Benzinga | Dec 16, 2021 08:49AM EST

Tencent-Backed Voodoo Targets Mobile Blockchain Video Games

* Tencent Holdings Ltd (OTC: TCEHY) -backed mobile video game maker and publisher, Voodoo is preparing to offer non-fungible tokens with plans to open a blockchain division next year, Bloomberg reports.

* Voodoo looks to invest over $200 million to develop the technology.

* Known for its easy-to-play offerings like "Paper.io" and "Helix Jump," Voodoo will focus on approaches that allow players to win digital assets as they get better at a game.

* "Blockchain is not going to kill other types of games, but it is going to be huge," CEO Alexandre Yazdi said. "As an automated way to handle flows, storing and protection of data, it is going to improve a lot of industries."

* Price Action: TCEHY shares traded lower by 1.14% at $58.10 premarket on the last check Thursday.