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Unveiling Vietnam’s Web3 Revolution: Exploring the Rise of Diverse Crypto Startups Beyond Axie Infinity

Many Web3 startups have recently emerged from Vietnam (This article was first published on ) By all accounts, Vietnam is the world’s most surprising crypto hotspot.
The Southeast Asian country has seen strong adoption of Web3 products, including metaverse games and NFTs, in recent times. ”The local community is diligent and has a strong learning urge. The passion and involvement of users for Web3 in the country are crazy,” said Nicole Zhang, Investment Director at Binance Labs, in a recent interview with e27. Indeed, the Web3 growth in Vietnam is hardly surprising, given the country has given birth to several leading metaverse games startups, including Axie Infinity, which is a rage among the youth. Beyond metaverse and NFTs, there are some other companies that are making waves in the country and beyond. Here, we bring you the list of Web3 startups founded by Vietnamese entrepreneurs who are proving the Web3 industry is way beyond Axie Infinity and metaverse games (we have also included Axie Infinity on the list since it is one of the most popular companies built out of Vietnam).

Sky Mavis (Axie Infinity)
Sky Mavis was founded in early 2018 by Aleksander Leonard Larsen, Nguyễn Thành Trung, Đoàn Minh Tú, Hồ Sỹ Việt Anh and Jeffrey Samuel Kim Zirlin. It is the creator of Axie Infinity, a popular NFT-based play-to-earn (P2E) game where players breed, battle, and trade digital pets called Axie. Axie claims to have more than 1.8 million daily active users. The firm, a unicorn now, claims it has helped create income-generating opportunities for underserved people worldwide — 25 per cent of players are unbanked, and 50 per cent have not previously used cryptocurrencies. Sky Mavis is backed by the likes of Andreessen Horowitz, Accel Partners and Paradigm, Libertus Capital, Animoca Brands, Hashed, Pangea Blockchain Fund, Consensys, and 500 Startups Vietnam. In late March this year, hackers stole more than US$600 million in cryptocurrency from Sky Mavis breaching the Ronin bridge, which is used to support the exchange and interoperability of different cryptocurrencies from different blockchains.


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