Steve Harvey-backed company that brings family game night to the blockchain
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Name something that blockchain can do better: Family game night.
Steve Harvey, celebrity host of “Family Feud”, is making his blockchain debut in the world of play-and-earn games, a fast-growing industry that allows players to receive rewards in the form of crypto tokens and NFTs.
Harvey is the founder of the streaming platform Gamestar +, which on Friday announced a multi-million dollar partnership with blockchain developer Ava Labs and venture capitalist Faculty Entertainment to launch interactive versions of popular video game shows such as “Family Feud”, “Jeopardy!” “Wheel of Fortune” and “Deal or No Deal” on the Avalanche blockchain.
The collaboration marks the first time these well-known names, together with titles from global entertainment brands such as Disney, Sony and Viacom, are integrated into the Web3 world and further launch blockchain technology into the mainstream.
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“Blockchain will add a whole new layer of fun, value and competition to not just the Gamestar +, but the entire gaming industry,” Harvey told FOX Business. “I’m happy to be at the forefront of Web3.”
An 2022 episode of “Celebrity Family Feud” hosted by Steve Harvey. (Christopher Willard / ABC via Getty Images)
Through the play-and-earn model, Gamestar + players will be able to challenge each other in real time while earning in-app tokens that can be redeemed for unique NFTs, in-game assets or exchanged for other digital assets such as Avalanche’s original token. AVAX or even bitcoin.
Avalanche, one of the world’s largest blockchains, is already home to play-to-earn favorites such as Crabada and Pizza Game, and aims to become the go-to place for crypto players. In March, Avalanche announced its $ 290 million commitment to attract top gaming projects to the platform.
Ava Labs president John Wu claims that in the last couple of years, the crypto industry has shown “a lot of overlap in traditional finance.”
With the rapid adoption of cryptocurrencies over the past two years, it is no surprise that the cryptocurrency industry is also on the rise.
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In fact, the start-up industry grew by 2000% in the last year, according to a report from DappRadar and the Blockchain Game Alliance from the first quarter of 2022. The report added that there was $ 2.5 billion in investment for the blockchain gaming area last quarter, compared to $ 4 billion dollars collected for the entire sector in 2021, which shows a significant increase in money flowing into the industry.
Gamestar + and the company are also looking to disrupt another market that needs a digital facelift: the $ 21 billion board game industry.
“Fifty percent of American households play board games at least once a week, but the board game format has hardly changed in over a century,” Todd Young, co-founder of Gamestar +, told FOX Business. “We want to revolutionize the board game industry in the same way that Netflix and Spotify have revolutionized movies and music.”
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Gamestar + will offer a digital twist on traditional board games like Scene It? by expanding them with the ability to play with mobile devices and smart TV features. Through the flagship app, players will have access to a Netflix-like menu with game options divided into categories, including video game shows, kids, trivia, board games and more.
“We want to be a one-stop shop for all your gaming night needs, while bringing this outdated industry into the 21st century,” said Young.
