Playstudios is a mobile gaming platform that recently revealed it will be entering the realm 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 also plans to invest $10 Million in Web3 gaming firms.
Playstudios will embrace Web3 and Blockchain Tech
Playstudios, an American mobile gaming firm based in Las Vegas, has secured more than $300,000,000 of funding. They are now exploring the possibilities 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.
Andrew Pascal, CEO and founder of Playstudios spoke to Techcrunch about this decision:
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.
Wonderblocks is a company offering third-party play-to-earn service. The acquisition will create the new division. Forte’s technical expertise will be a benefit to Playblocks as part of the strategic partnership. Forte was founded in 2017 and raised $725 Million. It provides NFT, token, blockchain and token services to gaming businesses, making it possible for these technologies to be integrated into new games.
Web3 Gaming Fund $10 million
Playstudios will create a fund with $10 million to invest in Web3 gaming projects. 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 fund’s first investments, which were not disclosed, were in Forte, mentioned earlier, and Kryptomon Company. This is a Pokemon-themed game where users can train and manage NFT characters.
While some sectors have seen a decline in the cryptocurrency economy, others have shown signs of recovery. Several VCs have invested in Web3 gaming initiatives. Griffin Gaming Partners has launched a Web3 Gaming Fund worth $750 Million in March. In May, A16z announced a Web3 Gaming Fund of $650 million.
What do you think about Playstudios’ new Web3 division? Leave a comment below.
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