Developer of games such as “Farmville” and “Words With Friends,” Zynga Inc (NASDAQ:ZNGA), has plans to jump into blockchain-based gaming by the end of 2022.
What Happened: Zynga plans to expand its blockchain team from the current 15 or so people to nearly 70-100 by the end of this year, according to a report by Axios.
The company reportedly intends to target players familiar with the concept but not necessarily those looking for intense gameplay.
Zynga’s blockchain chief Matt Wolf said the company is after a class of investors who can be described as whales — an industry moniker for big spenders.
“When they enter into one of these products, they come at it from an investor or, a whale, point of view and are interested in specific elements including yield,” said Wolf.
See Also: How To Buy Zynga (ZNGA) Shares
Why It Matters: Wolf said he believes current blockchain gamers derive fun from owning and selling NFT items.
Zynga is hiring a full set of people to fill roles such as creative director and tokenomics designer, as per Wolf.
Wolf was appointed as Zynga’s vice-president of blockchain gaming in November. At the time the company said he would focus on the “opportunity to integrate non-fungible tokens and blockchain technology into Zynga’s existing portfolio and owned IP.”
Wolf said the company’s current plan is to separate its NFT game ideas from established large titles, according to Axios.
Last month, it was reported that “Max Payne” developer Take Interactive Software, Inc (NASDAQ:TTWO) was acquiring Zynga at an enterprise value of $12.7 billion.
Price Action: On Wednesday, Zynga shares closed 0.3% higher at $9.17 in the regular session and fell 0.2% in the after-hours trading.
Photo: Courtesy of Mike Mozart via Flickr
