Vietnam-based blockchain game Sipher raises almost US$7 million

Sipher's mission

In a blockchain game, players have full control over their identities, accounts, and virtual assets. At the same time, they are also completely free to interact with the microeconomies within the game to trade in virtual assets or exchange for real money. Pioneers in the field are blockchain-based games such as Axie Infinity (AXS), The Sandbox (SAND), and Decentraland (MANA).

Sipher's interface

Sipher was founded in March 2021 by Nguyen Trung Tin, an up-and-coming entrepreneur honored among Forbes’ 30 under 30 list. Nguyen Trung Tin is also the CEO of the Trung Thuy real estate group, and a co-founder of the Dreamplex co-working space service. The Sipher leadership team also includes CEO & Co-founder Loi Luu (who is also CEO and co-founder of Kyber Network) and Co-founder Victor Tran (also co-founder and Chief Technology Officer of Kyber Network).

Sipher’s mission is to merge blockchain technology, artwork and storytelling to provide a multiplayer game experience with decentralized finance. Players use their avatars to participate in MOBA game-based combat, and compete for lands in Sipheria World of Blocks to gain valuable prizes.

Sipher is building an ecosystem where everyone can have fun and receive valuable gifts while playing. With the application of blockchain technology, Sipher brings a free economy to gamers, and at the same time, gives the community ownership of in-game assets. Sipher wants to become a trusted brand, Tin said.

“First and foremost, games must be entertaining. They need to be community-based, increase enthusiasm, interest and connect people for a common purpose,” Tin said. “Classic games have done this very well and future games will aim to do the same. Those factors make games the most powerful tool for sharing great moments together.”

CEO Nguyen Trung Tin

NFT opportunities

The Lab is for testing and creating Sipher items, equipment, and upgrades. It also acts as a research terminal for players to list, research, trade their NFT Sipher and other rewards. Sipher's next priority is to release a playable MVP (Minimum Viable Product) for players to experience the World of Sipheria.

Sipher will launch a collection called Sipherian Flash including 10,000 in-game characters that will be issued as NFTs (non-fungible tokens). Sipher's goal is to develop into a Dapp Multigame, focusing on developing community elements through the game’s Guild mechanism.

The Sipher team consists of about 40 people – 30 in Vietnam and 10 in the US, Europe, Singapore, the Philippines, Puerto Rico and Indonesia. Sipher’s Discord community now has more than 60,000 members. Sipherian Surge, its first playable NFT, was sold out in less than 15 minutes and the asset can currently be accessed through trading and secondary purchase on the NFT OpenSea marketplace.

Sipher recently raised US$6.8 million in a seed round led by Arrington Capital, Hashed, and Konvoy Ventures, which have also invested in The Sandbox, Axie Infinity, ImmutableX and echo3D. The seed round also attracted other participants including 15 strategic investors and three angel investors.