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The startup will use the funds to develop its protocol and invest in yield-generating NFTs.
[Thursday, 4 March 2021] Yield Guild Games (YGG), a decentralised autonomous organisation (DAO) for investing in Non-Fungible Tokens (NFTs) used in virtual worlds and blockchain -based games, announced today it has raised a seed investment of $1.325 million. The round was led by the ventures arm of digital asset research firm, Delphi Digital, and joined by Scalar Capital, BlockTower Capital, gumi Cryptos Capital, Ascensive Assets, Youbi Capital, Free Company and others.
The funding will be used to invest in NFTs, such as game assets and virtual land, and the DAO will share its profits with its investors via the YGG protocol. With the vision to create the largest virtual world economy, YGG will focus on accelerating the “play-to-earn” phenomenon to enable players worldwide to generate income by operating, selling and leasing in-game objects.
“Everybody is talking about NFTs, but we’re demonstrating what you can actually 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,” said Gabby Dizon, co-founder of YGG.
NFTs have been recognised for their practical use cases driving economic activity in virtual worlds, with total sales of NFT transactions increasing by 299 % to over $250 million in 2020. Initially, YGG will invest in yield-farming NFTs found in games such as The Sandbox, League of Kingdoms and Axie Infinity. The latter recorded the largest NFT-based land sale of all time on 9 February 2021, when a digital estate was sold for 888.25 ether (approx. $1 .5 mil at the time).
“Play-to-earn gaming is getting people to learn about crypto that never would have thought about it otherwise. We really believe this will play a massive role in unlocking crypto adoption a t scale and we invested in YGG because their team has deep community roots and strong influence throughout the ecosystem,” said Anil Lulla, co-founder and COO of Delphi Digital.
The blockchain startup is led by co-founders Gabby Dizon, Beryl Li and Owl of Moistness. Dizon co-founded Altitude Games in 2014 and brings over two decades experience in mobile gaming. Li co-founded an asset token platform in 2016 which was acquired in 2019 by SMKG: OTC US, and was also on the founding team at Philippine crypto exchange Coins.ph, which was acquired by GoJek in 2018. Owl of Moistness is a technology co-founder and smart contract developer.
“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,” said Linda Xie, co-founder and Managing Director of Scalar Capital.
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ABOUT YIELD GUILD GAMES
Yield Guild Games (https://yieldguild.io/) is a decentralised autonomous organisation (DAO) for investing in Non-Fungible Tokens (NFTs) used in virtual worlds and blockchain -based games. Merging NFTs and decentralized finance (DeFi), YGG’s mission is to create value for members by developing the content and economy of the games that they populate in the metaverse.
ABOUT DELPHI DIGITAL
Delphi Digital (http s://www.delp hidigital.io/) is a research-driven firm dedicated to advancing the understanding and development of the growing digital asset market. Its foundations lie in producing institutional grade research for some of crypto’s top funds, institutions and investors, and the firm also consults with leading projects in the space. A Venture Capital fund was added in 2020 to enable Delphi to continue driving the digital asset space forward.
ABOUT SCALAR CAPITAL
Scalar Capital (https://scalar.capital/) is a crypto investment firm founded in 2017 by Linda Xie and Jordan Clifford. Its investors include Chris Dixon, Marc Andreessen, Elad Gil, Brian Armstrong, Fred Ehrsam, and Bain Capital Ventures among others.