We are pleased to announce that our Director, Jeremiah Huang, and Associate, Brittany Lau, have advised leading Web3 entertainment platform operator, Digital Entertainment Asset, in its US$10 million fundraise from Los Angeles-based alternative investment group, LDA Capital.
DEA operates, amongst others, the PlayMining platform, which is best known for GameFi games, Job Tribes, Cookin' Burger, Menya Dragon Ramen, Graffiti Racer and Lucky Farmer.
In Bloomberg's coverage of the transaction (available here), it explains: "Players can earn DEP through play, which can be spent on the platform's marketplace to buy NFTs that enhance gameplay, or traded on crypto exchanges including OKX, Uniswap, Gate.io and Bitmart, among others. In addition to GameFi NFTs, the PlayMining NFT market also sells artwork NFTs from some of the most popular Japanese anime and video game artists. The company has paid out over SG$9 million in royalties to both official and fan artists over the past four years, with a mission of creating a fairer distribution channel for creators."
The foregoing transaction comes less than a month after an investment from Rakuten Capital, the corporate venture capital arm of Japanese e-commerce and internet services giant, Rakuten Group.
For more information, please contact Jeremiah Huang or refer to the media's coverage of the transaction and the announcements by each of DEA and LDA Capital.