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PlayMining offers businesses new advertising initiative via in-game NFTs!
Web3 gaming company PlayMining brings a $23 billion industry to NFTs. Product placement is popular in movies and TV shows, but has not yet transferred to NFT games. PlayMining hopes to pioneer this untapped market and help advertisers reach their 2.7 million customers. How will PlayMining use NFTs for product placement?
Image credit: Wayne’s World
How will NFTs be used for product placement?
PlayMining will allow brands to create NFTs to represent their products. Players will then be able to purchase and use these items in the game. By doing so, brands will be able to advertise to gamers without unduly contributing to “brand fatigue” – a phenomenon where customers become irritated by hearing the same commercial over and over again.
Product placement is an effective tool. The global video game market is worth $188 billion, and according to statistics from Nielsen, 44% of gamers have purchased an item from an in-game advertisement. By bringing product placement to Web3 games, PlayMining has likely discovered a lucrative new revenue stream for itself and its customers.
What is PlayMining?
PlayMining sees itself as a “Web3 theme park”. Launched in April 2020, the Singapore-based entertainment company quickly became an industry leader in the NFT gaming world. The games are informal, fun and suitable for all ages. As of today, the platform has 6 playable games on their platform.
Image credit: PlayMining
Users can buy NFTs on the marketplace, play games and earn the $DEP token. The longer users play, the more $DEP tokens they earn. They can then stake their $DEP for additional rewards or use it to purchase more items on the marketplace.
In addition, the NFT marketplace also hosts artwork for over 1,000 creators from around the world. Over the past two years, PlayMining has helped distribute over $9 million in artist royalties.
With the addition of product placement, PlayMining seems well positioned to continue its success story going forward.
