Playstudios, a global traded mobile gaming platform, and developer, is entering into the web3 world with a new blockchain division and investment fund.
The gaming commodity, which owns famous mobile apps like Tetris, is now launching a new blockchain-focused sector, which will utilize “rewarded play” to leverage blockchain technology and offer more rewarding experiences to users across its portfolio of games. It also revealed a $10 million investment, Future Fund, to support companies that are building rewarded play options.
In the past, the gaming studio earned a massive portfolio of free-to-play games like MGM Slots Live, myVEGAS Slots, and others. These games provide players the ability to earn real-world rewards through their loyalty programs. To date, the community has used its in-app loyalty points to buy more than 10 million rewards.
Remarks of PlayStudios CEO on Web3, Gaming, and Blockchain
Andrew Pascal, founder, and CEO of Playstudios remarked on Playstudions entering into the web3 domain and mentioned that they have been doing play-to-earn for 10 years, and argues that they are the pioneers in the world of play. The CEO also adds that they have spent a lot of their energy thinking about how to reward players in their games.
The new blockchain division will be built upon the investment of a blockchain-based loyalty platform for games WonderBlocks, as well as a strategic alliance with blockchain infrastructure gaming developer Forte.
Further Pascal states that a lot has been made in the promise of web3 games. The fact that people can acquire assets that are no longer specific to one game, it’s really massive that it can enhance over time as that asset can be blended and leveraged across games. Interoperability is one of the more compelling dimensions of what web3 gaming can unlock.
Its fund has already made investments in blockchain gaming technology like Forte and will be utilized to improve its strategic innovation using blockchain loyalty and reward models.
Industry players have expressed that the web3 gaming industry is one of the few sectors seemingly less affected by current crypto market conditions due to gamers seeking entertainment irrespective of volatility, though overall sales volumes in the sector are still largely declining. The blockchain gaming space has constantly drawn attention over the past year as developers and funds alike continue to bank on the industry via new capital and innovations.
Pascal adds that Playstudios’s intention is to continue growing, adapting, and diversifying their games and audiences and the things they offer to their players. He also emphasizes that with the emergence of blockchain models and web3 space, they certainly have watched how it has developed in all its different forms and they think they will have a unique take on the approach to tokenize the loyalty programs and continue to increase the benefits for players.
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