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Ancient8 secures $4 million in seed to democratize social and financial access in the metaverse – TechCrunch

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Ancient8 secures $4 million in seed to democratize social and financial access in the metaverse – TechCrunch

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Ancient8, the Vietnamese blockchain gaming guild, is developing a community and software platform to enable everyone to play P2E (play-to-earn) games and build the metaverse while earning rewards.

“We lend our P2E game assets to scholars, or guild players, so they can play P2E games and earn rewards. Vietnam has an average monthly income of $250, which is not particularly privileged compared to around $5,800 for the United States and around $1,000 for the Philippines. We are able to improve the financial income and lives of our scholars by providing this opportunity,” Ancient8 co-founder Howard Xu told TechCrunch.

Ancient8 partners with P2E games to produce educational content for local communities in Vietnam and educate people about both blockchain and P2E games, Xu said. It helps over 10,000 blockchain game players by providing scholarship and education opportunities, community, blockchain and software products.

Vietnam is Southeast Asia’s third-largest country with a population of 100 million and a young demographic, making the country a ripe market for the widespread adoption of GameFi, Xu added.

“In partnership with our community of game enthusiasts and game developers, we are democratizing social and financial access for the native first generation of Metaverse citizens,” Xu said. “Innovative play-to-win games such as Axie Infinity have changed the status quo, allowing gamers to own a portion of the games they play and share social and financial rewards by contributing to the community, all while having fun. We are excited to build the infrastructure layer for the future of blockchain gaming and the metaverse.

Ancient8 was founded in July 2021 by Xu, Nathan L, and William Phan with a mission to reach, educate, and empower the 100 million citizens of the Metaverse.

Xu also said that Nathan and William are pioneers in Vietnam’s crypto ecosystem, educating Vietnamese users in their time to Coin68 and Kyros Ventures, a Vietnamese blockchain media and incubator, in 2017.

Ancient8 announced today that it has raised $4 million in seed funding led by Dragonfly Capital, Pantera Capital and Hashed. Strategic investors including Mechanism Capital, Coinbase Ventures, Alameda Research, 3Tweleve Capital, Alameda Research, GuildFi, 3Twelve Capital, Coin98 Ventures, Kyros Ventures, Raydium, Jump Capital and Sipher also participated in the round along with previous Trung backers Nguyen (Axie Infinity), Santiago R Santos, Nick Chong and Loi Luu (Kyber Network).

Ancient8 plans to use the latest funding to create a Decentralized Autonomous Organization (DAO) for all community members to easily learn about GameFi developments and create more GameFi tools. The proceeds will also be used to develop more blockchain and software products to serve as the infrastructure layer for the metaverse. As more blockchain games are released, Ancient8 will continue to increase its gaming coverage, the company said.

“[Gaming] Guilds represent an important building block of the GameFi ecosystem, providing users with a powerful community to adopt new technologies and earn rewards for gaming,” said Mia Deng, Partner at Dragonfly Capital.

Global crypto venture capital is flowing to gaming guilds. Andreessen Horowitz invested in Philippines-based crypto gaming guild YieldGuildGames last year. In November, GulidFi, a Thailand-based gaming guild, secured $6 million from crypto venture capital firms including Defiance Capital, Pantera Capital, and Coinbase Ventures.

“Vietnam is one of the most exciting and fastest growing markets in the world today for blockchain adoption. Local communities are realizing the potential impact of this emerging financial system and, in particular, opportunities offered by gambling. Ancient8 has built an incredible gateway for the play-to-earn ecosystem as Vietnam’s largest blockchain game build and we are thrilled to partner with them.” said Pantera Capital partners Paul Veradittakit.

“We believe that blockchain is the opportunity for Vietnam and Southeast Asia to shine and demonstrate explosive growth. We have already seen a warm reception from the Vietnamese community for blockchain technology,” Xu said.

Ancient8 secures $4 million in seed to democratize social and financial access in the metaverse – TechCrunch

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