Playdex, an online marketplace that allows gamers and guilds to rent gaming assets from NFT owners, has received US$2 million in seed funding.
Investors are PDAX, a leading cryptocurrency exchange in the Philippines, OrangeDAO, and Buko Ventures.
Tinder Co-Founder Justin Mateen, Magic Co-Founder Aaron Kemmer, CSVE Ventures Managing Partner Nina Teng, Yaw Yeo of XA Network, Lazada PH Chairman Ray Alimurung, and Wing Vasiksiri also participated.
The startup will use the capital to accelerate product development, scale its community, and integrate more games into the platform.
Also Read: NFTs: The good, the bad, and the future
Playdex was founded in the Philippines by Xendit senior software engineer and P2E guild founder Daniel Laborada; Coins.ph Founder and former CEO Ron Hose, Head of Operations and Marketing Thea Santos, and Engineering Lead Eduard Iskandarov; Bernadette Misa, a Yield Guild Games Manager and P2E guild founder; Luis Sia, Co-Founder of PayMongo; and Wesley Dela Cruz of the PayMongo Growth team.
Playdex is an easy-to-use platform for the skyrocketing blockchain gaming market. “On Playdex, metaverse gamers can play and earn immediately without buying expensive NFTs. Guilds (organised player groups) can now focus on training and scaling their communities, no longer burdened by the hefty financial costs of gaming assets. While NFT owners can earn from their assets passively,” said Co-Founder Hose.
“By creating a digital platform where NFT owners can upload their assets for guilds and gamers to rent, we unify previously fragmented and informal transactions and make them streamlined and seamless,” added CEO Laborada. “Playdex empowers more people to have easy access to NFT games and reap the economic benefits of blockchain gaming.”
Playdex enters a nascent industry rapidly gaining ground. Leaders in the segment include blockchain game developer Animoca, which has raised funds at a US$5 billion valuation. Epic Games, the creator of gaming’s cultural phenomenon Fortnite, with 250 million players, has raised US$2 billion.
Also Read: More than hype: 3 reasons why NFTs are here to stay
Additionally, with 80 per cent of the Philippines’s 110 million-strong population below 25-years old, and over one million daily active users playing blockchain games, the island country has become the greatest use case proving blockchain gaming’s ability to bring millions into crypto at a staggering speed and scale.
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