Yield Guild Games (YGG), a decentralized gaming association of players and investors who generate revenue from NFT-based games (Non-Fungible Tokens, or infungible tokens), raised investments of $4.6 million. The round was led by venture capital fund Andreessen Horowitz (a16z) and completed ahead of the sale of the YGG token on July 27. Investments were also monitored by Kingsway Capital, Infinity Ventures Crypto, Atelier Ventures and game manager Gabriel Leydon .
The proceeds will be used to continue YGG's investments in digital assets in games and virtual worlds across the Play-to-Earn ecosystem and to grow its global community of more than 48,000 players.
In this type of game, users "play to win" rewards that can be converted into cryptocurrencies and, from there, into dollars and reais. In other words, real money.
ALSO READ: Brazilians make extra income with NFT game and dodge covid-19 crisis
As a scholarship provider for the Axie Infinity game, YGG's player base can borrow their in-game income generating assets under a revenue sharing model, so they can start earning an income playing NFT games without having to invest no money upfront.
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So far, YGG has 4,700 fellows in the Axie Infinity game - 255 in Brazil - who have earned more than 43 million SLP (US$ 8.6 million). “The intersection of cryptocurrencies and games is one of the most exciting areas of technology today,” says Arianna Simpson, partner at Andreessen Horowitz.
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