Pegaxy’s wild ride racing winged horses

More: Math lessons on PornHub and DiDi’s new lease of life [Read from your browser]( Daily Newsletter Hello {NAME} Play-to-earn (P2E) games really came to the fore amid the Covid-19 pandemic, when lockdowns kept people safe at home but ravaged their livelihoods. Soon, many began relying on these games to make ends meet, supercharging the industry. Sky Mavis' Axie Infinity, a Pokémon-inspired P2E game centered around battling digital monsters called axies, is probably the most well known of these games. The Vietnam-based company, founded in 2018, raised funds at a valuation of US$3 billion last year. Axie Infinity’s [quick rise]( caught the eye of Mirai Labs’ founders, who sought to replicate that success but with a twist - winged horses instead of digital monsters. That led to the birth of Pegaxy, a P2E game that lets users race non-fungible tokens (NFT) of horses called Pega - supposedly the descendants of Pegasus, the immortal winged stallion in Greek mythology. Despite Pegaxy’s initial success, Mirai Labs and its founders learned a few tough lessons along the way. It would be easy to brush off Mirai Labs as the firm currently grapples with inflation in the P2E space and a mighty plunge in the prices of its token. However, Pegaxy still attracts around 53,000 people weekly, according to DappRadar, a platform for decentralized apps. While that figure is far below the game’s peak numbers, it’s still comfortably above its developer’s initial targets. In our feature piece today, Tech in Asia charts out Mirai Labs’ rollercoaster story, its soaring highs and gut-wrenching lows, and offers an insider perspective from Corey Wilton, Mirai Labs’ chief marketing officer and the face of Pegaxy. Also, if you’re an entrepreneur looking for funding, [fill out this]( form to get your company featured on our list of fundraising startups. -- Shravanth  ---------------------------------------------------------------  THE BIG STORY [Behind Pegaxy’s rapid rise and crash]( Pegaxy was trying to be the next Axie Infinity. It has learned some hard lessons along the way. --------------------------------------------------------------- IN PARTNERSHIP WITH Measure twice, cut once - that applies to digital products too Quality assurance has got to be the most underrated aspect of product development. While it might not be the part where all the amazing features come to life, it’s what ensures that those same features actually do come to life. Nothing turns a user off a digital product more strongly than a buggy experience that makes it excruciating to do even the simplest tasks, after all. But adequate testing that provides a cohesive view into every aspect of the digital customer experience is a many-layered affair. Find out more about what a robust testing and feedback process entails and the value that it can provide to products at Applause’s session during Tech in Asia’s Product Development Conference on June 9. Register and [get your ticket here](.  --------------------------------------------------------------- TRENDING NEWS [Indonesia plans special 5-year visa to attract foreign remote workers]( The visa would allow tourists to stay for up to five years without paying taxes if their income comes from overseas, Bloomberg reported. [Tokopedia backs pre-series A round of Indonesian lifestyle startup]( USS Networks currently has 15 intellectual properties and brands that include Urban Sneaker Society, Menjadi Manusia, and NFT project Karafuru. [Indonesia’s Vida raises series A round, appoints new advisors]( One of Vida’s new key advisors is Tony Fadell, who was a former advisor to Apple’s CEO. [SoftBank backs $100m funding of Australian unicorn Go1]( The deal bumps up Go1’s valuation to over US$2 billion and pushes the total funds raised by the company to US$400 million. [China’s Bilibili to lay off 20% of staff]( The layoffs will mainly affect three departments: streaming, gaming, and commercialization, TechNode reported. [Mapping Southeast Asia’s alt-meat makers]( Funding into Southeast Asia’s alt-protein firms grew by 5x last year. We map the region’s players hoping more will start to chew on meatless meat. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here](. - *Event* Tech in Asia's [Product Development Conference]( on June 8-9 Our flagship Product Development Conference happens this Wednesday, June 8! Join 5,000+ product professionals, enthusiasts and notable speakers from high-growth companies. We also have several sessions dedicated to Web3 product development, with speakers from Solana Labs, Darkmeta, Stripe, Spartan Labs, and Multiverse Labs. Free tickets have been fully redeemed, but you can still secure your spot at just US$19.90. 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