Tencent-backed mobile game maker to invest $ 200 million in NFTs
Voodoo, a Tencent-backed mobile video game developer and publisher, plans to invest more than $ 200 million to launch a blockchain division that will offer NFTs, according to at Bloomberg.
Known for mobile titles “Helix jump” and “Paper.io,The Paris-based company plans to incorporate a system that rewards players with digital assets as they improve in a game.
- Voodoo will compete with French fantasy sports platform NFT So rare, which raised $ 680 million in September at a valuation of $ 4.3 billion.
- Ubisoft, another French game developer, recently launched Quartz, a platform that allows players to acquire playable NFTs.
- Quartz received backlash from the Ubisoft Workers Union, which deemed it “unnecessary, costly and environmentally mortifying”.
Voodoo – which has over 300 million active users – is rated at $ 1.9 billion after the Belgian holding GBL acquired a 16% stake worth $ 300 million in July.
Tencent acquired its minority stake in Voodoo in August 2020. The Chinese conglomerate released $ 22 billion in sales in Q3 2021, an increase of 13% compared to the same period last year.
Its value-added services segment, which includes video games, generated $ 11.7 billion of revenue in the third quarter, an increase of 8% year-on-year.