Vietnam (Part 2): Vietnam’s blockchain gaming ecosystem and illustrations
I. Introduction
The previous report mentioned the rapid rise of Vietnam's local game market and blockchain game market in the past two years. Vietnamese local game manufacturers have developed rapidly by producing lightweight, addictive casual games. Coupled with the age distribution and payment ability of local players, a wave of blockchain game PlayToEarn model has been set off. This report will further explore the overview of Vietnam's blockchain game market, blockchain game-related ecology and blockchain game projects.
2. Overview of Vietnam’s blockchain game market and investors
1. GameFi Market Participation
Currently, the participation rate of GameFi in Vietnam has reached an astonishing 61.6%. Vietnam has a population of about 97 million and a cryptocurrency adoption rate of about 6%. It is preliminarily estimated that 3.7 million local users have participated in blockchain games.
2. Distribution of holdings of Gamefi investors in Vietnam
When we look at it from another perspective, Vietnamese players' enthusiasm for blockchain gaming projects is also reflected in their asset allocation. Nearly 70% of players will allocate more than 25% of their cryptocurrency assets to blockchain gaming-related assets.
3. Reasons for joining GameFi
The motivation for Vietnamese players to invest in blockchain-related assets is dominated by the PlayToEarn model and token appreciation profits, but there are also a considerable number of "heavy players" (accounting for about 20% of the surveyed players) whose investment purpose is to deeply participate in the game experience.
4. How to participate in GameFi investment
Vietnamese players still mainly invest in blockchain game-related assets in the form of game tokens. At the same time, the explosion of NFTs and expectations for new blockchain games are also prompting many Vietnamese players to participate in the trading of game NFT assets and the pre-sale of LaunchPad.
After investing in blockchain game tokens, Vietnamese players are evenly divided into three groups:
Q Pure Holder
oGamers
5. Entry and holding period of Vietnamese blockchain game players
The rise of blockchain games has also injected fresh blood into the Vietnamese crypto market. In 2021 alone, about 1.85 million users entered the cryptocurrency market through blockchain games, accounting for 50% of the total blockchain game users. At the same time, 90% of Vietnamese users who hold blockchain game assets have a holding period of less than half a year, indicating that blockchain games in Vietnam are highly sought after by local players, and new players are constantly pouring into the market.
6. The most commonly used GameFi public chain
Vietnamese players prefer BNB Chain’s blockchain games, which may be due to a combination of factors such as the quality of blockchain games, yield on gold farming, transaction fees, and transaction processing speed.
7. Market sentiment
Vietnamese gamers are significantly more enthusiastic and concerned about local blockchain gaming projects.
8. GameFi player and investor information channel
Vietnamese players mainly obtain information about blockchain game investments from communities, cryptocurrency asset news media, blockchain game project official channels, and mutual recommendations from players.
3. Gamefi ecosystem in Vietnam
1. Studio
Among them, the more outstanding blockchain game studios and blockchain game works are:
Founded in 2018, the Vietnamese blockchain technology game company mainly engages in blockchain games and the construction of infrastructure for blockchain games. After obtaining US$1.46 million in financing in December 2020, it completed US$7.5 million in Series A financing and US$152 million in Series B financing in 2021. Its masterpiece "Axie Infinity" had 2 million daily active users at its peak, and NFT transaction volume exceeded US$2.2 billion.
Chain game works:
Axie Infinity
Game Type: Casual SLG
Twitter community: 947.9K
Discord community members: 729.3K
Number of addresses holding coins: 240.8K
Exchanges: Upbit, Binance, FTX, OKX, Bitrue, LBANK, Katana, Huobi,
Crypto.com, Gate, Kucoin etc.
Active players (30 days): 564.83K
Public chain: Ronin
Project website: https://axieinfinity.com/
Founded in 2012 by veterans from GameLoft and VNG, the current team size is 60 people. More than 50 games have been launched, with cumulative downloads exceeding 100 million. It is a game manufacturer that develops both traditional games and blockchain games.
Chain game works:
ARK RIVALS
Game Type: Sci-fi RTS strategy game
Twitter community: 38.3K
Discord community members: 14.4K
Telegram community members: 30.9K
Number of currency holding addresses: 1.5K
Trading Market: Huobi, KAIDEX, Becoswap
Public chains: BSC, Kardiachain
Project website: https://arkrivals.com/My DeFi Pet
Game type: NFT vs. SLG with Defi
Twitter community: 124.7K
Telegram community members: 66.4K
Number of addresses holding coins: 181.4K
Marketplace: Gate, KuCoin, PancakeSwap, MEXC, XT.COM, CoinEx, Bibox, LATOKEN, BitForex, Hotbit, ZT, Hoo
Active players (30 days): 2.2K
Public chain: BSC
Project website: https://mydefipet.com/Titan hunters
Game Type: MMORPG
Twitter community: 143.6K
Discord community members: 51.9K
Telegram community members: 13.1K
Number of addresses holding coins: 40.4K
Marketplaces: Gate, MEXC, PancakeSwap, BKEX, BingX, ZT, Hoo Active players (30 days): 5.53K
Public chain: BSC
Project official website: https://www.titanhunters.io/
Founded in 2014, the Vietnamese game manufacturer has grown from a team of 4 people to more than 30 people. Since 2015, it has focused on developing MOBA games. At the end of November 2021, it launched the first MOBA game in the blockchain game, "Thetan Arena", and the cumulative number of players reached 20 million within three months.
