How Fire Rock's play-to-earn games are storming the gaming industry
There are many reasons why the combination of NFTs and games is a perfect match. For one, in almost all previous models of online game communities, items that could be purchased were only limited to use in that particular game. If a gamer's account got stolen, disabled, or even if the user just became bored and moved on to another game, all the money they spent would disappear - that was until NFTs came along and changed everything. By making in-game items NFTs, players literally own and control what they buy, earn or craft, it also means these items can be bought and sold on secondary markets, moved between multiple games, and allows players to retain the value and effort that they put into these items in the first place.
Fire Rock Holdings Limited ("Fire Rock")(SEHK:1909.HK) has created an unprecedented ecosystem in the gaming industry. It does not only tokenize its in-game items, but also convert game reward points to real assets. Earlier in Jun 2021, Fire Rock has 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.
On 14 Sep 2021, Fire Rock announced that the Group will expand its game operation and agency business in Turkey and the new games are set to be launched in the fourth quarter of 2021. Fire Rock is also planning to take a step further to launch the reward points platform and the reward points promotion business that connects local game users and stores, replicating its successful experience in Thailand.
Fire Rock's expansion shows no signs of slowing down. It has entered into a strategic cooperation agreement with FOMO Pay Pte. Ltd. ("FOMO Pay"), a leading provider of one-stop mobile payment solutions and digital banking solutions in Southeast Asia, to jointly research and develop the blockchain technology based e-payment service. FOMO Pay, along with DBS Vickers and an Australian crypto exchange, are the three companies that the Monetary Authority of Singapore has licensed to provide Digital Payment Token as at 6 Oct 2021. "FOMO Pay is working to launch the payment solution for DPTs soon", Louis Liu, founder and Chief Executive of FOMO Pay said. Together with the DPT license, FOMO Pay was also granted new licenses to operate merchant acquisition services and domestic money transfer services. Mr Liu added that the total volume of transactions processed increased by 330 per cent from 2019 to 2021.
Under the cooperation agreement, FOMO Pay will also jointly develop the blockchain-based payment and settlement functions with the Fire Rock actively, and the legal tender of the player's location would be converted into the legal tender of the region where the developer operates to the extent permitted by law of the relevant region through smart contracts to significantly reduce the cross-border transfer delay and settlement costs.
With the licensed obtained by FOMO Pay and the jointly developed technology, it is expected that Fire Rock's game reward points platform can be expand to Singapore, Malaysia, and even the other parts of the world in the near future.
Fire Rock has been officially included in the FTSE Global Equity Index Series - China Regional Small Cap Index, indicating the group's huge upside potential. With the booming NFT market and the crypto asset frenzy, Fire Rock is set to triumph at the gaming NFTs market.
06/10/2021 Dissemination of a Marketing Press Release, transmitted by EQS Group.