<

Yield Guild Games (YGG) has raised $ 4.6 million from a16z, Kingsway Capital, Infinity Ventures Crypto, Atelier Ventures and Gabriel Leydon

Andreessen Horowitz (a16z) has announced that it has invested in Yield Guild Games (YGG), a blockchain-focused gaming startup based in the Philippines. The company has raised $ 4.6 million from this funding, with a16z as well as Kingsway Capital, Infinity Ventures Crypto, Atelier Ventures, and gaming entrepreneur Gabriel Leydon.

Yield Guild Games is a decentralized autonomous organization (DAO) that invests in virtual world NFT. The organization’s objective is to develop the world’s largest virtual economy, optimize its assets to maximize utility and share revenues with its stakeholders.

In decentralized games, Yield Guild Games has built a community of players and investors who make money by investing in NFTs, used in virtual worlds and blockchain-based games. People became more eager to participate in play-to-earn games due to the pandemic, which helped the platform grow in popularity.

Yield Guild Games said its platform currently has 4,700 “scholars” – players who borrow the company’s assets in the blockchain-based game Axie Infinity and earn an income under a revenue-sharing model. Those players have collectively earned over 43 million SLP tokens (worth around US$8.6 million).

The funding will be used to continue YGG’s investment in digital assets in games and virtual worlds across the play-to-earn ecosystem, while expanding its global community of over 45,000 gamers.

“We’re thrilled to join this community as a partner and are excited to help establish NFT-based play-to-earn games as the next major innovation in gaming. That’s why today we are announcing a $4.6 million financing round in YGG, an investment that was finalized prior to the YGG token sale on July 27”, a16z said.

The a16z has raised US$3.1 billion for crypto investments and has cryptocurrency exchange firm Coinbase and crypto wallet Phantom on its portfolio.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS