HOME INDUSTRY RESEARCH Global Game and GameFi RegionalMarket Report Series — Vietnam(Part2): Vietnam GamFi Ecological Guide

Global Game and GameFi RegionalMarket Report Series — Vietnam(Part2): Vietnam GamFi Ecological Guide

1 、Preface

In the previous report, we went through the local traditional market in Vietnam. Local Vietnam game producers achieved great success based on their product designing strategies: producing additive, fast-paced casual games. Meanwhile, the mass number of young players with limited in-game purchases caused the development of blockchain games. The Play-to-Earn gaming mode attracted great attention and even brought a“GameFi bull run” in 2021. In this report, we will further go through the GameFi ecosystem in Vietnam.

2 、Vietnam GameFi Invester Overview

(1). GameFi Market Participation Rate

In 2021, there were 61.6% of crypto users participated in GameFi. According to the demographic statistics, there were 97 million population with a 6% crypto adaptation rate.

Therefore, there were about 3.7 million users participated in GameFi.

(2). Share of Investment In GameFi Asset

Vietnam Investors show great enthusiasm towards GameFi; almost 70% of Vietnam crypto investors would split over 25% of total crypto asset bagging with GameFi assets.

(3). The Reasons Why Participating in GameFi

According to a marketing survey, Vietnamese showed great enthusiasm for participating Play-To-Earn mode and earning a profit. Still, a considerable number of investors are appealed by blockchain games(19.8% of total respondents).

(4). Methods of Investing in GameFi

There were various ways of investing in GameFi; more Vietnamese investors enjoy investing in GameFi NFT launchpads instead of simply investing in tokens.

3 Types of GameFi investors in Vietnam:

36.4%: Play-To-Earn player (short-time holder)

31. 1%: Token holder (short time to long time holder)

29. 1%: Royale Player(long-time holder)

(5). Time of Participating in GameFi

GameFi injected 1.85 million new crypto users in Vietnam in 2021; 90% of total GameFi users just joined GameFi less than 6 months. Those statistics indicate that GameFi is regarded as the hottest investment and shows exponential growth trending.

(6). Most Used Layer 1 Ecosystem for GameFi Investment in Vietnam

Vietnam GameFi investors prefer to invest in BSC(BNB) Chain, giving the higher TPS(transaction per second) and lower gas costs when processing game transactions.

(7). Market Trending

Vietnam GameFi investors incline to pay more attention to local GameFi projects such as Axie Infinity and Thetan Arena.

(8). GameFi Information Sources

Most Vietnam GameFi investors gather information through community groups and Crypto news sites. Thus the blockchain media industry serves an important role. Besides, there are still a considerable amount of individual researchers who would go through the projects’ websites and channels.

3 、Vietnam GameFi Mapping

(1).Blockchain Game Studios

Some of the distinguished blockchain game studios & their products:

Sky Mavis was founded in 2018 and mainly focused on blockchain game designing and GameFi-related infrastructure. Sky Mavis raised 1.46 million dollars in December 2020, completed a series A round of 7.5 million USD, and closed a series B round of 152 million USD in 2021. The famous blockchain work Axie Infinity achieved 2 million DAU(Daily Active Users) at its peak, and its total NFT transactions exceeded 2.2 billion USD.

Blockchain Game Portfolio

⚫ Axie Infinity

Type: SLG Twitter: 947.9K Discord: 729.3K

Token Holders: 240.8K

Exchange listings: Upbit, Binance, FTX, OKX, Bitrue, LBANK, Katana, Huobi,, Gate, Kucoin etc.

Active Users (30 Days): 564.83K

Blockchain: Ronin

Official Website:

Founded in 2012 by GameLoft and VNG veterans, the current team size is 60 people. More than 50 games have been launched, with a cumulative download of more than 100 million. It is a game manufacturer that develops both traditional games and blockchain games.

