Digital Entertainment Asset Pte. Ltd. (DEA) a blockchain-based entertainment company creating in-game economies, has successfully raised $12 million. The company based out of Singapore are leaders in the play-to-earn domain. Their model merges both GameFi and play-to-earn into a booming economy for the platforms, while incentivizing users purely for their engagement rather than for winning.
The seed fundraising round was led by 7 PLCs, a variety of individual investors, corporate players and underwritten by JAFCO, a Japanese firm that invests in companies worldwide across various sectors. DEA intends to use the capital in order to create new content for its flagship PlayMining platform, while inserting funds into the development of metaverse infrastructure and expanding its talent base.
DEA has two main products which both feature the native governance token, DEAPcoin (DEP) at their core. The DEP is listed for trading on the OKEx exchange. The first product is PlayMining, one of the most popular NFT gaming arenas, boasting over 2.4 million registered users. This platform, which is experiencing rapid growth, features a variety of popular games like JobTribes, a trading card based game. The ecosystem works by incentivizing users for both playing games and reading comic books, and therefore creating an economy between creators and players.
Digital Art Auction, its second product is a marketplace for users to take part in auctions, for both buying and selling one-of-a-kind and rare illustrations. It enables users to use the tokens they receive in PlayMining to buy them.
JAFCO and DEA working together towards Web3
According to JAFCO’s Investment President & CEO, Yoshiyuki Shibusawa, “I don’t need to explain the uniqueness of DEA, which was born in Singapore, has strong connections with famous Japanese artists, and has its sights set on the global market from Asia. We decided to invest in DEA because we want to work with the members of DEA in the midst of the ‘big swell of the times’ symbolized by Web3, which has been created by the will of individuals and technology.”
DEA Co-founder and CEO Naohito Yoshida explains that, “From its inception, DEA’s mission has focused on the concept of play-to-earn, helping make gaming a sustainable livelihood for people around the world. The latest funding and support from investors bring us one step closer to realizing this ambitious vision. Amid the metaverse’s rapid growth, the new capital will help us enlarge our market share while continuously developing our platform to handle the next generation of gaming applications and services.”
Bottom Line
The play-to-earn model is shaking up the traditional gaming sector and resulting in a massive influx of players into GameFi, which gives them the chance to earn for their participation, rather than the traditional method of playing to win.
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