Playstudios transitions to Web3 Gaming with new $10 million blockchain fund
Quick take:
- Playstudios makes its first foray into Web3 with a new blockchain division playBLOCKS.
- The free-to-play mobile and social games creator also announced a $10 million fund to kick things off for the new device.
- Plastudios is also the creator of the popular loyalty program playAWARDS.
Playstudios has become the latest mainstream game maker to switch to blockchain gaming. The creator of free-to-play (F2P) mobile and social games has announced the launch of a blockchain device called playBLOCKS along with a $10 million fund dedicated to the project.
Playstudios Inc. (NASDAQ: MYPS ) is a publicly traded company popularly known for being the creator of the loyalty rewards program playAWARDS.
The company’s F2P games are among the few in the mainstream that offer real rewards to players. The PlayBLOCKS entity seeks to leverage the disruptive economic principles of the blockchain-based gaming ecosystem to deliver more rewards and exciting experiences to the gaming community.
Playstudios also wants to use blockchain technology to create more opportunities for its reward partners, while establishing a more secure ecosystem to build connections between the community and its partners.
The company’s $10 million seed funding, referred to as the Future Fund, will be used to invest in exciting projects that embrace the player rewards ecosystem.
The company’s new entity was formed following the acquisition of blockchain-based loyalty rewards platform WonderBlocks. It has also teamed up with leading blockchain gaming infrastructure platform Forte to help it integrate the new device into its ecosystem. Playstudios has previously invested in Forte and the popular blockchain game maker Kryptomon.
“Each of these strategic initiatives is focused on fully realizing our vision for our playAWARDS platform and rewarded play model, and will strengthen our leadership as the richest and most rewarding entertainment ecosystem in gaming today,” said Andrew Pascal, Founder and CEO in PLAYSTUDIOS. “They will help us promote our proven ‘rewarded games’ gaming experience in a way that gives our players more ways to earn money, gives reward partners exposure to our community of players that is reliable and secure, and ensures that everything we offer our players have tangible, measurable, real value.”
Playstudios said the new direction will approach gaming in three verticals.
Forte’s blockchain infrastructure will help integrate blockchain technology into Playstudios’ games and loyalty programs.
WonderBlocks, on the other hand, will help Playstudios launch blockchain-based loyalty reward programs into the market, while Future Fund will seek partnerships with next-generation Web3 companies to help Playstudios transition to the next level of loyalty reward mechanisms.
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