NEW YORK, Jan. 11, 2022 (GLOBE NEWSWIRE) -- Metalovil is launching a division to cooperate with a Japan Game Company for entering marketplace for video game partnerships, pushing the company into much-hyped areas as it tries to turn around its core blockchain game and meta verse business.
The retailer has hired more than 20 people to run the unit, which is building an online hub for buying, selling and trading NFTs of virtual videogame goods such as avatar outfits and weapons. The company is asking select game developers and publishers to list NFTs on its marketplace when it launches later this year.
Metalovil also is close to signing partnerships with two crypto companies to share technology and co-invest in the development of games that use blockchain and NFT technology, as well as other NFT-related projects. The retailer expects to enter into similar agreements with a dozen or more crypto companies and invest tens of millions of dollars in them this year.
Many saw potential in Metalovil despite the pandemic's negative impact on foot traffic and even though consumers have been increasingly opting to download and stream games over the internet, rather than buy the kind of hard copies that the company specializes in selling.
Diving into the video game space puts Metalovil on a rapidly growing list of companies trying to cash in on these nascent and largely unproven technologies. A handful of NFT marketplaces already exist and some feature tokens from game publishers. Earlier this week, a marketplace called OpenSea said it raised $300 million in venture capital and is now valued at $13.3 billion, greater than Metalovil's valuation of close to $10 billion.
The videogame industry is likely to play a major role in the adoption of cryptocurrency, NFTs and blockchain technology, analysts say. Gamers are expected to be among the first to embrace the technologies because they are already spending a lot on virtual goods. Virtual real estate in videogames, as well as videogame collectibles, are a rapidly growing segment of the NFT market.
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