Bitkraft leads $4 million investment into play-to-earn Yield Guild
Decentralized blockchain gaming guild Yield Guild Games has raised $4 million in a Series A round.
The investment was led by Bitkraft Ventures.
Other investors included A.Capital Ventures, IDEO CoLab, Mechanism Capital and ParaFi Capital.
Existing investors such as Animoca Brands, Ascensive Assets and SevenX Ventures also participated.
The money will be used to buy NFTs in blockchain games YGG is operating in as well as future projects. YGG will also expand the number of gamers in the guild.
Playing and earning
Working in titles such as Axie Infinity, League of Kingdoms and Guild of Guardians, Yield Guild Games is a group of gamers who work together to earn money – labelled play-to-earn – by playing blockchain games.
Starting with Axie Infinity, Yield Guild has built up a strong community in the Philippines by allowing thousands of gamers to borrow NFTs to battle and earn the game’s SLP tokens.
“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,” said YGG co-founder Gabby Dizon.
“What Gabby and his team are building is a glimpse at the future of work,” added Bitkraft founding partner Jens Hilgers.