Chain game works:
Thetan Arena
Game Type: MOBA
Twitter community: 345K
Discord community number: 108.1K
Telegram community members: 117.8K
Number of addresses holding coins: 123.7K
Marketplaces: Gate, LBank, MEXC, PancakeSwap, OKX, BitMart, CoinEx, ApeSwap, BitForex, BingX, BKEX, Hotbit, Jubi, ZT, CoinTiger
Active players (30 days): 6.22KPublic chain - BSC project official website - https://thetanarena.com
2. Independent blockchain game projects (partial)
Among them, the more outstanding blockchain games are:
A 3D horse racing game with a sci-fi style. Horses have different attributes to cope with different tracks and different natural environments. Players can breed and continuously upgrade horses to improve the quality of horses.
Horse racing and leasing NFTs to earn token rewards. Investors include: Crypto.com Capital, Kyber Ventures,
Shima Capital, Kyros Ventures, Astrov Ventures, Real Deal Guild。
Game type: Horse racing style card game
Twitter community: 345K
Discord community members: 130.1K
Telegram community members: 16.5K
Number of addresses holding coins: 51.3K
Exchanges: KyberSwap Classic (Polygon), DFX Finance (Polygon), QuickSwap, DigiFinex, Bittrex
Active players (30 days): 59.79K
The full name is Sipherian Odyssey. It is a 3D shooting MOBA game that focuses on combat effects. Cartoon characters are used as game characters. The game quality and combat feel are outstanding. The Alpha version test is about to start. Investors include: Alameda Research, #Hashed, Dragonfly Capital, Arrington Capital, GBV, Coin98 Insights, etc.
Game Type: Shooting MOBA Game
Twitter community: 345K
Discord community members: 130.1K
Telegram community members: 16.5K
Number of addresses holding coins: 51.3K
Marketplaces: Gate, LBank, MEXC, PancakeSwap, OKX, BitMart, CoinEx, ApeSwap, BitForex, BingX, BKEX, Hotbit, Jubi, ZT, CoinTigerActive players (30 days): 6.22K
A turn-based strategy + role-playing game, in which players can learn skills for their NFT heroes, collect equipment, recruit troops, participate in PVE, PVP battles to obtain token rewards. Faraland is inspired by World of Warcraft, using the game plot of Final Fantasy, the background of Horizon Dawn, the Pokemon and Final Fantasy tactical combat systems, and the EVE online game. Investors include: Chain Capital, AU21 Capital, X21, Spark Digital Capital, Coin98, Icetea Labs, etc.
Active players (30 days): 6.22K
Game type: MMORPG, turn-based strategy game
Twitter community: 145.9K
Telegram community members: 46.4K
Number of addresses holding coins: 29.3K
Marketplace: PancakeSwap, MEXC, BKEX, Hoo, Decoin
Active players (30 days): 5.26K
3. Infrastructure
W1) Public Chain
Kardiachain
Official website: https://www.kardiachain.io/
Market value and circulation:
Coin: KAI
KAI Price: $0.01077
KAI total: 5,000,000,000
KAI Total Market Cap: $53,843,084
KAI circulation: 3,560,000,000 KAI circulation market value: $38,371,812 Kardia Chain is a Vietnamese Layer1 public chain built for blockchain games. The team started developing it in 2018. The core technology of Kardia Chain adopts Dual Node double-layer consensus to ensure the security of cross-chain transactions. The main consensus mechanism is BFT DPOS: Byzantine Fault Tolerance-Delegated Proof of Stake, which is characterized by fast, efficient and scalable. Kardia Chaind has a TPS of 6,000+, which can easily and quickly process high-frequency transactions generated by blockchain games without affecting the gaming experience. In addition, Kardia Chain has KVM performance support for cross-chain, which is a slightly improved version of Ethereum Virtual Machine EVM. Currently, it supports game assets and KRC-20 token transactions of two popular local blockchain games "My Defi Pet" and "Thetan Arena". Currently, the Kardia Chain ecosystem has launched 6 Dapps including DeFi, NFT and games.
