Playstudios, a mobile-gaming company, recently announced that it will be entering the world of Web3 gaming. It is creating a blockchain gaming division to offer “rewarded play” to its users. Users already receive real-world rewards for playing the company’s games. Playstudios will invest $10 million into Web3 gaming companies.
Playstudios, a Las Vegas-based mobile game company, has raised more than $300 million. Playblocks, the company that owns Tetris-style games, will launch a blockchain gaming division called Playblocks. It will offer blockchain-based incentives as part of its “rewarded gaming” program.
Andrew Pascal, founder of Playstudios and CEO, spoke Techcrunch about this decision:
We’ve been playing-to-earn since the early 2000s, so we are the pioneers of the Web3 space. We have spent a lot time thinking about how to reward our players in our games.
Wonderblocks is a company that offers play-to-earn service to third parties. The acquisition will create the new division. As part of a strategic alliance, Playblocks will allegedly also benefit from Forte’s technical expertise. Forte, which raised $725 millions last year, offers blockchain, token and NFT services for gaming companies to facilitate the inclusion of these technologies into new games.
$10 Million Web3 Gaming Fund
Playstudios has set up a fund to invest $10 million in Web3 gaming initiatives. The “Future Fund” will enable Playstudios to invest in new companies that want to incorporate blockchain into their business models. This will bring gamers closer to the technology.
The fund’s first investments, whose amounts weren’t specified, were made by Forte, the company previously mentioned, and the Kryptomon Company. This is a Pokemon-themed game that allows users manage and train their own NFT creatures.
The Web3 gaming industry seems to be growing, despite the fact that other parts of the crypto economy are shrinking. Several VCs have invested in these projects recently. Griffin Gaming Partners has announced the launch of a $750m Web3 gaming fund, while A16z also launched a $600m Web3 gaming fund.