Ancient8 raises $4 million in early funding to help the metaverse’s social and financial access become more open

Ancient8, a blockchain gaming guild based in Vietnam, is building a community and software platform to allow anybody to participate in P2E (pay-to-earn) games and contribute to the metaverse while receiving rewards.

“We give our P2E game assets to academics and guild members so that they may play P2E games and receive awards.” The average monthly income in Vietnam is $250, which is not exceptionally high when compared to the United States’ $5,800 and the Philippines’ $1,000. By providing this opportunity, we can demonstrably increase the financial income and quality of life of our academics,” Howard Xu, co-founder of Ancient8, told TechCrunch.

Ancient8 collaborates with P2E games to provide instructional material for Vietnamese communities and to teach people about blockchain and P2E games, according to Xu.

It provides scholarship and educational opportunities, as well as community, blockchain, and software goods, to more than 10,000 blockchain game participants.

Vietnam is indeed the third-largest nation in Southeast Asia, with a workforce of 100 million people and a demographic that skews youthful, making it a prime target for GameFi adoption, according to Xu.

“We’re democratising social and financial access for the first native generation of Metaverse residents by partnering with our community of gaming aficionados and game producers,” Xu added. “Innovative play-to-earn games like Axie Infinity have disrupted the status quo by allowing players to own a piece of the games they play and enjoy social and financial benefits by contributing to the community, all while having fun.” We’re ecstatic to be working on the infrastructure layer for blockchain gaming and the Metaverse’s future.”

Ancient8 was formed in July 2021 by Xu, Nathan L, and William Phan with the goal of reaching out to the next 100 million metaverse people and educating and empowering them.

Nathan and William, according to Xu, are pioneers in Vietnam’s crypto ecosystem, having educated Vietnamese consumers while working at Coin68 and Kyros Ventures, a Vietnamese blockchain media outlet and incubator, in 2017.

Ancient8 has launched a $4 million seed funding round headed by Dragonfly Capital, Pantera Capital, and Hashed. Mechanism Capital, Coinbase Ventures, Alameda Research, 3Twelve Capital, GuildFi, 3Twelve Capital, Coin98 Ventures, Kyros Ventures, Raydium, Jump Capital, and Sipher, as well as previous supporters Trung Nguyen (Axie Infinity), Santiago R Santos, Nick Chong, and Loi Luu, participated in the round (Kyber Network).

Ancient8 intends to utilise the new financing to establish a Decentralized Autonomous Organization (DAO) that will allow all members of the community to readily learn about GameFi advances and contribute to the creation of new GameFi capabilities. The funds will also be utilised to build new blockchain and software solutions to serve as the metaverse’s infrastructure layer. Ancient8 plans to expand its game coverage when additional blockchain games are released, according to the business.

“[Gaming] guilds are a crucial building piece in the GameFi ecosystem,” said Mia Deng, a partner at Dragonfly Capital. “[Gaming] guilds allow players a strong community to embrace new technologies and receive incentives for games.”

The gaming guilds are attracting global crypto venture capitalists. Last year, Andreessen Horowitz invested in YieldGuildGames, a crypto gaming guild located in the Philippines. GulidFi, a gaming guild located in Thailand, received $6 million in November from crypto venture capital companies such as Defiance Capital, Pantera Capital, and Coinbase Ventures.

“Blockchain adoption in Vietnam is one of the most fascinating and rapidly rising markets in the world today.” Local communities are beginning to see the potential influence of this new financial system, particularly the chances in play-to-earn gaming. “As Vietnam’s biggest blockchain gaming construct, Ancient8 has developed an amazing gateway for the play-to-earn ecosystem, and we’re pleased to work with them,” said Pantera Capital partner Paul Veradittakit.

“We think that blockchain presents Vietnam and Southeast Asia with a potential to excel and exhibit rapid development.” “Blockchain technology has already received a great warm reception from the Vietnamese population,” Xu remarked.