*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.
Space Milestone, Booster Debate & Greatest Songs Ever
For the first time ever, the Special Olympics and students at the Parsons School of Design partnered to create tennis and track and field outfits for athletes. The line is called 'Be Brave' and it's goal is all about celebrating athletes with disabilities with outfits that allow them to perform their best. joining us now is Stacey Hengsterman, president and CEO of the Special Olympics New York and Nigel Barker, fashion photographer and Special Olympics Champion Ambassador joined us to talk about the collection.
For the first time in 60 years of human spaceflight, a rocket is poised to blast into orbit with no professional astronauts on board, only four tourists.
Gavin Newsom easily keeps his job, Apple drops the new iPhone and more, Facebook knows how harmful Instagram is for teens and the death of a comedic giant.
Your palm could soon be your ticket into a concert. Amazon says it is bringing its palm-recognition technology to the Red Rocks Amphitheatre in Denver and it will be available at other venues in the coming months.
Massachusetts’ governor has activated the state’s National Guard to help with busing students to school as districts across the country struggle to hire enough drivers.
If you want to dine indoors, go to a gym or attend an event at an entertainment venue in New York, you'll need to show proof that you have had at least one dose of a COVID-19 vaccine.
"The business has gone down at least 35 to 40 percent, and we expect it to go down a little more," said Pedro Zamora, owner of Cantina Rooftop in Manhattan. "But on the other hand, I feel good to do that because it's the way to end the pandemic, and I urge everyone if you aren't vaccinated to get vaccinated as soon as possible because it's only for the good of our community."
Carlo's got Cheddar Chief Fashion Critic Baker Machado to discuss all the looks from last night's Met Gala. But first, the news: it's recall day in Cali, the booster shot debate, why you should update your iPhone software immediately, and more.
When is a mandate not a mandate? Jill and Carlo discuss the White House's federal vaccination efforts, a horrific case of mistaken identity in Afghanistan, a history-making U.S. Open and what you missed from the VMAs.
Carlo and Baker have the latest on Biden's sweeping new vaccine policies. Plus, the possibilities of a cancer vaccine in your lifetime, 9/11 reading recommendations, and Love, Hate, Ate.
