Singapore startup Affyn, a rising star in the Metaverse space, held 2 oversubscribed fundraising rounds, bringing the total amount raised to more than US$7 million

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Affyn

09 Dec, 2021, 09:15 GMT

  • Affyn's private round was oversubscribed within a week of its website unveil, resulting in the opening of a new  strategic round that once again became oversubscribed, ahead of its presale on 18th December 2021.
  • Backed by more than 50 venture capitalists, institutional investors and partners, signaling high confidence and  strong demand for Affyn's Play-to-Earn Metaverse.

SINGAPORE, Dec. 9, 2021 /PRNewswire/ -- Singapore startup Affyn, a blockchain-powered Metaverse project, is developing a Free-to-Play and Play-to-Earn mobile game with integrated geolocation and augmented reality (AR) capability. 

Reimagining Free-to-Play and Play-to-Earn

As a metaverse-based project with geolocation capability and AR mechanics, Affyn incorporates the fun concept where every in-game character, which they call "Buddy", is a non-fungible token (NFT). If you are not yet familiar with NFT, it just means that the buddy actually belongs to you, and not to the game developers. This disrupts the traditional gaming industry where players grind thousands of hours for in-game items and currencies which they do not really own. 

Creating a Closed-loop Economy

Similar to how every game has its own set of currency, Affyn's currency is also known as FYN tokens. The utility of FYN tokens is aimed to be highly versatile - apart from the usual in-game transactions, it is in progress to adopt  real world utility. By creating this integrated ecosystem whereby players can earn the tokens virtually, and being able to utilise them in the real world, a closed-loop economy is formed - driving the value of FYN tokens. 

Ensuring a Sustainable Game Economy

Affyn is one of the pioneers of the mobile Play-to-Earn model, created with the intention of changing the way players can derive value from the ecosystem as compared to traditional gaming platforms. The team spent more than a year designing a detailed blueprint to create a sustainable game economy. This helps to ensure rewards remain attractive to existing and new players in the long run. 

Lucaz Lee, Founder and Chief Executive Officer, who fronts the fundraising, on why he started this project: "Our idea of a Metaverse is a world where people can meet, play and connect not just virtually, but also in real life. By using blockchain technology as a bridge, Affyn aims to drive a global movement where we can play, earn, and  have more fun together at the same time." 

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