Yield Guild Games (YGG), the decentralized autonomous organization (DAO) focused on investing in NFT-based games, has recently completed its Series A funding round where it raised $4 million from top investors.
In a press release shared with Coinfomania today, YGG noted that it will use the funds raised from investors to invest in NFT assets of play-to-earn games, in addition to expanding its network by purchasing more players from around the world.
This just-concluded investment round was led by BITKRAFT Ventures, an early-stage investment platform focused on gaming, esports, and interactive media.
Both YGG’s old and new investors participated in this funding round, including A.Capital Ventures, IDEO CoLab, Mechanism Capital, ParaFi Capital, Animoca Brands, Ascensive Assets, and SevenX Ventures.
Funding to Support Play-To-Earn Games
YGG noted that it is committed to accelerating the “play-to-earn” games sensation that is taking the entire gaming industry by storm.
This new model has been popularized by blockchain-based games that allow players to earn real money while operating, leasing, and selling in-game objects.
Notably, YGG is a player community that invests in NFT assets in different games across the gaming industry and lends these assets out to its community of gamers, making it possible for them to earn an income from playing games.
Commenting on this, YGG’s co-founder, Gabby Dizon said,
“At its core, YGG is a community of play-to-earn gamers. Think of it as a massively multiplayer online (MMO) guild, for example, but operating across several games, investing in yield-generating NFTs within those games, and lending those in-game assets and inventory out to our player base.”
BITKRAFT’s founding partner, Jens Hilgers added,
“Games and virtual worlds are increasingly becoming hosts of real economic activity, enabled and accelerated at scale through blockchain technology. Yield Guild is serving as a catalyst to this transition with very forward-looking concepts around the novel play-to-earn game model. What Gabby and his team are building, the web 3 infrastructure stack they’ve assembled, is a glimpse at the future of work.”
Just a few days ago, NFT gaming provider, Mythical games, raised $75 million from investors to develop playable NFT games.
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Author: Obike Favour