Playstudios to venture into Web3 with blockchain division and a $10M fund

Playstudios logo with one of their games in the background

The mobile gaming platform and developer Playstudios is launching a new blockchain division and starting a $10 million investment fund to back companies in the Web3 gaming space.

Playstudios is quite active in the Web3 gaming market and the studio is also known for having the exclusive rights to Tetris Franchise on mobile platforms. The studio released an official announcement, stating that they’re diving deep into Web3 with a new blockchain division with playBLOCKS and this division will be focused to bring real-world gamified rewards to players. They also want to offer a more secure marketplace for both players and reward partners to build trust and connection.

The gaming entity is once again partnered with Forte —a provider of blockchain infrastructure for game developers—, which operates in the blockchain space and raised over $725 million in funding toward the end of last year. Playstudios also announced Kryptomon Company as another early investor in the project.

As part of its commitment to shaping the future of rewarded play, Playstudios also announced its intention to invest in innovative companies. A total of $10 million has been seeded into this fund, which is referred to as the “Future Fund” by the company.

Andrew Pascal, founder and CEO of Playstudios spoke with TechCrunch and said the following:

“As we enter into the web3 space, we’ve kind of been doing play-to-earn for 10 years, so I’d argue we’re the pioneers in the world of play. We’ve spent a lot of our energy thinking about how to reward players in our games.

“A lot has been made in the promise of web3 games. The fact that people can acquire assets that are no longer specific to one game, it’s really massive that it can enrich over time as that asset can be incorporated and leveraged across games. Interoperability is one of the more exciting dimensions of what web3 gaming can unlock.”

Playstudios acquired numerous free-to-play games in the recent past and partnered with Forte on other Web3-related projects and platforms.

NEXT: Web3 gaming platform PlayZap secures investment led by KuCoin Labs

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