Royal Wins Corporation (CSE:SKLL) has announced a partnership with Labrys, Australia's leading blockchain agency, to enter the blockchain gaming and Non-Fungible Token, or NFT collectibles space.
The Toronto, Ontario-based innovative digital games studio said its existing hyper-casual gaming vector combined with the newly announced NFT market entry would position Royal Wins with “growth strategies in the two fastest growing segments within the online gaming space”.
"We're extremely pleased to have Labrys come on board to help us plan out our approach and delighted with their confidence in Royal Wins. We have been watching the growth of blockchain games and collectibles over the last year and are excited to integrate these technologies into our ecosystem,” Royal Wins CEO Peter Gan said in a statement.
READ: Royal Wins launches popular Kash Karnival app in Australia
“Until now, the gamification of NFT and blockchain technology has been limited to an audience of early adopters conversant in navigating the technical complexities of blockchains and tokens. Staying true to our philosophy of 'easy to learn, hard to master', our objective at Royal Wins is to provide an intuitive and fun way for a mainstream casual gaming audience to interact with in-game NFTs through our Kash Karnival app. We are confident that Labrys will be able to help us extend this philosophy into the world of blockchain games and collectibles."
Labrys has extensive experience delivering large-scale blockchain solutions for global clients, including Downer EDI, NEM Group, and the Solomon Islands government.
Labrys CEO Lachlan Feeney noted that the team at Royal Wins had a “distinct comprehension” of the technology.
“We see their push to explore its potential as a considered and innovative move. We look forward to helping the business bring even greater levels of enjoyment and user engagement to their players,” added Feeney.
A Non-Fungible Token, or NFT is a record on a cryptocurrency's blockchain that represents pieces of digital media and that can link to art, text, video, or even code, basically granting exclusive rights to a digital artwork. According to a data tracking company DappRadar, NFTs generated nearly $11 billion in sales between June and September 2021.
The company said NFT gaming is one of the “fastest growing spaces” within the online gaming industry with investments in the sector quadrupling to almost $500 million in the first half of 2021.
According to Forbes, visits to games-related pages increased eightfold in July alone, and the number of unique active wallets on all games doubled to approximately 740,000. Dragos Dunica, the co-founder of a Lithuania-based data tracking company believes that as we “plunge deeper into the metaverse, blockchain gaming is set for meteoric growth".
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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