Playdex, a play-to-earn rental marketplace located in the Philippines, has secured US $2 million in a seed fundraising round led by PDAX, iSeed Ventures, and OrangeDAO.
The marketplace allows players and guilds to rent game assets from NFT holders, bringing all the P2E stakeholders together on a single platform.
“On Playdex, gamers can play and earn immediately without having to buy expensive NFTs. Guilds can now focus on training and scaling their communities no longer burdened by the hefty financial costs of gaming assets,” said co-founder Ron Hose, the former CEO of Philippine fintech firm Coins.ph.
Other Playdex co-founders include ex-Xendit developer Daniel Laborada, Bernadette Misa of Yield Guild Games, Thea Santos and Eduard Iskandarov of Coins.ph, and Luis Sia and Wesley Dela Cruz of PayMongo. Colin Goltra, the COO of Yield Guild Games, has also been hired as an active adviser.
The co-founders picked the Philippines as Playdex’s home base because the nation is home to 40% of Axie Infinity’s P2E gamers. According to the firm, there are 1 million daily active blockchain gaming players.
The blockchain game business is attracting a lot of attention, with Hong Kong-based Animoca Brands valued at $5 billion and Epic Games obtaining $2 billion to establish a metaverse. The market is expected to be worth $50 billion by 2025, according to Playdex.
The additional cash will be utilised to grow Playdex’s community, improve its product, and add new games to the platform.
