Yield Guild Games (YGG) has been backed by several investors who are interested in the company's play-to-earn gaming model and would like to see it develop further.
A total of $4m was raised for the company, which will be invested in non-fungible tokens (NFTs).
YGG 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.”
The game is based on an MMO and social experience which sustains the play-to-earn model, which in turn helps players enjoy various benefits, according to Dizon.
BITKRAFT Ventures founding partner Jens Hilgers said that YGG is a catalyst for the transition to gaming formats that reflect on real economic activity and allow players to benefit as well.
The play-to-earn model is still very new in blockchain but it is gaining popularity. Video gaming globally has generated $178bn in 2020 alone. Gaming models are evolving and some companies, such as FunFair Technologies are at the forefront of this innovation.
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