Singapore-based startup Affyn has raised $7 million to develop a free-to-play, play-to-earn AR mobile game.

The funding was spread across two funding rounds participated in by over 50 venture capital firms, institutional investors, and partners, including Vespertine Capital, Avalon Wealth Club, Herd Ventures, and more.

The firm’s first mobile game is a metaverse project that will integrate geolocation and augmented reality features, and in which every in-game character is an NFT.

Affyn aspires to progress its in-game currency, FYN tokens, to have real-world applications to create a closed-loop economy.

Bridging the gap with blockchain

"Our idea of a metaverse is a world where people can meet, play and connect not just virtually, but also in real life," said Affyn founder and CEO Lucaz Lee.

"By using blockchain technology as a bridge, Affyn aims to drive a global movement where we can play, earn, and have more fun together at the same time."

To create a stable in-game economy, Affyn claims to have spent more than a year designing a blueprint to ensure the in-game rewards remain attractive to users in the long-run, and to attract new users in the future.