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PLAYSTUDIOS Enters Strategic Alliance With Forte to Power Its Venture Into Web3
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
PLAYSTUDIOS (NASDAQ: MYPS) partners with Forte to launch playBLOCKS, a new division focused on integrating blockchain technology into gaming rewards.
This collaboration aims to enhance user experiences in token economies and secure management of digital assets. Leveraging Forte's blockchain infrastructure, PLAYSTUDIOS seeks to create engaging environments for players and brands alike. The partnership aligns with both companies' vision to redefine gaming economics, rewarding players with real-world benefits through the playAWARDS platform.
Positive
Formation of strategic partnership with Forte to enhance blockchain integration
Launch of playBLOCKS, expanding PLAYSTUDIOS' market offerings
Utilization of Forte's advanced blockchain infrastructure for better player engagement
Continued innovation in gaming economics with real-world rewards
Negative
None.
Forte to Provide the Platform that Powers PLAYSTUDIOS’ New playBLOCKS Division, Bringing Rewarded Play to Web3
SAN FRANCISCO--(BUSINESS WIRE)--
Forte, a leading provider of blockchain solutions, and PLAYSTUDIOS, Inc. (NASDAQ: MYPS), the company behind the playAWARDS loyalty platform and an award-winning developer of free-to-play mobile and social games that offer real-world rewards to players, have formed a strategic partnership to bring PLAYSTUDIOS’ leadership in “rewarded play” to Web3 through its new venture playBLOCKS.
playBLOCKS will leverage Forte’s technical infrastructure, blockchain technologies, and economic models to create rich and engaging experiences built specifically for token economies, and to manage digital assets in a secure marketplace where players are connected with world-class brands and their rewards programs.
“Forte offers a complete and unmatched solution to power token economies with tools that prioritize the player experience,” said Andrew Pascal, founder and CEO of PLAYSTUDIOS. “We are very excited to work with the experienced team at Forte and to leverage their sophisticated technology to power our innovative playBLOCKS loyalty and rewards model which will benefit our players, games, and reward partners.”
“PLAYSTUDIOS has been a visionary in the games space for over a decade, pioneering both rewarded play for millions of players with playAWARDS and continually embracing and developing a leading position in new technology platforms from social to mobile,” said Josh Williams, CEO, Forte. “We are incredibly excited that playBLOCKS represents the combination of great, fun games with Web3 digital assets and rewards in the physical world. Web3 will continue to unlock a massive shift in how entertainment is built and consumed with economics that benefit players, creators and publishers. We are so happy to be building towards that future with PLAYSTUDIOS.”
Both Forte and PLAYSTUDIOS 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.
“Since our inception, Forte’s goal has been to build and connect the blockchain technology that makes it possible for anyone in the world to gain true digital property rights. This goal merges online and physical-world experiences, creating truly immersive economies that reward and benefit more participants. Our partnership with PLAYSTUDIOS and playBLOCKS is a significant step towards that vision,” continued Williams.
Forte’s platform allows game publishers to easily integrate blockchain technologies into their games, enabling features such as seamless, embeddable token wallets, non-fungible token (NFT) minting and selling, payment rails, and other services built specifically for blockchain token economies and the management of digital and virtual assets. In blockchain-enabled games, players can truly own goods, rather than making pure entertainment expenditures. Players around the world can freely trade goods and services with each other, and can participate in community economies that reward creativity, collaboration, and skill. These new systems provide game players and communities all around the world with new creative and economic opportunities.
Forte is backed by the world’s leading venture teams, including Sea Capital and Kora Management, Griffin Gaming Partners, Tiger Global, Union Grove Venture Partners, Andreessen Horowitz (a16z), Battery Ventures, and Canaan, with further support and funding from powerhouse game and media publishers including Animoca Brands, Big Bets (Huuuge Games), Overwolf, PLAYSTUDIOS, Warner Music Group, zVentures (Razer), and blockchain partners Cosmos, Polygon Studios, and Solana Ventures.
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 Forte
Forte is building economic technology for games. Its end-to-end platform enables the emergence of community economics, a system where the interests of game developers and players are aligned, leading to healthier, sustainable game communities. The team is composed of longtime industry members (Unity, ngmoco, Riot Games, Electronic Arts, Sony, and Rockstar Games, among others), and is currently working with over 40+ acclaimed game developers from across the industry to reimagine the economics of games. www.forte.io
About PLAYSTUDIOS, Inc.
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, 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 benefits. To learn more about PLAYSTUDIOS, visit www.playstudios.com.
About playBLOCKS
PLAYSTUDIOS’ new playBLOCKS division is built upon the acquisition of WonderBlocks, a blockchain-based loyalty platform for games; a strategic alliance with Forte, a leading provider of blockchain infrastructure for game developers; and its Future Fund, which has made several strategic investments at the intersection of gaming and blockchain loyalty and reward models.
