Tokens.com has debuted a new subsidiary called Hulk Labs, which is focused on investing in play-to-earn (P2E) revenue-generating gaming tokens and non-fungible tokens (NFTs), according to a Tuesday (Jan. 18) press release.
Hulk Labs is a “new Web3 vertical” focused on the P2E sector, and will offer more exposure to gaming alongside Tokens.com’s crypto staking and metaverse operations.
“Tokens.com is focused on bringing the most exciting growth areas of Web3 and crypto to its investors,” said Andrew Kiguel, CEO of Tokens.com. “We are excited to enter into this new vertical with an outstanding team. We have successfully provided our investors with exposure to assets linked to the metaverse, DeFi and NFTs.
“This next stage in our evolution adds gaming and positions us uniquely as one of the only public companies to offer a complete range of Web3 exposure.”
Hulk Labs will be helmed by Deven Soni, Tokens.com’s chief operating officer. There will also be a founding team which will include influencer Ben Yu and blockchain investor Joshua Doner, one of the first people to buy an NFT.
The release notes that P2E gaming represents a new opportunity for blockchain and Web3, which will combine the entertainment and engagement of gaming and the ability to earn real world money, which will come about through digital asset ownership and gameplay.
Hulk Labs plans to announce investments in high-profile NFT projects like role-playing game Illuvium and NFTX, which is a platform for “creating liquid markets in illiquid NFTs,” per the release.
Hulk Labs also plans on keeping acquiring assets in the P2E and NFT sectors. Tokens.com recently paid $2.4 million for a piece of virtual land in the metaverse which it plans to utilize for a virtual office building.
In November, PYMNTS quoted Realtor.com in saying virtual real estate might either be a big thing or a bust — and that as it’s in such an early stage, it’s hard to tell which way it will go.
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