The funding saw a number of venture capital (VC) firms including Kyber ventures, and funds generated will be used to scale PIF DAO’s scholarship programs, its P2E board platform, and finance some P2E games and infrastructure projects.
Only six months after starting, Play It Forward DAO (PIF DAO) has announced that it has raised $6 million from private investors.
The DAO has approximately 40,000 gamers and 3,000 scholars spread over the Philippines and Indonesia, all of whom are managed using a play-to-earn (P2E) scholar management scheme.
The DAO currently has participants in Axie Infinity, Thetan Arena, Pegaxy, and Dragonary, among other famous Metaverse P2E games.
The monies will be used to expand the DAO’s scholarship programs, expand its P2E board platform, and finance certain early-stage investments in P2E games and infrastructure projects, according to co-founder Cholo Maputol.
“PIF DAO’s objective is not to take a larger piece of the pie, but to grow the pie and increase rewards for players.”
The DAO announced the financing round on Jan. 2, stating that it is “developing a platform that will transform Play-to-Earn into a Plug-and-Play experience for more guilds and players globally.”
P2E gaming, according to Maputol, can be out of reach for many gamers since it needs a lot of technical know-how to get started, such as setting up a wallet and purchasing tokens.
“We want to build an ecosystem that abstracts all that away so any manager or player can get started in play-to-earn seamlessly (plug-and-play).”
Signum Capital, which has also funded other famous projects such as Polkadot and Ren, joined the table as a major investor.
Kyber Ventures, UOB Venture Management, Jump Capital, GBV, LD Capital, Great South Gate, Octava, 975 Capital, Arcane Group, Tokocrypto, AU21, Double Peak Group, Faculty Group, NxGen, DWeb3 Capital, GSR, SL2 Capital, and Mintable were among the other partners who joined up.
Loi Luu, the creator of Kyber, remarked that they had “confidently invested in PIF because of their unique guild gaming structure, which has the potential to generate value to the Play-to-Earn economy as a whole,” before adding:
“We believe the P2E movement will continue strong, and onboard tens of millions of new users to the Metaverse.”
Before changing its name in December 2021, PIF DAO was known as Railings University.