Zynga (NASDAQ:ZNGA) is preparing to launch an NFT game to boost its stock as it gets in on the Web 3.0 and blockchain hype.
Let’s take a look at what the casual gaming company has in mind for NFTs below!
- Matt Wolf, Zynga’s blockchain chief, recently spoke about the future of NFTs at the company.
- According to him, ZNGA plans to release an NFT game sometime in 2022.
- It’s also looking to expand its blockchain and NFT game team to as many as 100 people by the end of the year.
- Currently, it only has 18 members of this team.
- Wolf notes that Zynga isn’t planning to introduce NFTs to Farmville and Words with Friends.
- The company has concerns that this might cause confusion for current players and hamper those games.
- That’s why it’s focusing on launching a new game that makes use of NFTs.
- This game will be made with a focus on NFTs, rather than on the gameplay.
Wolf said the following about Zynga’s NFT plans in a statement to Axios.
“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.”
For the record, “whale” is a term used to describe a big spender on a mobile game. Many mobile games are designed with these types of players in mind as a way to generate revenue from their spending habits.
ZNGA stock is up roughly 1% as of Thursday morning.
There’s more stock market news for investors to dive into below!
We’ve got all the latest stock coverage that traders need to know about for Thursday! Among that is what has Twilio (NYSE:TWLO) stock rising, this morning’s biggest pre-market stock movers, as well as the latest cannabis stocks news. You can get all these details from the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.