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Playstudios, the ancestor of play-to-earn games, launches into the web3

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As a studio specializing in mobile casino games (myVegas…), it was only natural that Playstudios announced at the beginning of August that it was launching into NFTs by creating a blockchain division. The Las Vegas-based company is also launching a $10 million investment fund that will take stakes in play-to-earn games.

Playstudios was born in 2011 during the heyday of social games developed for Facebook, like those of Zynga. Its particularity is to enter into partnerships with players in the leisure, tourism and casino sectors to offer players rewards in the real world, which allows it to generate BtoB revenue. Listed on the Nasdaq since June 2021, the company bought the Tetris license last November, to use it on mobile and Facebook Messenger.

tokenize the loyalty program

The purpose of the new division, called Playblocks, is to “tokenize” the loyalty program, to allow players to exchange and sell rewards. It is based on the acquisition of Wonderblocks, a start-up created by a former Playstudios employee, which allows game developers to integrate play-to-earn features; and on a strategic partnership with Forte, a startup that raised $725 million in 2021 for its blockchain game development platform. Under this partnership, the new Playstudios investment fund has taken a stake in Forte.

Playstudios claims 6.6 million monthly active users, and expects to achieve revenue for its 2022 fiscal year between 270 and 285 million dollars.

Gambling is currently one of the branches of the crypto-economy that is most resistant to the crisis in the sector, continuing to attract investors. Griffin Gaming Partners announced in March the launch of a $750 million fund dedicated to crypto-gaming, and Andreessen Horowitz in May closed a $600 million fund specializing in video games, which will invest in part in the web3.

Source: www.usine-digitale.fr

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