Sembrani Kiqani and Bukalapak Invest in the Philippines' Play-to-Earn Gaming Startup
The investment also supported by local investors, YGG SEA will soon make its debut in the Indonesian market
Corry Anestia - 15 December 2021
Sembrani Kiqani, a managed fund by BRI Ventures (BVI), and the unicorn startup Bukalapak were participated in the Yield Guild Games Southeast Asia (YGG SEA) $15 million investment through two financing rounds.
YGG SEA will use the fresh money to encourage the play-to-earn based games adoption in the Southeast Asia region. On the general note, YGG SEA is a decentralized autonomous organization (DAO) under the Yield Guild Games (YGG), a blockchain-based game developer startup from the Philippines.
Sembrani Kiqani is BVI's latest investment vehicle targeting the direct-to-consumer (D2C) sector and blockchain and its derivatives, including cryptocurrencies. BVI is currently driving its investment to strengthen Indonesia's crypto ecosystem.
In addition, YGG SEA also raised funding from several investors including Crypto.com Capital, Animoca Brands, MindWorks Ventures, Poloniex, Jump Capital, and Overseas Bank Venture Management. Last August, YGG SEA had received early stage funding led by YGG and Infinity Ventures Crypto.
YGG SEA is led by Evan Spytma as Co-Founder & CEO. YGG's other co-founders are Dan Wang (previously leading Riot Games operations in China) and Irene Umar (Managing Partner of Discovery Nusantara Capital, an Indonesia-based VC gaming startup).
With the participation of Bukalapak and Sembrani Kiqani, YGG SEA will set Indonesia as one of its main targets for the expansion in Southeast Asia, followed by Vietnam, Singapore and Thailand. After these four countries, then YGG SEA will further expansion throughout the Southeast Asia region.
The latest investment will help the company take the targeted offerings to the regional gaming community. The company will support the development of play-to-earn games in each country to accumulate game assets that will be useful to build a player base in the local market.
"SubDAOs, such as YGG SEA will be at the core of YGG's worldwide expansion strategy given its power of local wisdom and networks," YGG's Co-founder, Gabby Dizon said.
Furthermore, DAO utilizes an open source protocol on a blockchain based on smart contracts. Its primary purpose is to provide an automated way of executing governance decisions. The DAO on YGG is based on smart contracts built on Ethereum.
Play-to-Earn (P2E) is one of the NFT concept derivatives in gaming that is getting more popular. Blockchain technology allows players to buy and sell digital assets in the form of games. In Indonesia alone, there are several developers have penetrate this segment, Soulcops is one of them.
Currently, there are 3,000 digital cards by collectors available in Soulcops before the official mobile game release next year. Collectors can play later with the NFT collections with each rarety to achieve objectives while playing, and upgradable along with other weapons and utilities to create stronger characters. Also, it can produce token that can be exchanged for real money as an implementation of P2E.
In addition, there are several other game products that leads to NFT-based concepts, including Arkipelago, Reality Chain, and Meta Forest Society.
– Original article is in Indonesian, translated by Kristin Siagian