Gold Town Games signs letters of intent with CS Games to develop a sports manager game with play-to-earn functionality
Gold Town Games (“the Company” or “GTG”) has entered a letter of intent with game producer CS Games to develop a sports manager game with play-to-earn (“P2E”) functionality.
CS Games intends to provide funding for the game development along with providing specific knowledge in the field of play-to-earn game mechanics. The parties expect that the development of the P2E sports manager game will start already this quarter or early next quarter after entering formal agreements.
The P2E game title is being built to include sales of non-fungible tokens (NFTs) where players in the game will be able to buy and sell these in-game assets, such as player cards, in a way that has not previously been practically possible in the traditional gaming industry.
The market for NFTs and P2E games has grown explosively in 2021 with astonishing sales prices and valuations. One of the most mind-blowing ones is the game Axie Infinity and their AXS token which currently has a fully diluted market cap of $35 billion according to CoinMarketCap - www.coinmarketcap.com.
“As we have previously stated, P2E is something we have been exploring within the Company. We are therefore very pleased with the request from CS Games to develop a game for this rapidly growing and exciting segment in the gaming industry. Our platform is well equipped to be able to adapt to handle P2E game mechanics and NFTs. In addition, this is a project that does not involve any investments from our side", says Gold Town Games CEO, Pär Hultgren, in a comment.
Gold Town Games is expected to receive cash for game development, equity in CS Games and compensation in the P2E sports manager game’s future token. CS Games will hold all the rights to the upcoming title.
CEO, Gold Town Games
GOLD TOWN GAMES AB is a game development group based in Skellefteå. The group, which is headed by CEO Pär Hultgren, consists of a total of 23 professionals with experience of free-to-play, which is the dominant business model in the mobile gaming industry. The company group focuses on sports management games and currently has two live games, football and hockey, and another three games under development. The vision is to be world leading withing sport manager games.