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Playstudios, a mobile gaming company, has recently announced that they are diving into the world of Web3 gaming. The company is launching a blockchain gaming division that will introduce the concept of “rewarded gaming” to its users, who already enjoy real-world rewards for playing their games. Playstudios will also invest $10 million in Web3 game companies.
Playstudios, a Las Vegas-based mobile gaming company that has received more than $300 million in funding, is diving into the world of blockchain and Web3 gaming. The company, which owns games like Tetris, is launching a blockchain gaming division called Playblocks, which will add blockchain-based incentives to its “rewarded games” program.
About this move, Andrew Pascal, founder and CEO of Playstudios, told Techcrunch:
Going into the Web3 space, we’ve kind of been doing play-to-earn for 10 years, so I’d say we’re the pioneers in the world of play. We’ve spent a lot of energy thinking about how to reward players in our games.
The new division will be built around the acquisition of Wonderblocks, a company that offers play-to-earn services to third parties. Playblocks will also apparently benefit from the technical know-how of Forte as part of a strategic partnership. Forte, which raised $725 million last year, provides blockchain, token and NFT services to gaming companies, facilitating the inclusion of these technologies in new games.
Playstudios creates a fund to invest in Web3 gaming initiatives, giving it $10 million. This initiative, called the “Future Fund”, will allow Playstudios to make investments in new companies that also want to integrate blockchain into their business model, bringing gamers closer to the technology.
The initial investments of the fund, the amount of which was not specified, were made in Forte, the company mentioned above, and Kryptomon Company, a Pokémon-like themed game that allows users to manage and train their personal NFT creatures.
While other sectors of the crypto-economy have shrunk, the Web3 gaming sector appears to have flourished, with more VCs and organizations recently investing in these initiatives. Griffin Gaming Partners announced the launch of a $750 million Web3 gaming fund in March, and A16z also launched a $600 million Web3 gaming fund in May.
What do you think of Playstudio’s new Web3 division? Tell us in the comments section below.
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