Playstudios starts a blockchain gaming division and a $10M web3-focused fund
It announced a $10 million Future Fund investment to support companies developing rewarded play options.
The gaming company, which owns popular mobile apps such as Tetris, is now launching a new blockchain-focused sector that will use "rewarded play" to leverage blockchain technology and provide more rewarding experiences to users across its game portfolio.
Previously, the gaming studio amassed a massive portfolio of free-to-play games, such as MGM Slots Live, myVEGAS Slots, and others, that allow players to earn real-world rewards through its loyalty programme. According to the company, its community has used its in-app loyalty points to purchase more than 10 million rewards.
Andrew Pascal, CEO of Playstudios, said,
“As we enter into the web3 space, we’ve kind of been doing play-to-earn for 10 years, so I’d argue we’re the pioneers in the world of play. We’ve spent a lot of our energy thinking about how to reward players in our games.”
The acquisition of WonderBlocks, a blockchain-based loyalty platform for games, and a strategic partnership with Forte, a developer of blockchain gaming infrastructure, will serve as the foundation for the new division.
Pascal further added,
"A lot has been made in the promise of web3 games. The fact that people can acquire assets that are no longer specific to one game, it’s really massive that it can enrich over time as that asset can be incorporated and leveraged across games. Interoperability is one of the more exciting dimensions of what web3 gaming can unlock.”
The company's free-to-play games are among the few in the mainstream that provide genuine rewards to players. The playBLOCKS unit aims to use the blockchain-based gaming ecosystem's disruptive economy principles to provide more rewards and exciting experiences to its gaming community.
Playstudios is also looking to use blockchain technology to expand its rewards partners' opportunities while also establishing a more secure ecosystem to connect the community and its partners.
Furthermore, Forte's blockchain infrastructure will assist Playstudios in incorporating blockchain technology into their games and loyalty programmes.