developers of games like Farmville and Words With Friends, Zynga Inc (NASDAQ:ZNGA), plans to enter blockchain-based gaming by the end of 2022.
What happened: Zynga plans to expand its blockchain team from currently around 15 people to almost 70-100 by the end of this year, according to a report by Axios.
The company reportedly intends to appeal to gamers who are familiar with the concept, but not necessarily those looking for intense gameplay.
Blockchain boss of Zynga Matthew Wolf said the company is after a class of investors who could be described as whales — an industry name for big spenders.
“When they get into one of these products, they come from an investor’s or a whale’s perspective and are interested in certain elements, including returns,” Wolf said.
See also: How to Buy Zynga (ZNGA) Stock
Why it matters: Wolf said he believes current blockchain players enjoy owning and selling NFT items.
Zynga is hiring a slew of people to fill roles like creative director and tokenomics designer, according to Wolf.
Wolf was named Zynga’s vice president of blockchain gaming in November. At the time, the company said it would focus on the “opportunity to integrate non-fungible tokens and blockchain technology into Zynga’s existing portfolio and its own intellectual property.”
Wolf said the company’s current plan is to separate its NFT game ideas from established major titles, according to Axios.
Last month it was reported that the Max Payne developer Take Interactive Software, Inc (NASDAQ:TTWO) acquired Zynga at an enterprise value of $12.7 billion.
Price promotion: On Wednesday, Zynga shares closed 0.3% higher at $9.17 in the regular session and fell 0.2% in after-hours trading.
Continue reading: Ubisoft brings Rabbids into the sandbox and continues NFT/Metaverse push while other gaming companies pull out
Photo: Courtesy of Mike Mozart via flickr