Blockchain game portfolio


Type: Scientific RTS, Strategy

Twitter: 38.3K

Discord: 14.4K

Telegram: 30.9K

Token Holders: 1.5K

Exchange Listings: Huobi, KAIDEX, Becoswap

Blockchain: BSC, Kardiachain

Official Website:

⚫ My DeFi Pet

Type: SLG with DeFi functionalities

Twitter: 124.7K

Telegram: 66.4K

Token Holders: 181.4K

Exchange Listings: Gate, KuCoin, PancakeSwap, MEXC, XT.COM, CoinEx, Bibox, LATOKEN, BitForex, Hotbit, ZT, Hoo

Active Users (30 Days): 2.2K

Blockchain: BSC

Official Website:

⚫ Titan hunters

Type: MMORPG Twitter: 143.6K Discord: 51.9K Telegram: 13. 1K

Token Holders: 40.4K

Exchange Listings: Gate, MEXC, PancakeSwap, BKEX, BingX, ZT, Hoo Active Users (30 Days): 5.53K

Blockchain: BSC

Official Website:

Wolffun Game was founded in 2014. The team expanded from 4 core members to over 30. Wolffun Game majorly focused on developing MOBA games and launched the first MOBA game in blockchain named Thetan Arena. Thetan Arena accumulated over 20 million players in only three months right after the game’s initial launch.

Blockchain game portfolio

⚫ Thetan Arena

Type: MOBA Twitter: 345K Discord: 108. 1K Telegram: 117.8K

Token Holder: 123.7K

Exchange Listings: Gate, LBank, MEXC, PancakeSwap, OKX, BitMart, CoinEx, ApeSwap, BitForex, BingX, BKEX, Hotbit, Jubi, ZT, CoinTiger

Active Users (30 Days): 6.22K

Blockchain: BSC

Official Website:

(2). Independent Blockchain Games:

Some of the distinguished projects

PEGAXY is a 3D-designed horse racing game. Players could breed horses, match PVP racing competitions, and rent out their horses. If winning the race competition, the player could earn token rewards. Investors & Backers: Capital, Kyber Ventures, Shima Capital, Kyros Ventures, Astrov Ventures, Real Deal


Type: SLG, Horse Racing

Twitter: 93K

Discord: 131K

Telegram: 16.5K

Token Holders: 51.3K

Exchange Listings: KyberSwap, Classic(Polygon), DFX Finance(Polygon), QuickSwap, DigiFinex, Bittrex

Active Users (30 Days): 59.79K

Sipherian Odyssey is a Gun-shooting MOBA game with a 3D graphic; the Alpha version will be launched soon. Investors & Backers: Alameda Research, #Hashed,

Dragonfly Capital, Arrington Capital, GBV, Coin98 Insights, etc.

Type: MOBA, Shooting

Twitter: 345K

Discord: 108.1K

Telegram: 117.8K

Token Holders: 123.7K

Exchange Listings: Gate, LBank, MEXC, PancakeSwap, OKX, BitMart, CoinEx, ApeSwap, BitForex, BingX, BKEX, Hotbit, Jubi, ZT, CoinTiger

Active Users (30 Days): 6.22K

Faraland is an SLG game where players could acquire skills and equipment for their NFT heroes and make them stronger. Players could engage in PVE, PVP mode when building an army to earn token rewards. Faraland combined World of Warcraft’s and Final Fantasy’s ideas when designing the characters and storyline. In the meantime, Faraland’s gaming modes were inspired by Pokemon and EVE. Investors & Backers: Chain Capital, AU21 Capital, X21, Spark Digital Capital, Coin98, Icetea Labs, etc.


Twitter: 145.9K

Telegram: 46.4K

Token Holders: 29.3K

Exchange Listings: PancakeSwap, MEXC, BKEX, Hoo, Decoin Active Users (30 Days): Around 10K

(3). GameFi Infrastructures in Vietnam


⚫ Kardiachain

Official Websites:

Market Cap & Circulation

Token: KAI

KAI Price: $0.01077

KAI Total Supply: 5,000,000,000

KAI Full Diluted Market Cap:$53,843,084

KAI in Circulation: 3,560,000,000

KAI Circulating Market Cap:$38,371,812

Kardia Chain is a Vietnam layer 1 blockchain specialized for blockchain games started in 2018. Kardia Chain adopted Dual Node to set up 2 authenticate layers to improve the security of the cross-chain transactions. As for the consensus mechanism, Kardia Chain chose BFT DPOS to improve efficiency and scalability. Currently, the TPS(Transactions Per Second) on Kardia Chain reached 6,000 that could easily process the frequent transactions from blockchain games. In addition, Kardia Chain adjusted.

