Fire Rock creates unprecedented ecosystem to allow redemption of real assets with game reward points
Non-fungible tokens (NFTs) have been making headlines recently, grabbing the attention of investors. Digital assets such as "CryptoPunk" NFT has been sold for US$11.8 million at Sotheby's on 10 Jun 2021. NFTs are digital assets that are built on the ethereum blockchain which does not only provide provenance for digital works, but can also embed unique features such as residual and distribution rights.
The growing popularity of NFTs offers a new opportunity for creators, artists, musicians as well as game developers. Fire Rock Holdings Limited ("Fire Rock")(HKSE:1909) has established a blockchain applications team dedicated to the research and development of blockchain technologies for application in games in March 2021. The team is primarily engaged in the use of blockchain technology to provide blockchain application technologies for existing and potential game operators. Blockchain has an extensive scope of application in games such as developing smart contracts and recording the transfer of any digital assets, enabling the sale of more products based on intellectual property rights by the development team. It can also develop and support the function of digital asset transfer across different games, such that the digital assets owned by games players can be applied in different games to enhance the appeal of the games. Game players can also sell their game assets or properties in the secondary market to earn a profit by using the function of digital asset transfer afforded by blockchain technology.
In Jun 2021, Fire Rock has also launched in Thailand a public test of the reward points platform for the connection of game users and stores, scaling up the scope of the application of the blockchain technology. By connecting with the reward points platform and games launched in Thailand, game users can apply their scores and gold coins in games to interact with other users and earn platform scores that could be converted into more store concessions. Currently, more than 150,000 users have already been registered on the reward points platform and the number of users is expected to be rocketed upon its official launch.
Fire Rock plans to launch other interactive functions successively through the new reward points platform during the year, including the exchange of in-game items or stores gifts between game users based on platform reward points using blockchain technology, which will significantly enhance the stickiness of games users. With the ongoing growth in number of the reward points platforms and game users in Thailand and improvement in functions, the unique positioning of the development of a one-stop business ecology comprising games and reward points will provide a new niche for business growth of Fire Rock. The company will also continue to replicate the successful experience in Thailand in South America and other Southeast Asian regions.
Stock price of Fire Rock has been growing rapidly from HK$1.162 at the beginning of 2021 to HK$3.07 as at 25 Jun 2021, representing a 164% growth. As a pioneer of game developer which applies NTFs and blockchain technology to it games, Fire Rock creates an evolutionary ecology which allows game points to be converted to store concessions. This groundbreaking move is set to drive Fire Rock's stock price to new heights.
28/06/2021 Dissemination of a Marketing Press Release, transmitted by EQS Group.