Play-to-Earn Game Firm Sipher Raises $6.8M in Seed Round Co-Led by Arrington Capital

The funding will help speed up the development of Sipher’s soon-to-launch World of Sipheria play-to-earn game.

Oct 26, 2021 at 1:00 p.m. UTC
Updated Oct 26, 2021 at 1:46 p.m. UTC

Brandy covers crypto-related venture capital deals for CoinDesk.

Sipher has closed a $6.8 million seed round of funding co-led by Arrington Capital, Hashed and Konvoy Ventures.

The funding will help accelerate the development of the upcoming World of Sipheria play-to-earn game, which is expected to launch in December.

“The Sipher team, led by Tin Nguyen, is building a crypto-native metaverse with an intricate backstory and unique gaming experience,” wrote Arrington Capital in a blog post announcing the investment. “Sipher combines captivating cypherpunk ideals, crypto-native culture – such as the beloved Shiba Inu – and a comic-book art style in the crafting of its characters and virtual environments. Sipheria constructs a complex and rich lore around the factions and various species: the Inus, Toris, Nekos and Burus.”

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World of Sipheria characters (Sipher)

Sipher was founded earlier this year by Tin Nguyen. The company previously launched its first non-fungible token (NFT) playable character, Sipherian Surge, which is now available for trading and secondary purchase on OpenSea.

World of Sipheria has two different play modes: adventure, where players can explore and complete quests, and Multiplayer Online Battle Arena, where players compete for stake, rewards and prestige.

The smallest unit of the 3D world is the Tile, which helps the game evolve. Types of Tiles include medical bays for healing Siphers after a battle, distilleries and workbenches for converting materials into consumable items for fights, and living quarters for displaying player assets, trophies and other NFTs.

“The significance of a player-owned virtual economy with real-world value cannot be understated. Sipher has designed an intricate gameplay and economic flywheel with a dual token economy to ensure sustainable growth and player adoption,” said Arrington Capital in the blog post.

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Brandy covers crypto-related venture capital deals for CoinDesk.

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