Ronin
Official website: https://bridge.roninchain.com/
Market value and circulation:
Token: RON
RON Price: $0.3801
Total RON: 1,000,000,000
RON Total Market Cap: $380,128,858
RON Circulation: 148,339,298
RON Market value: $56,533,685
The high transaction speed and transaction cost on the Ethereum chain have reduced the appeal of the blockchain game "Axie Infinity". The high gas fees and network congestion will stagnate the development of the game economy. Therefore, the "Axie Infinity" team Sky Marvis started the development of the Ronin chain in February 2021 to process transactions more efficiently as an Ethereum side chain. The Ronin chain adopts the Proof of Authority (POA) consensus model, which is a reputation system based on validators. Some verification nodes include Binance, Ubisoft, Animoca Brands, etc. At present, Ronin also provides Dex, a trading market for game NFT assets, AXS token staking and other functions.
W2)YLaunchpad
RedKite
Official website: https://redkite.polkafoundry.com/#/
Twitter: 5,215,000 (https://twitter.com/polkafoundry/)
Telegram: 127,015 (https://t.me/polkafoundry/)
RedKite is an IDO/IGO platform launched by PolkaFoundary in April 2021. It has raised a total of US$8.69 million for 67 projects, almost all of which are blockchain games. The user participation rate of return can reach up to 4,000%+. In addition to the IDO function, it also provides DeFi functions such as Swap and Staking.
Gamefi.org
Official website: https://gamefi.org/
Twitter: 5,982,000 ( https://twitter.com/GameFi_Official)
Telegram: 148,042 ( https://t.me/GameFi_Official)
Market value and circulation:
Token: GAFI
GAFI Price: $13.65
GAFI Total: 14,965,600
GAFI Total Market Value: $204,195,444
GAFI Circulation: 998,099
GAFI market capitalization: $13,628,063
The IDO/IGO platform is invested by Dao Maker, Animoca Brands, Icetea Labs, Morningstar Ventures, Polygon and other institutions. It has completed IDO rounds of fundraising for more than 60 projects, bringing an average return of 60 times to investors (calculated by project ATH). The projects launched are similar to the RedKite platform, all of which are blockchain games. In addition to the IDO/IGO function, there are also game NFT markets, game recommendations, union recruitment and other media resource push, with DeFi functions such as Staking, and the Metaverse scene will be launched in the future.
4. Guild
Ancient 8
Ancient8 is a local GameFi ecosystem in Vietnam. Its business covers: knowledge popularization for blockchain game players, academic community, blockchain game community, blockchain game union management software, and blockchain game union. Ancient8 is jointly invested by Dragonfly Capital, #Hashed, Coinbase Ventures, Mechanism Capital, Alameda Research, Animoca Brands and other star institutions.
5. Chain Game Media
6. Investment institutions
Icetea Labs
IceTea Labs is a laboratory that incubates and nurtures Polkadot projects. They guide potential projects and assist projects in establishing connections with a wide network of strategic partners, helping projects from strategic planning, fundraising, marketing, product development to actual implementation. Strategic partners include #Hashed. Icetea Labs' products include PolkaFoundry, RedKite, GameFi and other IDO platforms mainly based on blockchain games, as well as the blockchain game product "Mech Master". The projects involved in the investment are mainly blockchain games, such as "Froyo Games", "Ertha", "Titan Hunters", etc.
BigCoin Capital
A local cryptocurrency VC in Vietnam, with a wide range of investment portfolios, including public chains, DeFi, infrastructure, blockchain games, etc. Famous investment projects include: Tomo Chain, NYM, GuildFi, Froyo Games, StarSharks.
Kyros Vnetures
A blockchain project venture capital and incubator founded by the founder of local blockchain media Coin68. Strategic partners include: FTX, Chromia, Mina, TrustSwap. Kyros Ventures has a wide portfolio, covering DeFi, infrastructure, etc. Most of its recent investment activities are focused on blockchain games and blockchain games ecosystems. Famous investment projects include: Chiliz, Biconomy, Coin98, Mines of Dalarnia, etc.
references
Andy. (2019, March 24). 2019 Vietnam Blockchain Ecosystem White Paper. BeeCast. Retrieved July 17, 2022, from https://mp.weixin.qq.com/s/isySiazwQdNgc9Z1Difvzw
Nguyen, M. (2022, April 26). Cryptocurrency in Vietnam - statistics &facts. Statista. Retrieved July 17, 2022, from
https://www.statista.com/topics/9088/cryptocurrencies-in-vietnam/
Statista. (2022a, February 28). GameFi information sources among investors Vietnam 2021. Retrieved July 17, 2022, from
https://www.statista.com/statistics/1293213/vietnam-information-sources-of-gamefi-investors/
Statista. (2022b, February 28). GameFi participation Vietnam 2021, by type.
Retrieved July 17, 2022, from
https://www.statista.com/statistics/1293220/vietnam-gamefi-participation-by- type/
