Pires Investments hails ‘continued progress’ of investee company Pluto
Pires Investments (PIRI) has highlighted the recent progress made by its investee company, Pluto Digital Assets, a technology firm that is operating in the exciting digital assets sector.
In recent weeks, Pluto has acquired a strategic holding in a leading UK-based computer gaming software studio, marking the firm’s entrance into the Play2Earn ("P2E") market.
P2E refers to a concept of gaming in which a platform provides players with a chance to earn a form of in-game assets ‘that can be transferred to the real world as a valuable resource.’
Pires Investment explained to its shareholders how P2E has become ‘an exciting area of cryptocurrency,’ with the initial P2E games securing substantial token market capitalisations, such as Axie Infinity (market cap of $6 billion) and Gala Games (market cap of $3 billion).
In addition to acquiring this strategic holding, Pluto and the unnamed computer gaming studio are in the process of forming a joint venture to launch a suite of blockchain-enabled games.
This investment and joint venture, further details of which are expected to be announced in early January 2022, have already progressed the concept development of new portfolio of games and will focus on high quality gamer experiences, with the added benefit of providing the gamers with the ability to acquire and monetise game assets, Pires informed investors.
During 2022, Pluto said it expects to launch Non-fungible Tokens ("NFTs") and tokens that will secure funding for the development of these games without requiring additional equity capital.
In 2021, Pluto Ventures division invested c.$5m in 90 different early-stage digital ventures comprising different verticals, including Decentralised Finance, NFTs and P2E gaming.
1Q21 was dominated by Defi and NFT-related technologies, ‘with P2E becoming much more prominent during Q2 2021 and remaining a key area of focus throughout the rest of the year.’
Pluto noted that the value of its investments in listed tokens has increased significantly and it has also sought to de-risk positions during times of relative strength during the year.
Approximately one third of its listed tokens portfolio derives from P2E gaming and Gaming Guilds and these tokens have performed exceptionally well in 2021, the company added.
Pires noted that Pluto's portfolio of NFTs has also performed strongly, particularly the projects acquired during 2Q21, while activity in and the prominence of the NFT sector has increased markedly, partly through partnerships, which include companies such as XCAD Network.
In October 2021, Pluto acquired the assets of the innovative DeFi project, Yield Optimisation Platform ("YOP"). Since its acquisition, the Pluto Labs product team has grown significantly.
Pluto has also released a roadmap for the next 12 months for YOP while the group said it has also progressed both the revised Tokenomics, ‘with a focus on the long-term sustainability of the protocol, and the redesign of YOP website,’ which it intends to launch in January 2022.
It also expects to privately release its platform to YOP NFT token holders in February 2022.
Nicholas Lee, Director of Pires commented: "We are pleased to note the continued progress made by Pluto. Through its strategic shareholding and joint venture with a leading UK-based computer gaming software studio, the company is now entering the rapidly developing and exciting P2E market, where it intends to release a suite of blockchain-enabled games.”
He said “further developments” for YOP position the firm well for 2022 and that he is confident that Pires’ Pluto investment will continue to grow in value as it implements its growth strategy.
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