Former Take-Two CEO's New Blockchain Game Publisher Wants the Next 'Grand Theft Auto'
*By Chloe Aiello*
Former Take-Two CEO Kelly Sumner is looking for the next big game. But rather than investing hundreds of millions, his blockchain-based video game publisher Planet Digital Partners is targeting mid-level games often ignored by big publishers.
"Electronic Arts, Take-Two, Activision ($ATVI), etc., they are spending hundreds of millions of dollars on a game, expecting to be ... getting billions. And the kind of middle, where there's sort of really good, exciting games, isn't there," Sumner told Cheddar Friday.
Planet Digital launched a Security Token Offering on Thursday with the goal of democratizing game development and funding alternative games. The company is offering 38 million "Rocket Tokens" at $1 per token to accredited investors. Sumner said he expects investors will be paid dividends as soon as the first quarter of 2020.
"This raise will allow us to actually go out and find maybe the next 'Grand Theft Auto,' maybe the next 'Guitar Hero,' because they started off ー not as billion dollar franchises ー but they became billion dollar franchises," Sumner said.
For investors, the token launch represents investment in a portfolio of games. Three games in the pipeline for distribution so far are Cabela's "The Hunt," "Cooking Mama," and Bass Pro "The Strike." Sumner admitted they aren't games he would necessarily play, but said they have a promising market.
"We're not trying to get the next soccer game or the next 'Call of Duty,' etc. We are looking at the opportunity of investing $5 million into a game, $10 million into a game ー a game that will have revenues of $50 million plus, where our competitors ... won't even get out of bed for that," he said.
Sumner also said blockchain offers opportunities for Planet Digital, not only in funding and security, but in interactive game-play. He said there's potential to introduce interactive trading features between game players and game watchers, which could unveil a whole new element to game play.
"Blockchain brings some really interesting opportunities," he said.
Protests across the country continued all weekend following the acquittal of Kyle Rittenhouse. A jury found the 18-year-old not guilty of all five felony charges. Rittenhouse was accused of killing two people and wounding another during protests in Kenosha, Wisconsin last year. Jaha Howard, political strategist and civil rights advocate, joins Cheddar News to breakdown the verdict.
On this episode of Cheddar Reveals, Yair Nechmad, Nayax CEO, discusses the future of cashless payments, and how cashless payments give retailers a competitive edge and allow merchants to scale business; Jason Thomas, Global CEO of Tappit, breaks down how the pandemic accelerated the transition to cash-free live events, and why that trend is here to stay; Cheddar gets a look at Curiosity Steam's 'Blockchain Revolution.'
With Thanksgiving two days away, the USDA is reminding hosts of the importance of food safety. Karen Hunter, Food Safety Expert, USDA, joined Cheddar's Opening Bell to discuss the best food handling and leftover tips ahead of the holiday.
With millions of Americans set to host Thanksgiving this year, shoppers can expect to pay more at grocery stores, with the price of a thanksgiving meal up 14% from last year. According to the USDA, the average price of an 8- to 16-pound frozen turkey is up 21% from a year ago. Jay Jandrain, CEO, Butterball, joined Cheddar’s Opening Bell to discuss how his company is being affected by supply chain challenges and rising prices.
Jill and Carlo are a bit delayed today on account of Carlo's internet not working. Better late than never, they discuss what we know about the suspect in the Christmas parade crash, closing arguments in the Arbery killing trial, and more.
If you’ve ever watched a show or movie where a character is unconscious for some reason - drowning, electrocution, stabbed in a knife fight - you probably know what to expect next. Some hero will come perform what looks like cardiopulmonary resuscitation (CPR) for a minute or two, perhaps in slow motion, and definitely with a dramatic musical score. And bing, bang, boom, the unconscious character miraculously comes back to life.
If you’ve ever suspected that this is a gross exaggeration of the efficacy of CPR, well, you’re right. But exactly how wrong Hollywood gets CPR is hilarious at best and downright dangerous at worst.
Brianna Wright, Senior Consumer Research Specialist at LendingTree, joins Cheddar to discuss how much Americans are expected to spend on Thanksgiving this year, and how millennials and gen-zers are taking over the holiday.
Special Olympics and WWE are announcing a three-year partnership extension of their global partnership to help create inclusion through sports. Mary Davis, CEO of Special Olympics and WWE superstar and Special Olympics Global Ambassador, Drew McIntyre join Cheddar News to talk about the announcement.
Gparency, a company that says its mission is to revolutionize the commercial mortgage industry, raised $15 million in its first funding round - representing the largest ever seed round in the commercial real estate space. Gparency's service will allow landlords and real estate developers to receive funding directly from banks, without the need for a mortgage broker. The company says its new approach will give power back to the consumer. Gparency founder and CEO Ira Zlotowitz joins Cheddar News' Closing Bell to discuss.