EVM model and launched its KVM function. Currently, Kardia Chain supports the transactions of GameFi assets and tokens from My DeFi Pet and Thetan Arena. There are 6 Dapps launched on Kardia Chain, including Defi, NFT and a few games.

⚫ Ronin

Official Websites:

Market Cap & Circulation

Token: RON

RON Price: $0.3801

RON Total Supply: 1,000,000,000

RON Full Diluted Market Cap: $380,128,858

RON in Circulation: 148,339,298

RON Circulating Market Cap: $56,533,685

Considering that the Ethereum blockchain has expensive gas fees and frequent congestions, which greatly affected the blockchain games, Sky Mavis started constructing its own layer 2 blockchain Ronin in February 2021. Ronin Chain adopted the POA consensus model based on the reputation and credibility of authenticators. Some of the well-known authenticator nodes are Binance, Ubisoft, and Animoca Brands. Currently, Ronin Chain offers Dex, GameFi NFT Market, and Staking functionalities for users.


⚫ RedKite

Official Website:

Twitter:5,215,000 (

Telegram:127,015 (

RedKite is a IDO/IGO platform founded by PolkaFoundary in April 2021. Up to now, RedKite has helped 67 GameFi projects and raised 8.69 million USD in funds. On the other side, users who participated in IDOs could possibly gain up to 4,000% ROI. Besides, Redkite offers Dex functionalities such as Swap and Staking.


Official Website:

Twitter:5,982,000 (

Discord:148,042 (

Marketcap & Circulation


GAFI Price :$13.65

GAFI Total Supply:14,965,600

GAFI Full Diluted Market Cap:$204,195,444

GAFI in Circulation :998,099

GAFI Circulating Market Cap:$13,628,063 is an IDO/IGO platform founded by Icetea Labs with the support from many giant investors/backers such as Dao Maker, Animoca Brands Morningstar Ventures, Polygon. Up to now, has helped over 60 GameFi projects raise found. On the other side, users who participated in IDO could gain up to 60,00% ROI if considering the ATH. Besides, also offers NTF Market, GameFi news and media and will launch metaverse in the future.

(4). Game Guild

⚫ Ancient 8

Anicient8 is a Vietnam local-based GameFi game guild, and its businesses include education, player community, scholars community and management infrastructure, and game guild. Investors & Backers: Dragonfly Capital, #Hashed, Coinbase Ventures, Mechanism Capital, Alameda Research, Animoca Brands, etc.

(5). Blockchain Game Media

(6). Investors group/ VC(s)

⚫ Icetea Labs

Icetea Labs is a Vietnam GameFi-focused venture capital, and it offers project incubation, advisory partners, project launching support and a developer hub for new GameFi projects. Icetea Labs has its in-house project: Polkafoundry,, Redkite, and Mech Master(game), which could help GameFi projects in each stage. Icetea Labs also has an investment portfolio bagged with GameFi-related projects such as Froyo Games, Ertha, Titan Hunters, etc.

⚫ BigCoin Capital

BigCoin Capital is a Vietnam blockchain venture capital. BigCoin Capital has a more comprehensive portfolio, indicating that the team keeps an eye on various fields in the blockchain. BigCoin Capital invests in Layer 1, DeFi, Infrastructures, and GameFi. The portfolio includes Tomo Chain, NYM, GuildFi, Froyo Games, StarSharks, etc.

⚫ Kyros Vnetures

Kyros Ventures is a Vietnam blockchain venture capital & incubating institution founded by the co-founder of Coin68. Kyros Ventures build up strategic partnerships with many renowned teams such as FTX, Chromia, Mina, TrustSwap, etc. Kyros Ventures split its investments in various fields in blockchain, such as DeFi, Infrastructures, GameFi, etc. Some notable projects in its portfolio include Chiliz, Biconomy, Coin98, Mines of Dalarnia, etc.

References/ Information Sources:

Andy. (2019, March 24). 2019 越南区块链生态白皮书. BeeCast. Retrieved July 17, 2022, from

Nguyen, M. (2022, April 26). Cryptocurrency in Vietnam — statistics & facts. Statista. Retrieved July 17, 2022, from

Statista. (2022a, February 28). GameFi information sources among investors Vietnam 2021. Retrieved July 17, 2022, from gamefi-investors/

Statista. (2022b, February 28). GameFi participation Vietnam 2021, by type.

Retrieved July 17, 2022, from type/

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