Join our daily newsletter At The Bell to receive exclusive market insights
- PlaySide’s (PLY) launch of its first Web 3.0 project dubbed BEANS by Dumb Ways to Die has generated $8.38m in net income after all third-party costs
- BEANS aims to leverage the Dumb Ways to Die (DWTD) brand, which the company acquired for $2.25 million in the first quarter of the financial year
- The company has sold 7,000 NFTs since its launch last Friday, resulting in $8.38 million in net revenue for Playside
- Looking ahead, the company will be focussing on its metaverse strategy for the next 12 to 18 months
- Shares have surged 32 per cent higher today at $1.34 each
PlaySide’s (PLY) launch of its first Web 3.0 project dubbed BEANS by Dumb Ways to Die has generated $8.38m in net income after all third-party costs.
BEANS aims to leverage the Dumb Ways to Die (DWTD) brand, which the company acquired for $2.25 million in the first quarter of the financial year.
It has been launched on major social media platforms such as Instagram, Twitter, and Discord and has utilised the existing DWTD YouTube, TikTok, and Facebook accounts to increase the projects reach.
Since its launch on Discord in early January, BEANS has gained more than 80,000 followers.
The company utilised the DWTD brand to create over 10,000 unique 2D art assets which will be linked to a 3D Avatar in-game.
Launching last Friday, 7,000 NFTs were sold, resulting in $8.38 million in net revenue for Playside.
Some of this revenue was generated through a creator’s royalty, which the company receives via the independent third-party from all resales on the OpenSea and Rarible marketplace.
Looking ahead, the company will be focussing on its metaverse strategy for the next 12 to 18 months.
This includes its plans to launch BEAN Pets in the fourth quarter of the financial year. These are 3D NFT based characters that will accompany their BEAN in Bean Land.
Bean Land is an NFT driven metaverse that will bring the DWTD universe to life. Playside is aiming to launch this initially on the PC platform and then mobile in H2 FY23.
Also planned to launch in H2 FY23 are 3D avatars. These are planned to be issued to BEANS holders so when they enter Bean Land, they will be able to roam as a fully animated 3D BEAN avatar.
Chief Executive Officer Gerry Sakkas said he is pleased with the company’s first Web 3.0 project launch.
“DWTD is an iconic brand and since acquiring the portfolio last year, we felt there was an exciting opportunity to expand the brand into modern technology platforms,” he said.
“BEANS has been hugely popular since launching on Discord last month and we’re excited to take it to a wider audience, building on the foundations set by DWTD and the
growing interest in Web 3.0 and the metaverse.
“This announcement is only the beginning of the metaverse and Web 3.0 journey for PlaySide, and we look forward to working on an expansive set of projects that implements our vision.”
Shares have surged 32 per cent higher today at $1.34 each at 12.44 pm AEDT.
