To develop metaverse game World, Sipher secured US $6.8 M in seed funding round
Arrington Capital, Hashed, and Konvoy Ventures led a $6.8 million seed round of funding for Sipher, a blockchain-powered game company in Vietnam.
Defiance Capital, Signum Capital, Dragonfly Capital, CMT Digital, BITKRAFT Ventures, Delphi Digital, Alameda Research, Fenbushi Capital, Sfermion, Hyperchain, GBV, Kyber Network, Coin98 Ventures, YGG, and Merit Circle are among the other investors in the round.
Holly Liu (Kabam), Kun Gao (Crunchy Roll), and Alex Svanevik (Nansen.ai) were among the angels who participated in the round.
The funds will be used to construct Sipher’s future World of Sipheria game as well as to develop the tools needed to produce “compelling, enjoyable, and engaging gaming experiences” using blockchain technology.
Sipher was founded by notable Vietnamese entrepreneur Nguyen Trung Tin (CEO) with the goal of bringing together cutting-edge blockchain technology, artwork, storytelling, and online gaming with decentralised financial solutions.
Its goal is to build a vast universe that will entice and retain players for years to come as new worlds, characters, and factions are introduced.
Sipher wants to create an environment where players may have fun while receiving benefits for their time invested in the game. It also gives players ownership of in-game assets, which helps the gaming industry develop and thrive.
“First and foremost, games are meant to be fun,” Tin said. “They are meant to be social. They are meant to invigorate, excite, and bring people together to enjoy time spent with each other for a common purpose. This is true for the most classic and for the most futuristic of games. This is what makes games the most powerful medium for sharing and discovering amazing moments together.”
Jason Chapman of Konvoy Ventures noted: “Gaming has always been home to creators, thinkers, and competitors, and it is time that we see games show their communities financial loyalty. More than three billion people are playing games across the globe, and less than 0.1 percent of gamers are experiencing direct profit sharing. Sipher is renegotiating what players should expect from their games and is here to bring joy to their players both through entertainment and financial freedom.”
Over 60,000 people are a part of Sipher’s Discord group. On OpenSea, Sipherian Surge, the game’s first playable NFT character, is available for trade and secondary purchase.
The playable MVP of the first gaming experience in the World of Sipheria will also be released by Sipher. A cooperative dungeon game mode will be introduced as part of the experience, which will welcome fresh waves of native and non-native blockchain users. Beautiful design and visuals, engaging gameplay, a huge world mythology concealed with mysteries to find, and the opportunity to participate in the game economy are all used to achieve this.
It’s also getting ready to release the Sipherian Flash, its second collection.
Michael Arrington of Arrington Capital stated: “Sipher builds on innovative P2E economics while leveraging both the spirit of crypto culture and mainstream gaming. The art blends a futuristic world of sci-fi and captivating animals; it is internet-native and inspiring. We believe that Metaverse gaming will unlock a new economic frontier where users can reap the rewards of their time and creativity, and we fundamentally believe in the passion and energy behind Tin and his team.”
Sky Mavis, a Vietnamese gaming company, earned US$152 million in a Series B funding round headed by Andreessen Horowitz, a US-based venture capital firm, earlier this month (a16z). Sky Mavis is the developer of the popular NFT-based game Axie Infinity, which is built on the play-to-earn principle and allows users to play, live, work, and earn in virtual environments. Axie Infinity is a digital pet game that allows users to breed, combat, and trade Axie.
