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Blockchain games boom, millions of dollars poured into startups

More and more blockchain game projects have attracted foreign capital. Vietnamese startups have lured tens of million of dollars for each capital call.

Blockchain games are a growing trend in Vietnam. Though it remains a new technology in Vietnam, many Blockchain games can attract tens of millions of dollars from investment funds, domestic and foreign. This shows that Vietnam's potential is enough to compete with the world.

Hot key words for searching now are Blockchain, metaverse and GameFi.

Vietnam is leading the trend and it is predicted to become a ‘blockchain hub’ in the future.

Technology experts have named a series of outstanding projects developed recently, including Axie Infinity, FOTA (which successfully called for $8.3 million worth of capital), Sipher ($7 million), Faraland ($2.4 million). The game playing is diverse, from raising pets to role playing games (RPGs) and Multiplayer online battle arena (MOBA), which shows Vietnamese startups’ dynamism as well as their entrepreneurial spirit.

The great advantage for Vietnamese startups to compete in the world market is the young and energetic labor force.

Trinh Ngoc Duc, CEO of FOTA, which attracted $8.3 million worth of capital in the angel funding round and was valued at $100 million, said this is a great advantage for Vietnam in the blockchain game market. 

“With a plan to reach out to the international market, we have been trying to fully exploit the labor force in Vietnam. However, there are also big challenges,” Duc said. 

Many obstacles hinder Vietnamese blockchain game projects from accessing foreign capital. The state has not fully legalized cryptocurrency projects and a legal framework for investors and businesses is still lacking, he said.

Blockchain technology has been developing too rapidly, therefore, Vietnam lacks workers with deep knowledge and experience, though the labor force is profuse. 

Duc said that, in developing GameFi projects, arguments between those who design games and those keen on blockchain technology occur because programmers are just good at their field and they need retraining in the fields they are weak at.

Trong Dat


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