Playstudios, a developer of mobile games, has now declared its intention to enter the Web3 gaming market. The firm is introducing the notion of “rewarded play” to its consumers by opening a blockchain gaming section. The company’s users currently get tangible benefits for participating in the games. It has been announced that Playstudios would be investing $10 million in Web3 gaming startups.
Playstudios, a mobile gaming business located in Las Vegas that has raised over $300 million, has entered the realm of blockchain and Web3 gaming. In order to incorporate blockchain-based incentives into its “rewarded gaming” program, the business that owns games such as Tetris is forming a blockchain gaming branch called Playblocks.
The CEO and founder of Playstudios, Andrew Pascal, spoke to Techcrunch on the company’s decision to join the Web3 area, saying, “As we step into the Web3 space, we’ve sort of been doing play-to-earn for almost a decade, so I’d argue we’re the trailblazers in the realm of play.” We’ve invested a significant amount of time considering how to reward gamers in our titles.”
The foundation of the new business will be the purchase of Wonderblocks, a firm that provides play-to-earn solutions to third parties. Playblocks will presumably gain from Forte’s technological expertise as a portion of a strategic alliance. Forte, which secured $725 million in funding in 2017, offers blockchain, token, and non-fungible token (NFT) services to gaming firms, hence easing the incorporation of these innovations into new titles.
Playstudios is launching an investment fund for Web3 gaming efforts with $10 million. This effort, known as the “Future Fund,” would enable Playstudios to invest in startups who seek to incorporate blockchain technology into their revenue models, bringing players nearer to the technology.
Initial investments of the fund were made in Forte, the aforementioned firm, and the Kryptomon Company, which develops a Pokemon-style game in which players control and train their own NFT animals.
Several venture capital firms and other organizations have made recent investments in Web3 gaming projects, despite the fact that many other areas of the crypto economy have contracted. In March, Griffin Gaming Partners announced the opening of a $750 million Web3 gaming fund; in May, A16z announced the launch of a $600 million Web3 gaming fund.
