Web3 gaming company PlayMining is bringing a $23b industry to NFTs. Product placement is popular in film and TV shows but has not carried over to NFT gaming yet. PlayMining hopes to pioneer this untapped market and help advertisers reach its 2.7m customers. How will PlayMining use NFTs for product placement?
How Will NFTs be Used for Product Placement?
PlayMining will allow brands to create NFTs to represent their products.Then, players will then be able to purchase and use these items in-game. By doing so, brands will be able to advertise to players without overly contributing to “brand fatigue”– a phenomenon in which customers get irritated by hearing the same commercial over and over again.
Product placement is an effective tool. The global video game market is worth $188b, and according to statistics from Nielsen, 44% of gamers have purchased an item from an in-game advertisement. So, by bringing product placement to Web3 gaming, PlayMining has likely discovered a lucrative new revenue stream for themselves and their clients.
What is PlayMining?
PlayMining views itself as a “Web3 Amusement Park”. Launched in April 2020, the Singapore-based entertainment company quickly became an industry leader in the world of NFT gaming. The games are casual, fun, and appropriate for all ages. As of today, the platform features 6 playable games on their platform.
Users can purchase NFTs on the marketplace, play games, and earn $DEP token. The longer users play, the more $DEP token they earn. They can then stake their $DEP for additional rewards or use it to purchase additional items on the marketplace. Additionally, the NFT marketplace also hosts artwork for over 1,000 creators from around the world. In the last two years, PlayMining has helped distribute over $9m in artist royalties.
Therefore, with the addition of product placement, PlayMining seems well-positioned to continue its history of success moving forward.
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