202 | Can Pixels finally make play-to-earn work?

Jon talks to Pixels CEO Luke Barwikowski about how he still believes play-to-earn rewards are a viable marketing mechanic.

• [2:09] 'This is probably the worst market sentiment I've seen in the space.'
• [5:40] 'Without speculation, you have to build something that's fundamentally sound. That's hard.'
• [7:50] 'In early 2024, Pixels was loved. People were making money. But we weren't making money.'
• [8:39] '1% of our players were taking 50% of the rewards.'
• [9:51] After recent changes, Pixels has generated a Return On Reward Spend greater than 1.
• [12:25] 'I think over time, Play-to-Earn becomes more of a loyalty or a cash-back system.'
• [14:00] 'We've noticed crypto is very off-putting for normal users. Robux or V-Bucks are more
• [20:45] The spend-only vPIXEL token has been surprisingly effective when used correctly.
• [23:45] Pixels Chapter 3 introduces Unions, which are factions for competitive gameplay.
• [27:13] 'The issue with web3 gaming isn't fidelity, it's figuring out the economics.'
• [27:53] 'We did $20 million in revenue in 2024. 2025 will be less but it's more sustainable.'
• [29:41] Why Pixels has launched new social tamagotchi app Chubkins. (Currently only US.)
• [30:05] 'We're not going to emphasis crypto, but we will emphasis rewards, including crypto cash-out.'
• [33:50] Pixels also plans to launch a standalone rewards app in 2026.