Quick take:
- Cryptocurrency mining company Hut 8 has agreed on a long-term deal with locally-based gaming company Enthusiast Gaming.
- The two companies will collaborate to launch various Web3 projects including NFTs and blockchain games.
- The deal also indicates that Hut 8 will host Enthusiast Gaming’s gaming community in its data centres.
Canadian cryptocurrency miner Hut 8 has partnered with locally-based game developer Enthusiast Gaming in a multi-year deal. The two companies collaborate on several Web3 projects, including NFTs and blockchain games.
As part of the deal, Hut 8 will provide data centre hosting to Enthusiast giving it access to an audience of more than 300 million. The company will also provide critical infrastructure support through its data centres.
“As ambitious leaders at the intersection of gaming and digital asset mining, Enthusiast Gaming and Hut 8 will collaborate on new experiences and content within mobile and blockchain gaming, Web 3.0, NFTs, and cryptocurrency,” read a statement released following the agreement.
Hut 8 will integrate its content offerings into Enthusiast Gaming’s range of products, including games and experiences.
Writing in an email to CoinDesk about the partnership, Hut 8’s CEO Jaime Leverton said “in the near term, we anticipate the benefits to Hut 8 will include connecting with an expanded crypto-savvy audience and potential new customers while generating incremental revenue by hosting Enthusiast Gaming on our infrastructure.”
Hut 8 and Enthusiast Gaming’s partnership is unique in the sense that it joins a mainstream gaming company with a cryptocurrency company. Their businesses will create exciting synergies as they leap into the world of Web3, unleashing NFTs and blockchain games.
The gaming industry has arguably one of the most engaged communities with nearly 3 billion people involved according to reports.
Analysts predict that the sector will hit $269 billion in turnover by 2025, surpassing $175 billion in 2021.
Although blockchain games generated about $4.5 billion through in-game NFTs according to DappRadar, the rapid adoption of play-to-earn gaming could see revenues skyrocket this year. Leverton said Hut 8 is excited by the opportunity to gain access to the new generation of crypto-savvy gamers with this new partnership.
Recently miners have started to diversify to non-mining activity businesses like Web3 and NFTs, creating new streams of income.
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