Gaming blockchain project Oasys raises $ 28 million in first token sales in cryptocurrency

SINGAPORE – A blockchain project developed for gamblers has raised $ 20 million ($ 28.1 million) from prominent names in cryptocurrency and gaming despite headwinds in the digital currency sector.

Oasys, as the project is called, expects to issue 10 billion tokens, with the private launch accounting for 10 percent.

These tokens can be used to compensate for transaction fees, buy items and accessories the games sell, and allow holders to make decisions about the project, among other things.

Oasys, which is based in Japan and Singapore, said the funds will be used to solve problems such as slow transaction speeds and high fees.

The funds will also be used to strengthen partnerships with game developers and digital asset exchanges, increase the local number of employees and run marketing campaigns.

Oasys has around 20 employees, most of whom are game developers and industry leaders based in Singapore or Japan. A few others are in countries such as South Korea and the United States.

The fundraising was led by the blockchain financing and investment platform Republic Capital, with other entities such as the trading company Jump Crypto, the stock exchanges Crypto.com and Huobi and the venture capital firm Mirana Ventures.

This comes as significant players in crypto face bankruptcy or restructuring, including hedge fund Three Arrows Capital, Singapore-based lender Vauld and broker Voyager Digital, following a plunge in crypto prices.

But Oasys director Daiki Moriyama told The Straits Times that “we are not so strongly affected by market movements”, adding that the gaming industry in particular is resilient.

“During a recession, people will spend more time at home, looking for affordable forms of entertainment or are generally looking for video games that operate on a longer-tailed business model, which represents good value for money,” said Moriyama.

The crypto market may be declining now, but he said his team is looking to consider better products for when the sector recovers.

The blockchain gaming industry has been seen as an example of a use for tokens.

Rainmaker Games’ CEO noted in May that the video game industry, of which blockchain gaming is a part, was estimated to be worth $ 336 billion by venture capital firm Bitkraft.

And a report in April said the blockchain gaming industry grew 2,000 percent in the past year. It added that the sector recorded USD 2.5 billion in investments in the first quarter of this year, compared to USD 4 billion throughout 2021.