Tetris Owner Playstudios Launches Blockchain Gaming Division and Web3 Fund – Blockchain Bitcoin News

Playstudios, a mobile games company, recently announced that it is diving into the world of Web3 gaming. The company is establishing a blockchain gaming division that will introduce the concept of “reward play” to its users, who are already enjoying real-world rewards for playing its games. Playstudios will also invest $10 million in Web3 gaming companies.

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Playstudios rely on Web3 and Blockchain Tech

Playstudios, a Las Vegas-based mobile games company that has raised more than $300 million in funding, is diving into the world of blockchain and Web3 gaming. The company, which owns games like Tetris, is launching a blockchain gaming division called Playblocks, which will add blockchain-based incentives to its rewarded gaming program.

About the move, Playstudios Founder and CEO Andrew Pascal told Techcrunch:

As we enter the Web3 space, we’ve been doing play-to-earn for 10 years, so I’d say we’re the pioneers in the world of gaming. We’ve put a lot of energy into thinking about how to reward players in our games.

The new division will be built around the acquisition of Wonderblocks, a company dedicated to offering third-party play-to-earn services. Playblocks will also primarily benefit from Forte’s technical knowledge as part of a strategic partnership. Forte, which raised $725 million last year, provides game companies with blockchain, token and NFT services and facilitates the integration of these technologies into new games.

$10 million Web3 Gaming Fund

Playstudios creates a fund to invest in Web3 gaming initiatives and endows it with $10 million. Dubbed the Future Fund, this initiative will allow Playstudios to make investments in emerging companies that are also looking to integrate blockchain into their business model to bring the technology closer to gamers.

The fund’s initial investments, amounts not disclosed, were in Forte, the aforementioned company, and Kryptomon Company, a Pokemon-like themed game that allows users to manage and train their personal NFT creatures.

While other sectors of the crypto economy have shrunk, the Web3 gaming sector seems to have thrived, with several VCs and organizations investing in these initiatives recently. Griffin Gaming Partners announced the launch of a $750 million Web3 gaming fund in March, and A16z also launched a $600 million Web3 gaming fund in May.

What do you think of Playstudios’ new Web3 division? Tell us in the comment section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game and entered the cryptosphere when the price surge took place in December 2017. He has a computer engineer background, lives in Venezuela and is socially impacted by the cryptocurrency boom. He offers a different take on crypto success and how it’s helping those who are unbanked and underserved.

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