BreederDAO Receives Funding From a16z and Delphi Digital, to Generate NFTs at Scale

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By Shiela Bertillo

Months-old Filipino-led BreederDAO, a “specialist manufacturer” of digital assets for use in blockchain-based games and virtual worlds, successfully raised  $10 million in Series A funding through a token sale. 

The funding round was led by venture capital firm Andreessen Horowitz (a16z) and cryptocurrency research firm Delphi Digital. The round also had the participation of  Hashed, com2us, Morningstar Ventures, Mechanism Capital, Sfermion, The LAO, Emfarsis and others.

The investors have all invested prior to the public launch of BreederDAO’s token; the initiative aims to help bolster the team ahead of that offering so they’re ready for prime time when that token gets released. The private investors will all then get a number of tokens proportional to their investment.

“We’re seeing so much interest in the ability to play these games that there is actually a shortage of the Axies and other end-game assets that you need in order to play them,”  Arianna Simpson, the general partner at a16z, stated as to why their firm invested in  a firm that is solely focused on producing digital assets.

As the demand of NFT (non-fungible token) assets continue to rise and to ensure that there are enough liquidity to keep users engaged, game makers and investors have already proven open to working with third-party entities like Yield Guild Games (YGG) and other “play-to-earn guilds”which buys NFT gaming assets and lease them to players under revenue-sharing arrangements.

Following this trend, according to Simpson and her partners, they believe that “more customers will be lining up soon.”

As stated by a16z data, platforms like YGG and Earn Guild attracted $532 million in funding last year. But the players to whom they lease assets still represent less than 2% of the nearly 3 million daily active users that “Axie Infinity” has attracted, suggesting room for growth.

She noted that, there are technically no limitations that prevent the blockchain games to generate more NFTs themselves, however such firms also can’t focus entirely on the business of making NFTs when there are more necessary tasks.

Simpson emphasized that the whole process is like a supply chain, wherein “you don’t necessarily have one company producing everything end to end but rather you have different companies at different parts of the supply chain (which produces) a fully finished product.”

“BreederDAO is building tech dashboards and machine learning programs to identify the best times to “breed” or generate in-game assets. It’s automating financial projections and investment strategies to make the process dead simple,” She wrote in a tweet.

BreederDAO is a 23-person firm led by Filipino co-founders Renz Chong, Jeth Ang and Nicolo Odulio. Chong is a former management consultant and Ang has founded numerous companies in the Philippines. Odulio, on the other hand, is a former commercial pilot; he is BreederDAO’s in-house smart contract expert, says the company, with experience building cryptocurrency projects and decentralized apps across several chains, including Binance Smart Chain and Ethereum.

This article is published on BitPinas: BreederDAO Receives Funding From a16z and Delphi Digital, to Generate NFTs at Scale

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