Tencent-backed mobile video game maker and publisher Voodoo has announced that it is entering the blockchain mobile gaming segment to “bring blockchain games to casual and mobile users around the world”.
The company is set to invest $200 million in both existing and upcoming gaming studios in 2022.
Currently best known for its hyper-casual games, with over 5 billion downloads and 300 million MAUs, Voodoo said 10 of its internal and external studios are already working on blockchain gaming.
“There are few occasions in life when we experience a technological breakthrough that transforms industries. Blockchain will especially disrupt gaming, as players are already used to buying digital assets. This technology will give players true ownership of their digital assets, creating deeper interactions between players — collecting, trading, selling in game digital currencies and game assets — which will increase fun and engagement,” Voodoo CEO Alex Yazdi said in a statement.
“This will also enable players to make a profit from their assets, opening up a new “play-and-earn” model. Our vision is to bring the blockchain paradigm to more casual and mobile users, and to help any young or promising studio reach success in this segment,” he added.
The play-to-earn model, which became popular with Axie Infinity, has also become the focus of investors in 2021. Building a fantasy football platform based on NFT, Paris-based startup Sorare raised a $680 million Series B in September at a $4.3 billion valuation, while NBA Top Shot-maker Dapper Labs raised $250 million at a $7.6 billion valuation.
In early November, playable NFT game platform Mythical Games raised $150 million Series C at a $1.25 billion valuation. in September.