Nintendo's (NTDOY) Pokemon Go Hype Lies in the Name, Founders Fund's Banister Tells CNBC
NEW YORK (TheStreet) -- The widespread success of Nintendo's (NTDOY) augmented reality game Pokemon Go can be attributed largely to the Japanese gaming company's "multi-generational long" brand, Founders Fund Partner Cyan Banister told CNBC's Jon Fortt on "Squawk Alley" Monday.
"You can't underestimate the value of a brand like Pokemon, so I think there's some cultural relevance that really resonated with people," Banister said, noting that Pokemon is a "global phenomenon."
In addition, augmented reality seen on a large scale is new.
"So, it's super exciting to be able to go out and see Charmander or Pikachu on your laptop out in your wild environment. People have never experienced that phenomenon before," Banister stated.
"What keeps this from being a gimmick, a short-lived gaming phenomenon?" Fortt asked.
"One of these things that this game gives you is the ability to go out and socialize with friends," Banister replied, explaining that the interactive group factor will keep the game from rapidly dying out.
Pokemon Go was designed and published by San Francisco-based software development company Niantic which also created the augmented reality game Ingress.
Shares of Nintendo are rising 8.23% to $36.13 midday Monday.