Gamers who earn DEAPcoin ($DEP) on the PlayMining P&E GameFi platform and other token holders will be happy to learn about a continuous DEP token buyback program launching this month. PlayMining operator Digital Entertainment Asset (DEA) will be using up to 40 percent of DEA’s monthly sales to fund the buyback, although PlayMining profits from DEP sales will not be taken into account.
Token buybacks are commonly used to sustainably increase a token’s value by reducing supply in the market. DEA co-CEO and co-founder Naohito Yoshida said the company is aiming to increase DEP’s value over the medium to long term and stabilize the PlayMining ecosystem, as well as return profits to DEP holders.
DEAPcoin can be traded on popular crypto exchanges or earned by playing any of the five casual Web3 games on the PlayMining platform, including Job Tribes, Cookin’ Burger, Menya Dragon Ramen, Graffiti Racer, and Lucky Farmer. The token can be spent on the PlayMining NFT marketplace to buy NFTs for use in PlayMining games, as well as artwork by many top Japanese video game and anime creators.
Changing market trends and the condition of the PlayMining economy will be taken into account when DEA is determining specifics about timing and amounts for the buyback. The company will publish further details in its whitepaper later this month.
Supporting a Robust GameFi Platform
The buyback program is just one of many examples of how DEA is actively expanding PlayMining to offer more value for gamers and token holders. The platform has launched a new game each month since October and secured a number of recent partnerships including Web3 strategic partnerships with both Rakuten Group and YGG SEA, as well as a business alliance with TV Tokyo. DEA also received a US$10 million investment from LA-based LDA Capital last month, as well as a minority investment from Rakuten Capital in November.
DEA is based in Singapore, but also has a strong presence in Japan, with DEP being the first P&E token officially approved by the Japanese Financial Service Agency. They also have a strong player base in Southeast Asia, a region where they are heavily focused on expanding even further through their collaborative efforts with YGG SEA. Notably, the entire PlayMining game catalog will be onboarded to YGG SEA’s yggsea.io game platform, increasing PlayMining’s exposure to a wider audience.
DEA’s mission is to build a GameFi distribution platform that is fairer to independent creators than big platforms like Nintendo and Apple. The company has paid SG$9 million in royalties over the past two years to official and fan art creators on the PlayMining NFT marketplace. In addition, DEA teams up with third-party game development studios to create new NFT games for the PlayMining platform, which gives these indie studios IP monetization opportunities on PlayMining’s NFT market and the upcoming metaverse. According to co-founder and co-CEO Kozo Yamada, the company aims to be the Nintendo of GameFi, but with more reasonable fees for small game studios.