Playstudios introduces a 10 million web3-focused fund and a blockchain gaming branch

One of the largest publicly listed mobile gaming platforms and developers is launching a new blockchain division and investment fund to take advantage of the emerging web3 market.

Known for its famous mobile games like Tetris, the gaming company has announced the establishment of a new blockchain-focused division called “rewarded play,” which will make use of blockchain technology to provide players a more rewarding gaming experience. A 10 million initiative, Future Fund, has also been established to support firms developing incentivized play options.

Free-to-play games like MGM Slots Live, myVEGAS Slots, and others have helped the gaming studio amass a large collection of games that allow users to earn real-world benefits via its loyalty programme. Customers have used their in-app loyalty points to buy more than 10 million incentives to far, according to the company’s estimates.

When it comes to “play-to-earn,” Andrew Pascal, CEO and founder of Playstudios, says that the company has been doing it for a decade and that they’re pioneers in the field. “We’ve put a lot of time and effort into figuring out the best ways to reward our players.

Blockchain-based loyalty network WonderBlocks and Forte’s strategic collaboration will form the basis of the new division’s operations..

Pascal added, “There has been a lot of hype over web3 games.” That users can purchase assets that are no longer unique to one game, it is incredibly huge the that asset may enrich over time as that item can be merged and used across games. ‘ One of the most intriguing aspects of web3 gaming is interoperability.”

Blockchain gaming technology like Forte has already been purchased by the fund, which Pascal says will be utilised to develop its strategic innovation via blockchain loyalty and reward schemes.

As recently as a month ago, experts in the gaming business indicated that web3 gaming was one of the only industries that was mostly unaffected by the current crypto market circumstances, but total sales volumes in the sector were still declining. Over the last year, developers and funders alike have continued to place their bets on the blockchain gaming sector, bringing fresh money and ideas to the table.

“It’s our intention to continue growing, adopting and diversifying our games and audiences and the things we offer our players,” Pascal said. “With the emergence of blockchain models and web3 space, we certainly have watched how it has evolved in all its different forms. We think we’ll have a unique take in the way we approach tokenizing our loyalty programs to continue to enrich the benefits for players.”