3 gaming companies.
Playstudios Will Adopt Web3 and Blockchain Technology
Playstudios
is a Las Vegas-based mobile gaming company that has received more than USD 300 million
in funding. It is stepping into the world of blockchain and Web3
gaming. The company, which owns games like Tetris, is launching a blockchain
gaming division called Playblocks, which will add blockchain-based incentives
to its "rewarded gaming" program.
Andrew
Pascal, Founder, and CEO of Playstudios spoke to Techcrunch about the initiative:
"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
specializes 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 USD 725 million last year,
offers blockchain, token, and NFT services to gaming companies, allowing these
technologies to be integrated into new games.
USD 10 Million Web3 Gaming Fund
Playstudios
is setting up a fund to invest in Web3 gaming initiatives, seeding it with USD
10 million. The initiative is called the "Future Fund," and will
allow Playstudios to make investments in emerging companies that also want to
integrate blockchain into their business model, bringing gamers closer to the
technology.
The initial
investments of the fund, whose amounts were not disclosed, were made in Forte
and the Kryptomon Company, a Pokemon-like themed game that allows users to manage
and train their 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. In March, Griffin Gaming
Partners announced the launch of a USD 750 million Web3 gaming fund,
and A16z also launched a USD 600 million Web3 gaming fund in May.
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