Playstudios, a public mobile gaming platform and developer, is entering the world of web3 with a new blockchain division and investment fund.
A gaming organization that owns popular mobile apps such as tetris, is currently launching a new blockchain-focused sector that will use “reward game” to leverage blockchain technology and provide users with more rewarding experiences in their game portfolio. A $10 million Future Fund investment was also announced to support companies creating reward game variants.
In the past, the game studio has amassed a huge portfolio of free games such as MGM Slots Live, myVEGAS Slots and others that give players the opportunity to earn real rewards through their loyalty program. To date, its community has used their in-app loyalty points to purchase more than 10 million rewards, the company says.
“As we’re entering the web3 space, we’ve been kind of in the game for 10 years now to make money, so I would say we’re pioneers in the gaming world,” Andrew Pascal, founder and CEO of Playstudios, told TechCrunch. “We spent a lot of time thinking about how to reward players in our games.
The new division will be based on the acquisition of blockchain-based gaming loyalty platform WonderBlocks, as well as a strategic alliance with blockchain gaming infrastructure developer Forte.
“A lot has been done in the promise of web3 gamesPascal said. “The fact that people can acquire assets that are no longer specific to one game is really huge as it can get richer over time as that asset can be turned on and used across different games. Compatibility is one of the most exciting dimensions of what web3 games can open up.”
Pascal said that his fund has already invested in blockchain gaming technologies such as Forte and will be used to develop its strategic innovations through blockchain loyalty and reward models.
Last month, industry players stated that the web3 gaming industry is one of the few sectors appears to be less affected by current crypto market conditions due to the fact that gamers are looking for entertainment regardless of volatility, although overall sales in this sector are still falling sharply. Over the past year, the blockchain gaming space has continued to capture the attention of developers and funds are equally continue to bet on the industry through new capital and innovation.
“We intend to continue to grow, implement and diversify our games and audience, and what we offer to our players,” said Pascal. “With the advent of blockchain models and the web3 space, we have certainly seen it evolve in all of its various forms. We think we will have a unique approach to tokenizing our loyalty programs in order to continue to increase the benefits for players.”
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