Blockchain Gaming Explodes In Vietnam

Multiple Vietnamese companies are eyeing the fast-growing blockchain gaming market and making their move by developing the next big blockchain game. 

Axie Infinity Starts A Trend

The Axie Infinity marketplace, which was launched by Vietnamese company Sky Mavis, has served a million unique crypto wallets since its launch in March 2018. The monster-combat game is also this year’s most valuable NFT game worldwide. According to one of the founders of Axie Infinity, Nguyen Thanh Trung, blockchain gaming has evolved beyond just testing the boundaries to actually developing good products. Axie Infinity has catalyzed the beginning of a blockchain gaming upsurge, with multiple other Vietnamese companies deciding to join the race. With 57% of the country’s 68 million smartphone users spending a daily average of 3.9 hours playing games, Vietnam currently holds the second position in mobile game downloads in Southeast Asia. 

Investor-Fav Blockchain Games From Vietnam

Other than Axie Infinity, the Vietnamese blockchain market features Sipher, Faraland, Heroverse, Zuki Moba, My Defit Pet, MeebMaster, Theta Arena, and more. 

Sipher is a multiplayer online battle arena (MOBA) game and has recently raised $6.8 million from US and South Korean investors to fund their next big project, “The World Of Sipheria.” In anticipation of the launch, the team launched NFTs of one of the main characters of the game, which resulted in over 10,000 Sipher Inu NFTs selling out in less than 15 minutes. 

Another popular multiplayer game originating in Vietnam is Faraland. The RPG metaverse on Faraland features character NFTs and has recently raked in a $2.4 million investment. In addition, puzzle and strategy RPG HeroVerse raised $1.7 million. Zuki Moba, another MOBA game created by a Vietnamese company, has been in the news recently for raising $ 1.4 million in capital from major international investment funds, like Kyber Network, Coinsgroup, etc. 

In related news, video game giant Ubisoft has revealed that it is exploring blockchain technology by investing in Animoca Brands to examine options of developing its own blockchain-based game.  

Challenges In The Market

According to Project SEED CMO Thao Trang, global industry insiders see Vietnam as a blockchain ecosystem, not just separate projects. However, a shortage of suitable candidates in the market is creating obstacles in hiring for different roles in blockchain game development. Therefore, project SEED hires candidates who are good at either blockchain or game development and then teaches them to acquire the necessary skillsets. 

Trang states, 

“Conflicts between the two groups are common. Blockchain changes every day and developers have to be on their toes all the time, ready to respond to market reactions.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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