Vietnam Gaming Guild Ancient8 Raises $4m in Seed Financing

Daniel Attoe
Daniel Attoe

Updated · Feb 21, 2022

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Southeast Asian gaming guild Ancient8 announced on Wednesday that it has closed a $4 million seed round.

Bolstering P2E Gaming in Vietnam

Ancient8 has raised $4 million in seed funding geared towards developing a play-to-earn (P2E) community. Early-stage venture funds Dragonfly Capital, Pantera Capital, and Hashed led the seed round as investors double down on gaming guilds.

Ancient8 will use the funds to build a Decentralized Autonomous Organization (DAO) it says will elevate crypto gaming in Vietnam.

Co-founder Howard Xu told Techcrunch that the move will enhance the quality of life of the guild’s members.

“We lend our P2E game assets to the scholars or guild players, so they can play P2E games and enable them to earn rewards,” he said. “We are demonstrably able to improve the financial income and life of our scholars by offering them this opportunity.” 

Xu also added that Vietnam’s huge youth-leaning population makes the country ideal for GameFi. In addition, he highlighted the benefits accrued from innovations like P2E and the Metaverse.

“Partnering with our community of gaming enthusiasts and game developers, we are democratizing social and financial access for the first generation of Metaverse citizens. Innovative play-to-earn games such as Axie Infinity have changed the status quo, empowering gamers to own a piece of the games that they play and share financial rewards.”

As a result, P2E gaming has attracted serious interest from investors as the market for cryptocurrency asset explodes. Only days ago, venture capital firm Mechanism Capital launched a $100m fund focused entirely on P2E investments. 

Similarly, Tokens.com has invested “millions”. CEO Andrew Kiguel says that he is “betting that crypto games will be the next big thing”.

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Daniel Attoe

Daniel Attoe

Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.

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