In a recent development, Philippine crypto-gaming start-up Yield Guild Games (YGG) raised US$4.6M from investor a16hz, in addition to a previous Seed Round and Series A funding. YGG also raised a total of US$12.5 million at its Initial Coin Opening (ICO) on July 28, 2021. The funds take YGG one step closer to pursuing its vision of building a global community of play-to-earn gamers who compete for in-game rewards.
More than a year of lockdowns are taking its toll on the Filipino working class, who have been unable to leave their homes to make a living. Made popular by social media influencers and gamers, play-to-earn gaming has become a viable alternative for those unable to make ends meet.
Land rental and scholarships
YGG is a decentralized autonomous organization (DAO) loaning income-generating NFTs to people without access under a profit-sharing model. Yield acts as a virtual landlord and earns through NFT land rentals.
YGG owns various NFTs such as Founder Token, Axie Land, Sandbox Land, Zed Run Horses, Embersword Land, F1 Delta, Common Key, F1 Delta Time Parts, League of Kingdom Land, Cometh Ships, Splinterlands Regions, and Untamed booster packs, with Axie being the most popular. As per YGG’s July asset and treasury report, these assets amount to US$10,195,357.00.
In addition, YGG’s Axie scholarship follows the 70-20-10 division for scholars and community managers. 70% of earned SLP goes to scholars, 20% managers cut, and 10% is retained by YGG. YGG scholars and managers accumulated US$ 5,238,669 in the past four months.
Halfway through August, YGG onboarded 4,600 scholars from the Philippines, Indonesia, India, Brazil, Peru, and Venezuela. With the rapidly increasing demand for scholarships, YGG’s Discord channel has already accumulated more than 54,000 members to date.
SEA Community gaming event
On August 24, YGG announced the Yield Guild Open, inviting Axie Infinity Teams from South East Asia to participate. The event takes place over the weekend of 28 to 29 August, with an Axie-sponsored prize pool of $35,000, 35% of which went to the champion. A total of 64 teams consisting of 3 players per team were allowed to participate in a single-elimination format.
Arianna Simpson, General Partner at Andreessen Horowitz (ahz16), tweeted that YGG involves more people in play-to-earn games, thus helping a bigger community out of financial difficulties during the pandemic. This method is fast making a mark in the meaningful evolution of gaming economies.
YGG is leading a shift in conventional ideas related to work and play by providing jobs in the Metaverse. A dedicated core team, revenue-sharing business model, and a revolutionary vision enable Yield Game Gaming to attract investors and members. More importantly, for many gamers, YGG is fast accelerating the establishment of a lasting reputation for NFT and crypto while helping many Filipinos who can’t afford to buy or rent NFTs another way to provide for their families.
Related article: The rise of NFT gaming in the Philippines: A look at Axie Infinity