As blockchain evolves beyond its cryptocurrency origins, its use in many aspects of Web3 presents new opportunities for developers of games, NFTs, and business transactions. The crypto startups in Vietnam and their gaming counterparts are embracing blockchain’s acceptability in the broader ecosystem, transforming the country into a hub for all things Web3. Vietnam startups that are using the technology are multiplying rapidly. It has become one of Southeast Asia’s most prolific adopters of blockchain-based technology, and the sector is flourishing. 

Earlier this year, we explored the rise of blockchain-focused VC trends in Vietnam. In this article, we look at how the top 5 Vietnam crypto startups are managing growth in this changing landscape, as well as how they are dealing with issues such as cybersecurity and fundraising. 


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Axie Infinity 

Considered the world’s most popular blockchain game, Axie Infinity is also one of the oldest available. Over 2.8 million daily players buy and trade cybercreatures called Axies, which they use to battle and build things in the virtual world. Gamers earn AXS tokens while playing and may use them to purchase in-game benefits, additional Axies or cash out in cryptocurrency.

Because the quantity of tokens is limited to 270 million, its value is expected to increase from its current $0.01 USD rate. The company’s optimistic growth is backed by a recent $7.5 million USD Series A investment led by Libertus Capital. 

However, all is not rosy in the virtual garden, as Sky Mavis, its parent company, recently lost over $600 million USD when its cryptocurrency fell foul of hackers. This grave security breach exposed technology issues that the company has addressed but will continue to cause concerns amongst users. 

Sipher

Based in Ho Chi Minh City, Sipher is another gaming platform where users earn cryptocurrency by playing while creating the metaverse world. Its World of Sipheria hosts 10,000 unique NFT characters called Nekos that are used for collecting, trading and battling. With around 178 thousand members in Discord, the interest in the community is set to grow as more people realise the benefits of Play-to-Earn games

In October 2021, Sipher secured $6.8 million USD in seed funding, with 22 investors backing the company. Arrington XRP Capital, Hashed and Konvoy Ventures were among its investors. 

Summoners Arena

Gamers who enter the world of Summoners Arena will experience interactive, community-based gameplay. The platform accepts Binance Coin (BNB) or its USD-backed BUSD coin for purchasing and trading its 22,450 unique NFT playing pieces, called Heroes. 

Having over 300 million downloads and 5 million active daily users, Summoners Arena was able to raise $3 million USD in a recent Venture Round with Pantera Capital leading 15 investors. As it enters stage three of its developmental roadmap, the game has launched Mystic Hero and Item NFT sales and updated gameplay. Stage four, which includes guilds and land sales, is scheduled to take place between October and December 2022. 

Poriverse

Taking a slightly different approach to NFT gaming, Poriverse offers users to rent unique characters and create their own. Gamers may create, buy, or rent attractive characters for games by using three types of blockchain registered tokens: Riken, Rigy, and Rifa. 

The game appears to be on schedule to develop its story and set up daily missions for users, having begun its public sale and marketplace in the second quarter of 2022. It also introduced lower entry-level rates in a bid to engage new blockchain gaming users. 

Polygon, a “decentralised Ethereum scaling platform” supports the development of decentralised apps (dApps) by offering low transaction fees and through its Polygon Studios arm, recently partnered with Poriverse. As a result of this partnership, the game will most certainly develop and evolve with the help of Polygon’s clout and expertise. 

Slime Royale

Slime Royale offers free and paid game playing options to encourage the creation, ownership, and trading of its NFT characters. Using three different tokens for playing, two of which are exchangeable, the game also offers inflation protection with its bespoke BES inflation control system. 

The Singapore-headquartered GoGame stepped up with an undisclosed sum of corporate funding on May 30, 2022, following a January 2022 funding round from Appota. 

With around 1.48 billion gamers in Asia alone and the increase of crypto startups in Vietnam tapping into the industry, the prediction that the global value of blockchain gaming would reach $39.7 billion USD by 2025 looks achievable. The top 5 Vietnam crypto startups capitalising on this gaming trend have proven that there is a voracious appetite for the sector. With more time at home due to pandemic restrictions, gamers were more eager to learn about and embrace the emerging NFT and crypto games rapidly becoming available. 

As many Vietnam startups are discovering, integrating blockchain and crypto technology to engage users with gamified content that allows them to earn as they play is poised to become one of the biggest drivers of the Web3 sector in the country and, indeed, globally.