國信證券：火巖控股(1909.HK)積極探索區塊鏈與遊戲結合，維持“超配”
近日，港股遊戲公司火巖控股在泰國推出“獎賞積分平台測試”，旨在連接公司泰國遊戲，用户可以通過遊戲中算力和互動活動獲取平台積分，積分可以用於換取NFT道具或者泰國當地“八達通”，目前已經吸引超過15萬玩家參與。
國信證券點評稱：
火巖控股是專注於海外的休閒遊戲研發商，深耕休閒遊戲賽道多年，覆蓋全球百萬活躍用户。2020年公司實現收入5.21億（yoy+72.1%），淨利潤3.43億（yoy+64.4%）。公司收入中授權運營佔比83.2%，由於授權運營為分成款、無遊戲運營費用，故整體利潤率較高。今年公司收購了一名主要授權運營商，2019年淨利潤1.89億，進一步完善遊戲業務。
截至2020年底，公司累計推出23款遊戲，並有9款遊戲在研。包括《零食大亂鬥》、《捕魚大亂鬥》、《星戰紀》以及《皇家大亨》等遊戲，擁有月付費用户接近 30 萬（未去重）。
公司積極探索區塊鏈與遊戲結合。1）與領先遊戲媒體遊戲陀螺戰略合作：遊戲陀螺將其利用企業資源庫，幫助公司介紹需要區塊鏈技術的企業和團隊；2）與東南亞領先支付解決方案提供商 FOMO 合作：通過與 FOMO 促成公司遊戲中數字資產（包括虛擬道具）進行跨平台或跨遊戲交易和支付；3）賞積分平台：火巖在泰國上線的遊戲，建立一個互動交易生態，支持玩家將遊戲中的成績和遊戲代幣與其他玩家進行互動，並賺取平台積分可用於商店優惠。
傳統意義上，NFT重塑數字商品的流動性、帶來數字資產價值重估，未來有望廣泛應用於數字藝術品、數字收藏品以及遊戲資產等領域。除此外，將NFT和積分結合，可以通過 1）積分激勵，提高用户黏性和時長；2）引流激勵，積分可以在多款遊戲中互通，實現不同遊戲羣內引流，也可以設置相應機制，可以實現低成本遊戲推薦；3）豐富使用場景，積分的使用也可以拓展到遊戲以外場景，實現類似“信用卡”的功能。推薦關注火巖控股，維持“超配”評級。
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