The forty-year-old video game maker that has once set the stage for today’s Nintendo Wii Consoles Atari has recently pivoted to cryptocurrency as it introduces its company-owned digital coin, the “Atari Token.”
In a move to revitalize its brand, Atari has penned a license agreement with Gibraltar-based IT company Infinity Networks, acquiring a 15 percent share of the IT company. As previously suggested in a release in December 2017, Atari’s partnership with Infinity Networks will initialize development of a digital entertainment platform anchored on Atari’s cryptocurrency. As Atari CEO and chairman of the board Frédéric Chesnais explained in the company’s official statement:
“Our aim is to take strategic positions with a limited cash risk, in order to best create value with the assets and the Atari brand.”
Initially intended to serve as a tender for in-game purchases, in addition to Atari Token’s slated release, the game maker is also exploring cryptocurrency integration through its brand partner PariPlay, a fusion platform that merges the best games from the world’s leading game vendors.
As Atari’s announcement continued, it has also indicated the creation of a second token dedicated to a proposed online-casino project. Loosely translated, the company has stated that:
“To broaden the appeal of these new casinos, and once the Atari Token is available, Atari has the project to launch Pong Token, a second token dedicated to crypto-casinos and usable on these gaming sites. The details of this launch of crypto-casinos will be announced soon.”
It would appear that Atari’s move to introduce its own digital currency echoes previous announcements of other struggling firms. Such is the case of a centenarian titan of image technology, Eastman Kodak Company, when it has previously introduced its own photographer-oriented Blockchain cryptocurrency, KodakCoin. However, its slated Initial Coin Offering in January has since been halted, with no further updates on its release.
Akin to what has been observed following Kodak’s announcement, Atari’s stock market value has also seen a sharp soar by over 60 percent, sparking speculations that the fabled game maker’s new venture may very well be a last ditch effort to resuscitate the dying brand.