Based in the Philippines, Playdex is a new marketplace allowing players of P2E titles to rent in-game NFTs. The team has raised $2 million in a seed round with participation from PDAX, iSeed Ventures, and other investors.

The money will go towards developing the platform, expanding the community, and adding more games to the library, according to a report by Tech in Asia.

Playdex founding team consists of Ron Hose, the former CEO of Philippine fintech company, as well as people from Xendit and Yield Guild Games.

“On Playdex, gamers can play and earn immediately without having to buy expensive NFTs,” Hose said. “Guilds can now focus on training and scaling their communities no longer burdened by the hefty financial costs of gaming assets.”

NFT owners can connect their assets to Playdex and earn passive income by renting their items. The rental price starts at 15 SLP (around $0.078) per day. As of now, the platform’s library includes only one game, Axie Infinity, with more titles like Genopets, Guild of Guardians, Legends of Venari, and Thetan Arena to be added in the near future.

Despite the latest crash in NFT prices, Playdex expects the blockchain gaming market to reach $50 billion by 2025.

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