Playstudios, a publicly-traded gaming developer and platform, is moving towards the Web3 sector. The platform has launched a new blockchain department and investment fund that will see it pursue gaming powered by blockchain.
Playstudios creates a blockchain division
Playstudios is a company behind some of the leading mobile gaming applications, such as Tetris. It is now planning to launch a new blockchain division that will tap into blockchain technology and provide more returns for users across its gaming platforms.
These games offer their players the chance to generate real-world rewards via a loyalty program. The community has also used in-app loyalty pints to buy over 10 million rewards. In a statement, the company said that as it ventures towards the Web3 sector, it had launched offerings in the play-to-earn field for a decade.
The founder and CEO of Playstudios, Andrew Pascal, said that the company had spent a lot of energy assessing how it would reward players within the game. The new blockchain division would be launched via the acquisition of WonderBlocks, a blockchain-based loyalty program. It also involves a partnership with Forte, a blockchain infrastructure gaming developer.
Pascal also said that the Web3 games sector had grown. He said that one of the main features was that people could acquire assets that are not specific to a single game. Moreover, the concept of interoperability was also an exciting aspect of the Web3 gaming sector.
Playstudios launches an investment fund
The company also announced launching a $10 million investment fund known as the Future Fund. The fund will go towards supporting companies creating rewarded play options. Playstudios boasts an extensive portfolio of free-to-play games such as MGM Slots Live, myVEGAS Slots, and many others.
The investment fund launched by Playstudios has already invested in the crypto games sector. Some of the investments made by the fund include Forte, and more funds would go towards strategic innovation using blockchain loyalty and reward programs.
In July, several players announced that the web3 gaming sector was one of the least affected areas despite the ongoing bearish market conditions. Gamers continued seeking more entertainment despite the market volatility.
Over the past year, the blockchain gaming sector has received much attention as developers and funds were focused on the industry by rolling out new capital and innovation. Pascal said that the company focused on the continuous growth, adoption, and diversification of its games, audiences and what was offered to players.
He also said that launching blockchain models and the Web3 sector has resulted in a major transformation. Moreover, the company was optimistic about having a unique approach to tokenizing loyalty programs to enrich player benefits.
One of the newest projects in the blockchain gaming sector is Battle Infinity. The fantasy sports blockchain gaming sector has recorded massive growth despite the IBAT token still being in a presale. Battle Infinity could be one of the leaders in the blockchain gaming space in the future.
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