Playside showcases Bean Land metaverse game as NFT sales strengthen balance sheet

Fresh from the minting of their Beans NFTs which generated $8.4 million in sales from the creation of digital assets, game development company Playside Studios (ASX: PLY) has delivered a bumper quarter in sales which was their highest ever recorded. 

For the quarter ended 31 March 2021, Playside generated $13.76m in sales which represented a 403% increase on their previous March quarter, and a 157% increase on their December quarter. 

Those numbers were partially inflated from their one-off NFT collection mint whereby they offered 10,000 NFTs for sale. 

Sales quickly ensued with the collection of digital assets linked to the metaverse game Bean Land which the gaming company currently has in development, while development updates for the game continue to be rolled out. 

Rewarding those who invested in the original minting of the collection, Playside this week rolled out their first airdrop, gifting a ‘pet’ – another digital asset – to anyone who owned two Bean NFTs. 

Beans NFT is a collection of cute beans which are entirely unique and designed under the Dumb Ways to Die franchise which was acquired by Playside in October 2021 for $2.25 million. 

“We plan to launch additional products within the BEANS universe in FY22 and FY23 and are continuing our Web 3.0 R&D which will lead to further new product launches in FY23,” said Playside Studios CEO, Gerry Sakkas. 

“We have added amazing new talent to our team during the quarter to now be in excess of 150 people and look forward to further expansion to deliver new and exciting original IP products and titles to meet the needs of our growing list of clients.” 

While Bean Land is just one of the many games that Playside has in development, it continues to attract a substantial following from the gaming community in part due to the popularity of NFT-based games. 

In their latest developer update, the Company confirmed that Bean Land would be an MMORPG game which will take these cute bean characters, but be a gruesome violent hack-and-slash in line with the original franchise art where they would find ‘dumb ways to die’. Players will then be able to obtain loot within the game which will come in the form of accessories, weapons and clothing. 

Other game titles that Playside Studios are on track to launch in the next 12 months either on their own or through their work-for-hire business include Legally Blonde, The Godfather, World Boss and Pillage Party as well as unnamed titles for the Idle and Warfare franchises. 

With the inflow of revenue from the Beans NFT collection, Playside reported $8.5m positive cashflow for the March quarter, taking their YTD inflows to $8.1m. The Company is well capitalised with $40m in cash reserves.