Name something that blockchain can make better: Family game night.
Steve Harvey, celebrity host of "Family Feud" is making his blockchain debut in the world of play-and-earn gaming, a rapidly growing industry that allows players to receive rewards in the form of crypto tokens and NFTs.
Harvey is a founding partner of streaming platform Gamestar+, which on Friday announced a multimillion-dollar partnership with blockchain developer Ava Labs and venture capitalist firm Faculty Entertainment to launch interactive versions of popular TV game shows like "Family Feud," "Jeopardy!," "Wheel of Fortune" and "Deal or No Deal" on the Avalanche blockchain.
The partnership marks the first time these household names, along with titles from global entertainment brands like Disney, Sony and Viacom are being integrated into the world of Web3 and further launching blockchain technology into the mainstream.
"Blockchain will add a whole new layer of fun, value and competition to not just Gamestar+, but the whole gaming industry," Harvey told FOX Business. "I’m excited to be at the forefront of Web3."
Through the play-and-earn model, Gamestar+ players will be able to challenge each other in real time while earning in-app tokens that can be redeemed for unique NFTs, in-game assets, or traded for other digital assets like Avalanche’s native token AVAX or even bitcoin.
Avalanche, one of the world’s largest blockchains, is already home to play-to-earn favorites such as Crabada and Pizza Game and is aiming to become the go-to space for crypto gamers. In March, Avalanche announced it was committing $290 million to attract top gaming projects to its platform.
With the rapid adoption of cryptocurrencies over the past two years, it’s no surprise that the crypto gaming industry is also on the rise.
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In fact, the nascent industry grew 2,000% in the past year, according to a DappRadar and Blockchain Game Alliance report from the first quarter of 2022. The report added there were $2.5 billion in investments for the blockchain gaming space last quarter, compared to the $4 billion raised for the entire sector in 2021, showing a significant uptick in money being poured into the industry.
Gamestar+ and company are also looking to disrupt another market in need of a digital facelift: the $21 billion board game industry.
"Fifty percent of U.S. households play board games at least once a week, yet the board game format has hardly changed in over a century," Todd Young, co-founder of Gamestar+, told FOX Business. "We’re looking to revolutionize the board game business in the same way Netflix and Spotify have revolutionized movies and music."
Gamestar+ will offer a digital twist on traditional board games like Scene It? by augmenting them with the ability to play using mobile devices and smart TV features. Through the flagship app, players will have access to a Netflix-like menu of game options separated into categories including TV game shows, kids, trivia, board games and others.
"We want to be a one-stop shop for all your game night needs while simultaneously bringing this outdated industry into the 21st century," said Young.