Published on: 04/08/2022
PLAYSTUDIOS creates new blockchain gaming division, playBLOCKS
PLAYSTUDIOS has established playBLOCKS, a division dedicated to Web3 and blockchain games. It has given the new division $10 million for its “Future Fund” to establish a blockchain ecosystem by investing in projects and loyalty awards from promising companies.
The company recently founded a blockchain-based loyalty rewards platform named WonderBlocks which will be integrated into the new division and partnered up with the Forte blockchain gaming infrastructure platform to launch its future projects.
Playstudios launches blockchain gaming division and $10M web3-focused fund https://t.co/QSrgXgdI77 by @jacqmelinek
— TechCrunch (@TechCrunch) August 3, 2022
Andrew Pascal, the CEO of PLAYSTUDIOS, said that the establishment of the division “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.”
Pascal further elaborated: “[playBLOCKS] 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 will divide its new division into three verticals. Future Fund will focus on investing in new blockchain products and games by finding partnerships with Web3 companies. Forte will work with playBLOCKS to integrate blockchain functionality into PLAYSTUDIOS’ existing games and loyalty programs. Finally, WonderBlocks will launch new blockchain-based loyalty reward programs into the market with its existing platform.
playBLOCKS will be looking at ways to revolutionize free-to-play gaming models by leveraging blockchain technology to reward its player’s time and investment. With the help of the new division, PLAYSTUDIOS will be poised to shake up the Web3 ecosystem with its expertise as well as a large number of partnerships with other major companies such as Activision Blizzard and MGM Resorts International.
About PLAYSTUDIOS
Founded in 2011 by Andrew Pascal, Paul Mathews, Katie Bolich, Nicholas Koenig, Chad Hansing, and Monty Kerr, PLAYSTUDIOS was created to build casual, free-to-play games for social platforms. The company has developed a variety of hit titles, such as the myVEGAS series Pop! Slots and MGM Slots Live — with myVEGAS BINGO having over 1 million downloads on the Google Play Store.
It focuses on games of chance tied to real-world locations but also expanded into the puzzle game genre in 2021 by acquiring the license to Tetris. The official application it developed for Tetris has earned over 10 million downloads on the Google Play Store.
PLAYSTUDIOS’ first title was the original myVEGAS browser game in 2012 that was created for Facebook. The game allowed players to enter a virtual recreation of the Las Vegas Strip and engage in a variety of slots and table games to earn real-world rewards.
The company managed to secure a partnership with MGM Resorts International and earned the exclusive rights to depict some of Las Vegas’ premier properties in social and mobile games. The partnership also allowed players to earn in-game points, which could be redeemed for benefits such as free rooms, meals, and show tickets.
Since then, the company has collaborated with many other companies to create licensed mobile games which offer players real-world rewards for their time in-game.
