The Portland, Oregon-based company wants to create a new digital economy with its “fungilbe and non-fungible tokens as a way to make publishers and game developers more profitable.
Planet Nine said it combines the usability of in-game currencies and its natural alignment to both fungible and non-fungible tokens (the latter are one of a kind tokens, identifiable as such through digital technology) for a digital currency that is as easy and fun to use as those found in gaming.
By focusing on the game as a way to earn digital resources, the experience of cryptocurrencies can become more accessible to a broader range of users and open new revenue channels for game developers and publishers, the company said.
Planet Nine provides a fungible resource called Power, which is free to earn and easy to spend, along with a non-fungible resource called Nineum, which is designed to be used in multiple gaming experiences.
Nineum could work as an inventory item, as a card in a game, as a collectible, or as any asset. These two resources, when used together, are able to provide value for their holders. This value can be realized by exchanging the non-fungible resource (Nineum) for the currency of one’s choice – crypto or otherwise.
The Planet Nine Platform consists of three core components:
The Planet Nine mobile app: where consumers can begin earning Nineum
Power Gateway libraries: Content creators create Power Gateways on the platform of their choice using the Power Gateway libraries.
Games: Games that utilize Nineum add even greater value to Nineum, which drives the value of Power, which are spent at Power Gateways in order to find Nineum for users and content creators
“Digital currency is hard to build and in-game microtransactions are expensive, while in-game ads are less than ideal for end users,” said Zach Babb, CEO of Planet Nine, in a statement. “There is a much better way to optimize the gaming and crypto experience, and we believe we have found the answer.”
Planet Nine was founded in 2018.