Dubai is considered the global centre of the blockchain sector, with a large number of investment funds, projects, and specialists converging there to construct and innovate. The legal corridor in the United Arab Emirates’ biggest city encourages blockchain-related businesses. Through apps on the blockchain network, they not only acknowledge but actively encourage cryptocurrency transactions.
|Solidarity and commitment at the heart of Hobbit’s craft |
“Dubai may not be the birthplace of many billion-dollar technology businesses. However, this area is becoming a desirable location for prominent startups to establish headquarters,” said William Do, founder and CEO of Hobbit Investment Fund.
Do is often referenced and intimately connected to Dubai’s capital-raising sector. In charge of quality evaluation and following a roadmap to create a new blockchain gaming ecosystem model, the CEO was also the only Vietnamese representative at the Metaverse Conference, another iconic event in the UAE.
The UAE government this year introduced new legislation to encourage the development of services and technology for the metaverse – the cosmos of virtual reality. Through the conference and the Dubai Metaverse Assembly last month, project founders, technology engineers, and specialists in the sectors of economics, marketing, and investment funds from other countries were able to exchange expertise and forge powerful connections.
Dubai’s metaverse strategy is a five-year implementation plan that aims to increase the contribution of the metaverse sector to the emirate’s economy to $4 billion by 2030.
|William Do (right) at the Global Blockchain Conference in Hanoi in July with a new business partner |
As an investor, Do did not pass up the chance to get involved and present one of the fund’s most intriguing proposals to other investors. Do heads up Djinn Guild, a corporation that produces and develops an arena and competition for game players worldwide, and he knows that investor connections have no borders, hence the Dubai visit. “To develop a great connection, however, a quality product must serve as the basis,” Do said. “To have a decent product, though, requires money. It’s a chicken and egg situation.”
There are a significant number of other Vietnamese investment funds seeking action in Dubai, such as 5ROI Global and MeiVentures. According to Do, the rivalry in the fundraising industry is still evident in the quality of investor connections, whether in Dubai or any other area.
Typically, an investment fund in the blockchain technology business may use its own funds or seek capital from its own network to begin the process of building a portfolio, according to Do. If the initiatives in which they invest are profitable, the investment fund will be able to use the proceeds to persuade individual investors or the community to continue contributing to many additional projects of their choosing. Finding an appropriate and high-quality investment project is a further challenge.
For triple-A and metaverse gaming projects, Hobbit Investment currently has the benefit of a quality relationship network and significant financial size. The fund began with enough time to evaluate and pick initiatives, and collaborations take place in the spirit of facing obstacles together.
“The connection between the investor and the project, in my opinion, is a marriage. Therefore, the care and maintenance of the project fall not only on the founding team but also on the investors,” Do explained.
Instead of avoiding problems, Do opts to confront them and make his intentions plain. An investor needs a comprehensive analysis to pick the right project, which relies on strategic vision, financial flow management capabilities, and managerial abilities. These fundamental characteristics will assist an investor in making a decision and allocating resources to the best blockchain gaming startup.
“The transparency of Vietnamese blockchain startup ventures may be vastly enhanced if investors evaluate the project’s quality with prudence and do not gloss over its issues,” he stated.
Even if many individuals lack sufficient knowledge of the blockchain technology platform, when the term “cryptocurrency” is used, there can be a sense of dread that results in the founding team’s rejection of the project. Therefore, Vietnamese startups in the blockchain sector seek to construct their platforms overseas, mitigating legal and social concerns.
Do thinks hard and works hard before deciding to take any action. This has been demonstrated via the fundraising process for Fight Of The Ages (FOTA) Metaverse-Meta Djinn, a collaboration between Djinn Guild and subsidiary FOTA. The 3D game project FOTA has acquired the faith of global investors and venture capitalists and raised a total of $10.3 million in the second quarter of 2022.
It was also one of three initiatives representing Vietnam’s blockchain sector in July at the Global Blockchain Conference in Hanoi. Many people are interested in how a young person like Do can persuade investors in Dubai’s enormous capital and technological sectors. “As long as you play the proper role, are accountable, and genuinely believe in your core values, the right investors will find you,” he insisted.
A startup project necessitates the right idea, a solution to a market conundrum, or a tool to help other projects progress, as well as a founding team with high levels of expertise, experience, solidarity, ethics, and commitment, as well as a clear development roadmap, in order to draw the interest of the fund. “In contrast, investors will reject the project because it is not to their liking, or it fails the evaluation process, or the market is paralysed, rendering investors unstable and funds unavailable. Consequently, finding the appropriate investor for their enterprise becomes another hurdle for project founders,” Do explained.
His business schedule is not slowing down. Gaming companies are in the process of being acquired, and Djinn Guild is seeking initiatives that aim to provide the required answers but are failing to get a foothold in the game-fi industry. Professional gamer training solutions are also a focus, which can create a clean and useful gateway for gamers in the form of e-sport competitions, seminars, fan meetups, and events for game publishers in the blockchain market.
Moreover, Djinn Guild has announced investment in its first Gaming House, to be located in Ho Chi Minh City. Expected to be ready for operations at the end of the year, the Gaming House will consist of a shared home featuring a gym, cinema, a bar, a play space, a leisure room and gaming area, and a place for hosting conventional and e-sport events. The debut of Gaming House is anticipated to occur in December.