PLAYSTUDIOS Brings Its Real-World Gamified Rewards to Web3 With New Blockchain Division

Rhea-AI Summary

PLAYSTUDIOS has launched its new blockchain division, playBLOCKS, enhancing its leadership in 'rewarded play'. This new initiative follows the acquisition of WonderBlocks and a partnership with Forte, aimed at delivering engaging experiences and secure interactions for players and rewards partners. The company also introduced a $10 million Future Fund to invest in Web3 innovations. These strategic moves are designed to leverage blockchain technology, benefiting from improved loyalty mechanics and a solidified market position in gaming.

Positive

• Launch of playBLOCKS division to enhance rewarded play in gaming.
• Acquisition of WonderBlocks for advanced blockchain loyalty capabilities.
• Partnership with Forte for efficient blockchain integration.
• Introduction of a $10 million Future Fund to invest in Web3 companies.

Negative

• Risks associated with market acceptance of blockchain-based rewards.
• Potential high costs related to the operation of playBLOCKS and recruiting expertise.
• Challenges in executing the business plan and meeting projections.

Built upon the acquisition of WonderBlocks, a strategic alliance with Forte, and its Future Fund, PLAYSTUDIOS’ new playBLOCKS division will extend the company’s leadership in ‘rewarded play’

LAS VEGAS--(BUSINESS WIRE)-- PLAYSTUDIOS, Inc. (NASDAQ: MYPS) (“PLAYSTUDIOS” or the “Company”), the creator of the playAWARDS loyalty platform and an award-winning developer of free-to-play mobile and social games that offer real-world rewards to players, today announced the launch of its new blockchain division, playBLOCKS. playBLOCKS will extend PLAYSTUDIOS’ leadership in “rewarded play'' by leveraging blockchain technologies and economic models that will: deliver more engaging and rewarding experiences to players across its portfolio of games; provide new capabilities to rewards partners; and offer a more secure marketplace for both players and rewards partners to connect. PLAYSTUDIOS also announced its intention to invest in innovative companies shaping the future of rewarded play. The company refers to its plans as the “Future Fund,” and has seeded it with an initial sum of $10 million.

PLAYSTUDIOS’ new playBLOCKS division is built upon the acquisition of WonderBlocks, a blockchain-based loyalty platform for games; an alliance with Forte, a leading provider of blockchain infrastructure for game developers; and strategic investments in innovative companies at the intersection of gaming and blockchain reward models that will be used to advance PLAYSTUDIOS strategic position, like Forte and The Kryptomon Company, its two earlier investments.

“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.”

The following will form the foundation of PLAYSTUDIOS’ growth in Web3:

• Forte’s blockchain infrastructure enables PLAYSTUDIOS to efficiently integrate blockchain technologies into its loyalty platform and games to create rich, player-first experiences built specifically for token economies and the management of digital assets. “We share a vision about the transformational opportunity of blockchain gaming, one that creates massive new creative and economic opportunities centered around utility, trust and authenticity,” said Jason Hahn, EVP, Corporate and Business Development of PLAYSTUDIOS.
• WonderBlocks, an innovative gaming technology startup founded by gaming and retail veteran, Linda Lee, brings to PLAYSTUDIOS a suite of products and services that will enable PLAYSTUDIOS to quickly and efficiently deploy blockchain loyalty mechanics. “We believe that by joining forces with PLAYSTUDIOS, WonderBlocks can realize its vision at a much larger scale and help accelerate PLAYSTUDIOS’ plan of building the largest and most innovative rewarded play ecosystem, delivering value to consumers, game publishers, and rewards partners,” said Linda Lee, the new head of playBLOCKS.
• Through its “Future Fund,” PLAYSTUDIOS will partner with next generation Web3 companies building advanced capabilities at the intersection of gaming, loyalty marketing, and blockchain rewards. The fund’s initial strategic investments in Forte and The Kryptomon Company provide PLAYSTUDIOS with access to expertise in Web3 technology, marketing, and community building that it can leverage as it deepens its capabilities in the space.

PLAYSTUDIOS has developed a portfolio of beautifully designed, top-ranked free-to-play games that have attracted a loyal following due, in large part, to the company’s unmatched playAWARDS Loyalty Program. The program enables players to earn real-world rewards from a curated collection of over 275 entertainment, retail, travel, leisure, and casino brands. To date, the PLAYSTUDIOS community has used its in-app loyalty points to purchase over 10 million rewards. The Company has been named a Top Developer by App Annie, the gaming industry’s leader in app analytics and aggregated app performance data.

PLAYSTUDIOS apps, including myVEGAS Slots, myVEGAS Blackjack, POP! Slots, myVEGAS Bingo, myKONAMI Slots, MGM Slots Live, and Tetris®, are available to download free on iOS, Android, Kindle, and Facebook.

About PLAYSTUDIOS

PLAYSTUDIOS, Inc. (Nasdaq: MYPS) creator of the groundbreaking playAWARDS loyalty platform is a publisher and developer of award-winning mobile games, including the iconic Tetris® mobile app, POP! Slots, myVEGAS Slots, myVEGAS Blackjack, my KONAMI Slots, myVEGAS Bingo, and MGM Slots Live. The playAWARDS loyalty platform enables players to earn real-world rewards from a global collection of iconic hospitality, entertainment, and leisure brands. playAWARDS partners include MGM Resorts International, Wolfgang Puck, Norwegian Cruise Line, Resorts World, IHG Hotels & Resorts, Bowlero, Gray Line Tours, and Hippodrome Casino among others. Founded by a team of veteran gaming, hospitality, and technology entrepreneurs, PLAYSTUDIOS apps combine the best elements of popular casual games with compelling real-world experiences. To learn more about PLAYSTUDIOS, visit www.playstudios.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the company’s acquisition of WonderBlocks, its new blockchain division playBLOCKS, its investments in Web3 companies, and expected benefits. The company’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward looking statements as predictions of future events or results. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the market acceptance of blockchain-based rewards and game features and the company’s ability to monetize them; (2) costs related to the growth and operation of the playBLOCKS division, including recruiting and maintaining personnel with expertise in the field, and complying with new and evolving rules and regulations; (3) the company’s ability to execute its business plan for the use of blockchain technologies and economic models in reward play and meet its projections; (4) general economic, business, and/or competitive factors; and (5) other risks and uncertainties included from time to time in the company’s other filings with the U.S. Securities and Exchange Commission (the “SEC”). Additional information will be made available in other filings that the company makes from time to time with the SEC. In addition, any forward-looking statements contained in this press release are based on assumptions that the company believes to be reasonable as of this date. The company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220803005332/en/

Investor Relations

IR@playstudios.com

Media Relations

Amy Rossetti

media@playstudios.com

Source: PLAYSTUDIOS, Inc.

FAQ

What is playBLOCKS by PLAYSTUDIOS?

playBLOCKS is a new blockchain division launched by PLAYSTUDIOS focused on enhancing rewarded play through blockchain technologies.

How much is PLAYSTUDIOS investing in the Future Fund?

PLAYSTUDIOS has seeded its Future Fund with an initial investment of $10 million.

What are the strategic partnerships involved in the playBLOCKS launch?

The launch of playBLOCKS includes a partnership with Forte and the acquisition of WonderBlocks.

What are the benefits of PLAYSTUDIOS' new blockchain division?

The playBLOCKS division aims to deliver more engaging player experiences, improve loyalty mechanics, and create a secure marketplace for rewards.

What challenges does PLAYSTUDIOS face with its blockchain initiatives?

Challenges include market acceptance of blockchain rewards, operational costs, and successfully executing its business plan.