Victory Square Technologies Inc (CSE:VST, OTCQX:VSQTF) announced that its portfolio company GameOn Entertainment Technologies Inc has partnered with Polygon's new gaming venture Polygon Studios to build non-fungible token (NFT)-Based games on their Ethereum-based scaling platform.
Under the deal, Polygon Studios will provide non-dilutive funding to invest in 50% of GameOn’s ongoing product development costs.
GameOn’s product team is led by Santi Jaramillo, former Head of Sports at Dapper Labs and creator of NBA Top Shot.
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“Leveraging Polygon’s technology, GameOn continues to lean into blockchain and NFTs, bringing innovative gamification to the rapidly growing Web3 and metaverse economies,” said Matt Bailey, GameOn CEO in a statement.
He added: “Through resource-driving partnerships and M&A, we’ll continue to double down on being the one-stop-shop for gamification, including NFT-based games.”
Polygon recently announced the formation of Polygon Studios and plans to commit US$100 million to projects leading the transition to Web3. Investments include DraftKings, DeFine, and now GameOn.
The company noted that MATIC, the native cryptocurrency of Polygon, recently outperformed Bitcoin and Ethereum. Blockchain-based game companies such as Forte have surpassed $1 billion valuations.
"GameOn continues to deepen its relationship with the lucrative Indian market that is nascent and primed for NFT and blockchain adoption, including a recently expanded partnership with entertainment super app MX Player, and an investment from its parent company, Times Internet," Victory Square said in a statement.
"The Polygon Studios investment allows GameOn to offer the full stack of capabilities from the creation, minting, and selling of NFTs, to the game layers it already deploys for white label customers such as prediction and fantasy games, like the Chibi Dinos partnership," it added.
For GameOn shareholders, this collaboration provides an opportunity to participate in the upside of the burgeoning crypto and NFT spaces, while accelerating GameOn’s product development in a non-dilutive manner, the company said.
“Polygon is dedicated to supporting companies that usher in the future of Web3,” said Sandeep Nailwal, Polygon's co-founder. “GameOn is one of the fastest-growing game technology providers in the blockchain space. We’re excited to support their development of NFT-based games on Polygon.”
GameOn provides media, entertainment, and sports companies with the most innovative white label game technologies. Through its innovative gamification technologies and meta-layers, including first-of-its-kind NFT integration, GameOn brings fans closer to their favorite sports and entertainment content and increases engagement through community, competition, and rewards.
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