*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.

Share:
More In Culture
Frankie Grande on Nickelodeon Crossover 'When Worlds Collide,' VR Engagement
Frankie Grande of Nickelodeon’s "Danger Force" is taking his villain act to another show on the network, "Side Hustle," for a crossover event dubbed "When Worlds Collide." The actor, dancer, singer, producer, television host, and YouTube personality joined Cheddar News to talk about putting the project together. “What I will tell you is these unbelievable actors from very, very young ages were so inspirational to work with," he said of his castmates. "They showed up, they knew their lines, they hit their marks." Grande also went into detail about his very nerdy engagement with Hale Leon in virtual reality.
Survey Finds Inflation Driving a Return to the Gig Economy
Inflation is driving a return to the gig economy, according to a new survey from Branch & Marqeta that found 85 percent of workers have increased or planned to increase their amount of gig work in the past six months, with 58 percent citing inflation as the reason behind this change. Arun Sundararajan, professor at NYU Stern School of Business, breaks down this dynamic and how it's impacting the broader economy. "Inflation is rampant and people need more money. Salaried wages haven't kept up. Plus the labor market is tight. People can't find full time employees, employers can't find full time employees, and so some people are being opportunistic," he said. "And I also think there's a COVID effect because people have gotten used to more flexibility and time and space because people have gotten used to more flexibility and time and space, through the months of the lockdown."
Why Cultivated Meat is Critical to the Future of Space Travel
Dr. Neta Lavon, CTO and VP of R&D at Aleph Farms, joins Cheddar Innovates to discuss how the team sent cow cells to space to further research the production of meat in space, and why developing cultivated meat is so critical to the future of space travel.
Load More