Playstudios, a mobile gaming company, recently announced that it is diving into the world 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 will also invest $10 million in Web3 gaming companies.
Playstudios to embrace Web3 and Blockchain Tech
Playstudios, a Las Vegas-based mobile gaming company that has received over $300 million in funding, is diving into the world of blockchain and Web3 gaming. The company that owns games like Tetris is launching a blockchain gaming division called Playblocks, which will add blockchain-based incentives to its “rewarded games” program.
About the move, Andrew Pascal, founder and CEO of Playstudios, told Techcrunch:
When we enter the Web3 space, we’ve been making a for-profit game for 10 years, so I’d say we’re the pioneers in the gaming world. We’ve spent a lot of our energy thinking about how to reward players in our games.
The new division will be built around the acquisition of Wonderblocks, a company engaged in offering play-to-earn services to third parties. Playblocks will also seemingly benefit from Forte’s technical expertise as part of a strategic partnership. Forte, which raised $725 million last year, provides blockchain, token and NFT services to gaming companies, facilitating the incorporation of these technologies into new games.
$10M Web3 Gaming Fund
Playstudios is creating a fund to invest in Web3 gaming initiatives, loading it with $10 million. This initiative, called “Future Fund”, will allow Playstudios to invest in emerging companies that also want to integrate blockchain into their business model, bringing gamers closer to the technology.
The fund’s first investments, the amounts of which were not disclosed, were made in Forte, the company mentioned above, and Kryptomon Company, a Pokemon-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 seems to be thriving, with several VCs and organizations investing in these initiatives recently. 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 the new Web3 division of Playstudios? Let us know in the comments section below.
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