Name something that blockchain can improve: family game night.
Steve Harvey, famous host of “Family Feud” is doing his blockchain debut in the world of play-and-win games, a fast-growing industry that allows players to receive rewards in the form of crypto tokens and NFTs.
Harvey is a founding partner of streaming platform Gamestar+, which on Friday announced a multi-million dollar partnership with blockchain developer Ava Labs and venture capital firm Faculty Entertainment to launch interactive versions of the popular game. TV game shows such as “Family Feud”, “Jeopardy!”, “Wheel of Fortune”, and “Deal or No Deal” on the Avalanche blockchain.
The partnership marks the first time these familiar names, along with titles from global entertainment brands like Disney, Sony and Viacom, have been integrated into the world of Web3 and further launch blockchain technology into the mainstream.
“Blockchain will add a new layer of fun, value and competition to not only Gamestar+, but to the entire gaming industry,” Harvey told FOX Business. “I’m excited to be at the forefront of Web3.”
Through the play-and-win model, Gamestar+ players will be able to challenge each other in real time while earning in-app tokens that can be redeemed for unique NFTs, in-game assets, or exchanged for other digital assets such as the native Avalanche token. AVAX or even bitcoin.
Avalanche, one of the largest blockchains in the world, already hosts favorite games like Crabada and Pizza Game and aspires to become the go-to space for crypto gamers. In March, Avalanche announced that it would spend $290 million to attract top game projects to its platform.
With the rapid adoption of cryptocurrencies in the last couple of years, it is no surprise that the crypto gaming industry is also on the rise.
In fact, the nascent industry grew 2,000% last year, according to a report by DappRadar and the Blockchain Game Alliance from the first quarter of 2022. The report added that there were $2.5 billion in investments for the blockchain gaming space last quarter, in compared to the $4 billion raised for the entire sector in 2021, showing a significant increase in money being poured into the industry.
Gamestar+ and the company are also looking to disrupt another market in need of a digital facelift: the $21 billion tabletop gaming industry.
“Fifty percent of American households play board games at least once a week, but the format of table games has barely changed in over a century,” Todd Young, co-founder of Gamestar+, told FOX Business. “We seek to revolutionize the board game business in the same way that Netflix and Spotify have revolutionized movies and music.”
Gamestar+ will offer a digital spin on traditional board games like Scene It? by augmenting them with the ability to play games using mobile devices and smart TV features. Through the flagship app, players will have access to a Netflix-like menu of game options separated into categories including TV shows, kids games, trivia, board games and others.
“We want to be a one-stop shop for all of your game night needs while bringing this outdated industry into the 21st century,” said Young.