Recently, Playte Group, a company that creates technologies to support the play-to-earn (P2E) economy, was successfully acquired by Token.com which is a publicly traded corporation that invests in digital assets such as NFTs and the Metaverse. The company announced the acquisition of Playte Group to expand its gaming functionalities to Africa.
Token.com will integrate Playte into its subsidiary, Hulk Labs, to manage a gaming network in Africa. In consideration of the acquisition, Token.com will issue one million shares.
Commenting about the crypto development, Andrew Kiguel, the CEO of Token.com, said:
“Hulk Labs is tying together the key pieces to create an integrated play-to-earn gaming platform. The massive video game market is shifting to play-to-earn games. Hulk Labs is establishing itself as a technology leader in player management and analyzing gaming profitability. Hulk Labs currently provides the top gaming calculators for free on its website for players to view. The Playte acquisition is a perfect fit with our exclusive access to video game players in the DRC.”
In a press statement released, Deven Soni, COO of Tokens.com also expressed,
“We expect an explosion of interest in the play-to-earn economy from investors and gamers. We are excited to work with the team from Playte to help build tools and infrastructure to grow this ecosystem.”
The recently acquired company has five workers and is an Ontario-based pre-revenue organization. Its goal is to develop a platform for the blockchain play-to-earn ecosystem that automates the management of P2E players and assets.
Furthermore, Playte is developing tools to manage users and resources for games on networks like Ethereum, Solana, and Avalanche. Axie Infinity, Crabada, and Thetan Arena are just a few of the games for which Playte is currently developing tools. The Playte team is also working to establish a network of more than 1,000 players in Africa.