In this episode of CryptoCurrents, host Monika Proffitt sat down with the founder and chief strategy officer of PlaysOut, Jassem Osseiran, also known as “J.” They discussed the PlaysOut platform, which aims to change the way digital games are played, monetized, and scaled across global markets using Web3 technology, with a particular focus on mini games.
The Genesis of PlaysOut
Osseiran’s vision for PlaysOut emerged from his work with blockchain technology in the UAE, starting in 2014. His experiences in New York’s tech scene and subsequent engagement with emerging technologies in the Middle East provided a robust foundation and allowed him to recognize the potential of blockchain in gaming. From there, he identified gaps and unique opportunities to enhance player interactions and asset management within digital environments.
PlaysOut is aimed at addressing the gaps Osseiran observed in the gaming market. The platform seeks to change gaming economics by integrating blockchain and Web3 technologies, creating more rewarding and engaging systems for asset management and player interaction.
Strategic Partnership with Tencent
A key moment for PlaysOut was securing a strategic partnership with Tencent, one of the world’s leading technology companies. This collaboration utilizes Tencent’s formidable technological infrastructure alongside the platform’s innovative blockchain solutions.
“What we realized is that Tencent, obviously being unable to touch the Web3 space, has a significant technology that we were able to take and then adapt into what PlaysOut is,” Osseiran explained.
The partnership is crucial as it merges Tencent’s extensive experience in gaming environments with PlaysOut’s novel blockchain integration approaches. The synergy is set to propel further innovation and market penetration, especially in regions that are primed for digital transformation.
Integrating Web3 Technologies
Web3 is a major part of PlaysOut’s strategy. The integration of Web3 technologies, including blockchain and NFTs, are transforming the gaming experience, enabling a robust and equitable system for rewarding both players and developers.
“Myself being an avid gamer, I’ve also been in the gaming industry for quite a long time and that was particularly a niche that I looked into which was web3 and gaming and kind of seeing how that environment would very much change in all aspects,” remarked Osseiran.
The system allows for the tokenization of assets, whereby players can securely and transparently earn and trade digital assets. Additionally, blockchain technologies are set to enhance the interconnectedness and interoperability across various gaming platforms, facilitating the fluid exchange and ownership of digital assets.
Overcoming Challenges and Setting Strategic Goals
The global expansion of PlaysOut faces challenges, notably regulatory hurdles in regions still acclimatizing to Web3 technologies. Navigating these challenges involves strategic partnerships and ongoing dialogues with regulatory bodies to ensure compliance and smooth operations. “Not everyone’s, you know, web3 ready,” Osseiran noted.
PlaysOut is focused on adapting to local market conditions and regulatory environments to offer not only technologically advanced but also culturally and legally compliant solutions. The strategic aim is to manage these complexities while broadening the company’s global presence, especially by integrating its services within large digital ecosystems like super apps.
Economic and Social Impact
PlaysOut is poised to significantly impact the socio-economic landscape by democratizing access to profitable gaming and fostering a more inclusive environment. The impact is especially pertinent in emerging markets, where PlaysOut can elevate local talent and spur innovation.
Osseiran elaborated, “So when you start to plug these games into different environments, different markets, you are also allowing their local developers and their players to start to develop and raise their levels of development to such high capacity games.”
The platform acts as a catalyst for economic growth and technological empowerment, enabling developers in these markets to access global audiences and revenue streams.
Ultimately, PlaysOut represents a major step in the convergence of gaming and blockchain technology. With strategic initiatives and partnerships, PlaysOut is set to alter the gaming industry while creating substantial economic and social impacts worldwide. As PlaysOut continues to evolve, it stands as a key entity to watch in the expanding realm of digital entertainment.
