Playstudios Pivots to Web3 Gaming with New $10 Million Blockchain Fund

Playstudios has jumped on the Web3 gaming bandwagon with a new blockchain unit that comes with a $10 million war chest.
Image source: Playstudios

Quick take:

  • Playstudios is making its first foray into Web3 with a new blockchain division playBLOCKS.
  • The free-to-play mobile and social games creator also announced a $10 million fund to kick things off for the new unit.
  • Plastudios is also the creator of the popular loyalty program playAWARDS.

Playstudios has become the latest mainstream game maker to pivot to blockchain gaming. The free-to-play (F2P) mobile and social games creator has announced the launch of a blockchain unit called playBLOCKS alongside a $10 million fund dedicated to the project.

Playstudios Inc. (NASDAQ: MYPS) is a publicly traded company popularly known for being the creator of the loyalty rewards program playAWARDS. 

The company’s F2P games are among the few in the mainstream that offers real rewards to players. The playBLOCKS unit seeks to leverage the disruptive economy principles of the blockchain-based gaming ecosystem to deliver more rewards and exciting experiences to its gaming community.

Playstudios is also looking to use blockchain technology to create more opportunities for its rewards partners whilst establishing a more secure ecosystem to build connections between the community and its partners.

The company $10 million seed funding, referred to as the Future Fund will be used to invest in exciting projects that embrace the player rewards ecosystem.

The company’s new unit was formed following the acquisition of the blockchain-based loyalty rewards platform WonderBlocks. It has also teamed up with leading blockchain gaming infrastructure platform Forte to help it integrate the new unit into its ecosystem. Playstudios previously invested in Forte and the popular blockchain game maker, Kryptomon.

“Each of these strategic initiatives is focused on fully realizing our vision for our playAWARDS platform and rewarded play model, and will solidify our leadership as the richest and most rewarding entertainment ecosystem in gaming today,” said Andrew Pascal, founder and CEO of PLAYSTUDIOS. “They will help us further our proven ‘rewarded play’ gaming experience in a way that gives our players more ways to earn, provides rewards partners exposure to our community of players that is trustworthy and secure, and ensures that everything we offer our players has discernible, measurable, real-world value.”

Playstudios said its new direction will approach gaming in three verticals.

Forte’s blockchain infrastructure will help integrate blockchain technology into Playstudios’ games and loyalty programs.

WonderBlocks, on the other hand, will help Playstudios launch blockchain-based loyalty reward programs into the market, while Future Fund will seek partnerships with next-gen Web3 companies to help Playstudios transition to the next level of loyalty rewards mechanisms.

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