Yield Guild Games (YGG) has reportedly secured significant financial support from numerous venture entities, dedicated to its network expansion plan and the play-to-earn gaming model popularization.
Specifically, the $4 million was obtained via a funding round, led by BITKRAFT VenturesA.Capital Ventures, IDEO, CoLab, Mechanism Capital, ParaFi Capital and others.
The cash backing will reportedly be channeled towards nonfungible token (NFTs), assets of play-to-earn games, per the firm. YGG regards itself as a decentralized gaming guild of players, who gather yield from NFT-powered games.
“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.” Gabby Dizon, YGG’s co-founder, reportedly offered further explanation to the reason behind the guild.
Jens Hilgers, a founding partner at BITKRAFT Ventures, reportedly believed games and virtual ecosystems are the breeding ground for economic activity, with Yield Guild taking the role of a catalyst for this transition, providing progressive concepts surrounding the novel play-to-earn game model.
Blockchain and gaming are two sectors witnessing significant growth, and are planning for different direct convergent measures in the future. The blockchain market cap is inclining rapidly, which is a sign of increasing interests shown by investors, business models and use cases in the sphere.