Yield Guild Games received a total investment amounting to $4.6M(Php 231,439,800) led by Venture capital firm Andreessen Horowitz also known as a167z. The round was joined by Kingsway Capital, Infinity Ventures Crypto, Atelier Ventures, and gaming entrepreneur Gabriel Leydon.
The $4.6M funds 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 network of over 48,000 gamers, half of which is residing in the Philippines. YGG provides scholarships to the popular NFT game Axie Infinity, its player base can borrow its yield-generating-in-game assets under a revenue-sharing program where they can start earning an income from playing NFT games without having to invest any money. YGG currently has 4,700 scholars, over 2500 of whom are Filipinos, in the popular NFT game Axie Infinity that has earned over 43M $SLP(8.6M USD).
The intersection of crypto and gaming is one of the most exciting areas in tech today. “GG is at the center of play-to-earn, a new model that marks a meaningful evolution in gaming economies, where more of the value is retained by the players and community, rather than the gaming platforms. Thanks to the vision and dedication of the YGG team, this paradigm shift is growing quickly –– yet we think we’re just starting to glimpse what’s possible in this realm. We’re thrilled to partner with YGG to support the community and help accelerate the adoption of play-to-earn games
-Arianna Simpson, General Partner at Andreessen Horowitz
It’s the first time a16z invested in a Filipino startup led by co-founders Gabby Dizon and Beryl Li. Dizon brings over two decades of experience in the gaming industry while Li is a fintech entrepreneur and was a founding member at Philippine crypto exchange CoinsPH. Their third co-founder Owl of Moistness is a smart contract developer with experience building Aaxie Infinity breeding algorithms and bots to integrate NFTs in Discord.
A16z delivers incredible value to help entrepreneurs achieve their vision and Beryl and I are humbled to be the first Filipino founders to receive their wholehearted backing. Most importantly, a16z have proven to be unphased by the ups and downs of crypto cycles, instead maintaining a long-term view to focus on technology and innovation, which is what we need in a partner to help us scale the narrative and impact of play-to-earn
-Gabby Dizon, co-founder of YGG
The post YGG Receives $4.6M Investment From a16z to Accelerate Play-To-Earn Gaming appeared first on Gadget Pilipinas | Tech News, Reviews, Benchmarks and Build Guides.
Source: Gadget Pilipinas
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