Playground, a Singapore-based platform dedicated to Web3 gaming and non-fungible token (NFT) discovery, on Tuesday announced the completion of its oversubscribed pre-seed funding round, co-led by East Ventures and Mirana. ventures.
The round also saw the participation of other notable institutions and angels such as global private crypto fund Arc Capital, Jambo founder James Z Adam Levinson, Murali Abburi of global hedge fund Graticule Asset Management and Benjamin Zhu of specialist firm in Azure Tide digital assets, as well as senior executives from leading blockchain technology companies, Playground said in a statement.
Playground was founded to solve the “Web3 information problem” – the huge gap in the discovery process for new and seasoned users.
This stems from the rapid growth of blockchain-based entertainment projects and the accompanying fragmentation of information – often subjective, outdated, or unreliable – across disparate sources and channels.
According to Playground, the Web3 information problem is the biggest barrier to mass adoption of Web3 entertainment.
“Although we are blockchain power users, our enthusiasm for the new paradigm of digital ownership and decentralization in Web3 entertainment has been tempered by frustration in the discovery process, where we have encountered great difficulty in research, verify and aggregate information about Web3 games and NFT projects,” said Clinton Teh, Founder and CEO of Playground.
He believes that all users should have a seamless experience learning about projects in space, from factual information to the actual “feel” of a particular game or interactive experience.
Targeting this core problem, Playground is a one-stop independent platform that bridges the information gap for all web3 entertainment users, with a focus on legitimacy and experiences.
On Playground, users will be able to interactively experience all aspects of reliable Web3 entertainment projects and be kept up to date with updates and milestones for new and existing projects.
Users will also be able to engage with ecosystems and communities in debates and discourses on a neutral battleground, in a thriving and rapidly changing space where experimentation and new ideas abound.
“We believe Playground is in a unique position to tackle the ‘Web3 information problem,’ given our team’s deep understanding of the nuances around Web3 entertainment content, which is multifaceted and dynamic,
“Our vision is to be the leading trusted platform for all Web3 entertainment discovery,” Teh said.
Playground’s founding team has extensive experience across Web3 and Web2, with backgrounds in investments, strategy, product, technology and
growth in leading companies such as Binance, Classpass, and Tencent, as well as involvement in various Decentralized Autonomous Organizations (DAOs) focused on content creation, digital first brands, and Web3 games.
Teh, previously led several strategic initiatives in Web3 games and NFTs for Binance’s decentralized chain, and was also part of the investment team.
“At East Ventures, we support the best and brightest entrepreneurs who build long-term businesses,
“We look forward to partnering with the team at Playground to create the next generation gaming and entertainment platform for Web3 users,” said Koh Wai Kit, Managing Partner at East Ventures.
East Ventures is a pioneering and industry-leading independent venture capital firm headquartered in Singapore.
Founded in 2009, the company has evolved into a holistic platform that provides multi-stage investments, including seed and growth, for over 250 companies in Southeast Asia.
“We are thrilled to support Playground and share the team’s vision and philosophy on building the future of Web3 discovery,
“We believe Playground’s focus on users, experiences and legitimacy will be a key driver in increasing adoption of Web3 entertainment in the future,” said David Toh, Partner at Mirana Ventures.
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