Singapore-based Play-to-Earn (P2E) Metaverse company Affyn has achieved a market valuation of over $1 billion after its recent public listing.
Given that the P2E industry boomed during the COVID-19 pandemic to record an increase of about $2 billion in revenue in the Q3 of 2021, it makes sense that the blockchain-powered Metaverse projects are seeing increasing interest from investors.
Affyn’s successful funding comes after it has conducted a Presale and Launchpad round along with oversubscribed Private and Strategic rounds.
P2E games have been seeing so much interest due to the opportunities they offer to players to earn rewards or collectables by doing what they already enjoy, playing the game.
Affyn, which integrates both the virtual and the real world, utilizes geolocation technology, augmented reality (“AR”) mechanics, and non-fungible tokens (“NFT”) to create a lucrative and fun ecosystem.
For over a year now, the Affyn team has been developing a closed-loop ecosystem with a focus on sustainability. The idea is to create a system with multiple revenue streams, including an advertising revenue model and business-to-business collaboration.
Sustainability is the key
Affyn is positioning itself as one of the pioneers of building a sustainable mobile Play-to-Earn model.
The company will also be developing a Metaverse called “NEXUS,” built on a digital layer mapped to the real world, where users can explore, play, and participate in activities based on their geolocation.
The trailer video for the NEXUS Metaverse is set to be released in February.
Players in the NEXUS Metaverse will be able to capture and train “Buddies,” a collection of NFTs in the game, to participate in quests, player-versus-player battles (PvPs), and raids.
Every “Buddy” character in the game is an NFT on the blockchain, meaning the “Buddy” holders will own these NFTs. Besides owning them, players can also train and play with Buddies interactively. The team plans to make these Buddies transferrable to other games as well in the future, maybe even without changing their attributes.
The company meanwhile is expanding its team and hiring across game development and engineering functions to aid with their project development.