Yield Guild Games (YGG), a decentralized autonomous organization (DAO) with a penchant for investing in NFTs has recently announced that it raised about $1.325 million from a handful of large crypto venture capitals in a seed funding round.
According to a press release shared with Coinfomania, YGG intends to use the funds it receives from investors to improve its protocol for investing in non-fungible tokens (NFTs), including virtual real estate and game collectibles.
As a DAO that focuses on the NFT scene, YGG channels investors’ funds to trading and profiting from NFTs. The proceeds from its trade will subsequently be shared with its investors.
The ultimate goal of YGG is to create the world’s largest virtual economy and it intends to achieve this by improving the “play-to-earn” model that rewards gamers for playing, using the funds accumulated from investors.
Speaking on this, Gabby Dizon, YGG’s co-founder, said, “Everybody is talking about NFTs, but we’re demonstrating what you can do with them. In particular, the idea of play-to-earn gaming is giving people all over the world the chance to earn real money while doing what they enjoy.”
The seed funding round was led by the ventures arm of digital asset research firm Delphi Digital, and other investors including BlockTower Capital, Scalar Capital, Ascensive Assets, Youbi Capital, and gumi Cryptos Capital.
In a statement, Linda Xie, the Managing Director of Scalar Capital said, ” Scalar invested in YGG because we believe they will bring in a wave of new people from all over the world to crypto through play-to-earn gaming. YGG will enable gamers to become investors with the guild purchasing land and tokens in games that they actively participate in.”
The NFT market is currently witnessing spectacular growth. By combining decentralized finance (DeFi) and non-fungible tokens (NFTs), YGG strives to develop the content and economy of the games that its members populate in the metaverse.
Just a few months ago, the mobile phone-based cryptocurrency app, Electroneum, ventured into the world of NFTs through a partnership with the collectibles crypto trading card set, Blockchain Heroes.
Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!