Tencent-Backed Mobile Game Maker to Invest $200M in NFTs

    • Voodoo plans to invest more than $200 million to start a blockchain division.
    • The division will offer NFTs.

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Voodoo, a mobile video game developer and publisher backed by Tencent, plans to invest more than $200 million to launch a blockchain division that will offer NFTs, according to Bloomberg. 

Known for mobile titles “Helix Jump” and “Paper.io,” the Paris-based company plans to integrate a system that rewards players with digital assets as they improve within a game. 

  • Voodoo will compete with French-based NFT fantasy sports platform Sorare, which raised $680 million in September at a $4.3 billion valuation.
  • Ubisoft, another French game developer, recently launched Quartz, a platform that allows players to acquire playable NFTs.
  • Quartz has received backlash from Ubisoft’s workers union, who deemed it “useless, costly, and ecologically mortifying.” 

Growing Business 

Voodoo — which has more than 300 million active users — is valued at $1.9 billion after Belgian holding company GBL acquired a 16% stake worth $300 million in July. 

Tencent acquired its minority stake in Voodoo in August 2020. The China-based conglomerate posted $22 billion in revenue in Q3 2021, a 13% uptick compared to the same period last year.

Its value-added services segment — which includes video games — generated $11.7 billion in revenue in Q3, an 8% increase year-over-year.