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Hello readers,
Earlier this year, I worked on a Tech in Asia Explains episode about non-fungible tokens (NFTs). At the time, much of the hype over NFTs was centered around the art world, thanks in large part to the US$69 million NFT auction of Beeple’s digital artwork at Christie’s.
Since then, the conversation around NFTs has gone a lot further and gained some serious traction in the gaming realm. Blockchain-based games are drawing huge interest from both players and investors. Axie Infinity, which we’ve covered pretty extensively, is one NFT-based game that’s really taken off – and its success could signal a new dawn for Vietnam’s gaming sector.
Today we look at,
- What Axie Infinity’s success could mean for Vietnam’s gaming industry
- This startup that’s bringing education into the metaverse
- Other newsy highlights such as how Asia is doing on the ESG front (spoiler: not great) and CMCC’s latest crypto fund
Premium summary
Fueling Vietnam’s gaming industry
Image credit: Timmy Loen
Vietnam is home to a burgeoning game development scene, but aside from producing Flappy Bird, which created a global sensation in 2014, and 7554: Glorious Memories Revived, a first-person shooter game, the country’s gaming industry has not lived up to its potential so far. However, the success of Axie Infinity, an NFT-based game developed by Ho Chi Minh City-based startup Sky Mavis in 2018, might herald a new age for game developers in the nation.
- The impact of NFTs: Axie Infinity is just one of several homegrown NFT-based games that are getting attention from global investors. Big-name investors like Animoca Brands, Kardia Ventures, Hashed, and Arrington Capital have all made bets in other NFT-based projects from Vietnam.
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Rules and regulations: Strict regulations around the kinds of games that can be published in Vietnam have posed challenges for developers, but many local studios have adapted and innovated, focusing on strategy and role-playing games. Moreover, these rules only apply to games made for Vietnam – there’s nothing stopping game studios from developing titles in any genre for overseas markets.
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Acceptance is key: Ultimately, a game’s success depends on support from the community. The gaming industry is still undervalued by Vietnam’s government, but with the country’s young population and rising affluence, the future holds promise.
Read more: Axie Infinity: A sign of Vietnam’s resurgence in the gaming sector?
Startup spotlight
Education in the metaverse
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