PlayDough Technologies Raises $2M in Funding

PlayDough Technologies

PlayDough Technologies, a London, UK-based blockchain gaming platform, raised $2m in funding.

The round was led by Westridge Markets.

Led by Mehul Khati, PlayDough Technologies is an NFT gaming startup focused on building a global platform for play-to-earn games. The company builds out an inventory of gaming assets and lets the community members use them to generate yield for themselves and the platform.

Traditional gaming business models have evolved from pay-to-play with revenue coming from players purchasing games to free-to-play with in-game purchases generating revenue. Blockchain technology has taken this to the next level creating a play-to-earn revenue model. Gaming companies now essentially create a metaverse but all the in-game items like characters and accessories are represented by NFTs (Non-Fungible Tokens) on a blockchain. The users mint, purchase and sell these items with the game creator generating revenue through a small commission. These NFTs are then used to play the game and earn rewards. The rewards are in-game crypto tokens which can be moved to exchanges and sold for BTC, ETH or USD. The tokens derive their value from their usage in the gameplay. 

The NFTs required to play these games can cost anywhere from a few hundred to a couple of thousand dollars. This leaves the vast majority of players, particularly from developing countries, unable to access these play-to-earn economies. This is where a gaming community like PlayDough steps in. It is simultaneously an investment firm creating a portfolio of gaming NFTs and a remote gig economy network allowing users to use its collection to generate yield for themselves and PlayDough.

FinSMEs

11/10/2021