Playside Studios (ASX:PLY) share price soars 21% amid NFT gold mine

The Playside Studios Ltd (ASX: PLY) share price is soaring this morning on its latest update to the market.

In early morning trade, shares in the independent game developer are gaining stream at $1.23, up 21.18%. The company’s share price is now flirting with its 52-week high of $1.32.

This update comes after Playside Studios entered a trading halt on Friday as it prepared to provide an announcement regarding its BEANS web 3.0 non-fungible token (NFT) launch.

Playside Studios share price rides NFT launch success

Shares in the growing Aussie game developer are trading again today, with the lift of its halt. However, it’s news on the launch of the company’s first foray into its web 3.0 and metaverse strategy that’s making waves today.

According to Playside’s announcement, the company’s NFT project ‘BEANS’ by Dumb Ways to Die achieved $8.38 million in net revenue on its day of launch. The sale involved 10,000 unique 2D art assets which will be tied to a three-dimensional avatar in-game.

Playside notes the net revenue proceeds recorded on 4 February included the sale of 7,000 NFTs. Additionally, a portion of the revenue is comprised of a royalty-based fee on secondary market transactions. This success is being reflected in the Playside Studios share price today.

Moreover, the project has since gone on to sell out according to the project’s Twitter page. This means all 10,000 BEANS have been minted.

What did management say?

On the success of Playside’s first NFT project, CEO Gerry Sakkas said:

Developing BEANS and bringing the DWTD universe to life was the beginning of an exciting project that demonstrates PlaySide’s ability to stay at the forefront of developing technology trends. We are extremely pleased with the outcome of our first Web 3.0 project launch which has been very well received and strongly supported by the community.

The company’s CEO went on to describe the immense popularity and positive feedback received for the brand. Notably, a strong uptake in the community on the BEANS Discord group, a digital distribution and communication platform.

Since launching on 6 January 2022, the BEANS discord community has grown to more than 80,000 members.

What’s next?

ASX-listed Playside Studios discussed its plans for the future regarding its BEANS project. At this stage, the company plans to build on top of this initial NFT launch.

Firstly, the next planned step is to create and launch ‘BEAN Pets’. These 3D NFT-based characters are planned to launch in the fourth quarter of FY22.

Secondly, Playside is working on developing a playable world for its BEANS. Code-named “Bean Land”, the metaverse will make it possible for owners of BEANS NFTs to make use of them in the digital world. This digital environment is planned to launch on PC and mobile in the second half of FY23.

Finally, the company will create the 3D avatar counterparts to their 2D NFT tokens. In turn, this will enable the community to play as their 3D BEANS.

The Playside Studios’ share price is up 254% in the last 12 months.

The post Playside Studios (ASX:PLY) share price soars 21% amid NFT gold mine appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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