A group of video game industry veterans has formedĀ Planet Digital Partners, a new game developer that plans on bringing blockchain-based game titles to major consoles, including the PlayStation 4, Xbox One, Nintendo Switch, PC and mobile.

According to the announcement, the new company features the former PlayStation Europe President, the former CEO of Take-Two (TTWO) and Rockstar and the executive producer ofĀ Nintendo World Championship, among others.

To fund its operations, Planet Digital is gearing up to stage a security token offering (STO)Ā for its ERC-20 Rocket Token (RKT), which rewards investors proportionately to the growth of PDP game sales.

$38 million worth of RKT will be made available to STO investors, with investors receiving 80% of net profits until the initial investment is recouped, then 40% of net profits thereafter. Additionally, RKT holders will earn 5% of each sequel game net profits through 2025.

“Security Token OfferingsĀ represent a unique path to democratize investment and allow investors to participate inĀ profit on the ground floor compared toĀ public stocks,” saidĀ Steve Grossman, CEO of Planet Digital. “We’re thrilled to bringĀ blockchain to our games and deliver compelling new experiences to gamers that were previously impossible.”

Planet Digital’s current portfolio of games includes Cabela’s The Hunt, Cooking Mama, and Bass Pro Shops: The Strike.

“We get most excited about working with veteran management teams that are applying blockchain to innovate in their industry,” saidĀ Alan McGlade, co-founder and COO of seriesOne, a Planet Digital partner and broker. “Planet Digital defines that category.”

The stacked executive team at Planet Digital (seriesOne)

The launch of Planet Digital comes just months afterĀ Mythical Games, a brand new startup that recently exited stealth mode, raised $16 million to developĀ a line of PC, mobile and console games onĀ EOSĀ (EOS), theĀ blockchain platform known for its delegated proof-of-stakeĀ (DPoS) consensus model.

šŸš€  Volatility (VIX) Spikes as Global Markets Sell Off

Similar to Planet Digital, Mythical Games is led by a group of gaming industry veterans, with backgrounds at Activision Blizzard (ATVI) and Yahoo. The startup’s CEO,Ā John Linden, was the former studio head at Activision and president of theĀ Niantic-acquiredĀ Seismic Games.

Planet Digital’s security token offering is currently scheduled for Q1 2019.

More:Ā Top Executives Launch Blockchain-Powered Video Game Publishing Company
Related:Ā seriesOne Joins Forces with Bithumb, a Leading Global Crypto Exchange

Disclaimer: This articleā€™s author has cryptocurrency holdings that can beĀ tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.