Playstudios, a mobile gaming company, recently announced that it is diving into the world of Web3 games. The company has launched 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 game company that has received more than $300 million in funding, is Diving In the world of blockchain and Web3 games. The company, which owns games like Tetris, is launching a blockchain gaming division called Playblocks, which will add blockchain-based incentives to its “Games with Reward” program.
About the move, told Andrew Pascal, founder and CEO of Playstudios Take Crunch:
Coming into the Web3 space, we’ve been kind of playing a game for the sake of it for 10 years, so I’d argue 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 section will be built around the acquisition of Wonderblocks, a company that deals in providing for-profit gaming services to third parties. Playblocks will ostensibly also benefit from Forte’s technical know-how as part of a strategic partnership. Forte, which Starch $725 million last year, providing blockchain, token, and NFT services to game companies, making it easier to include these technologies in new games.
Web3 Games $10 Million Fund
Playstudios is creating 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 startups that also want to integrate blockchain into their business model, bringing players closer to technology.
The fund’s first investments, the amounts of which are not specified, were made in Forte, the aforementioned company, and the Kryptomon Company, a Pokemon-like game that allows users to manage and train their own personal NFT creatures.
While other sectors of the cryptocurrency economy have shrunk, the Web3 gaming sector appears to be booming, with many enterprising and institutional investors 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 section of Playstudios? Tell us in the comments section below.
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