Andreessen Horowitz, one of the most prestigious venture capital firms in the United States and the world, led the $4,6 million financing round for Yield Guild Games (YGG).
The recent financing round held by the gaming guild Yield Guild Games (YGG) highlights the growing interest of investors in products and projects of the digital industry. Yield Guild Games, which is focused on Play-to-Earn gameplay, raised $4,6 million during the funding round, which was led by venture capital firm Andreessen Horowitz or a16z. Kingsway Capital, Infinity Ventures Crypto and Atelier Ventures also participated in the round.
The a16z venture capital company explained on its website that investing in YGG means entering the new Play-to-Earn gaming economy based on blockchain, to provide new value opportunities to millions of people around the world.
Basically, YGG works as a token lender NFT in Axie Infinity to reduce the barriers to entry to this potential digital game, which is leading the way towards a new form of economy.
Thousands of people around the world are literally making a living in Axie Infinity, so in countries with serious economic crises like the Philippines and Venezuela, many have left their jobs to dedicate themselves completely to the blockchain game. People can play on Axie to earn rewards in SLP or AXS tokens, which can be exchanged for other cryptocurrencies, or for fiat money in local currency. Even the game's mascots, called axies, are NFT tokens that can be sold or traded in the MarketPlace from Axie for several hundred thousand dollars.
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Gateway to a new economy
A16z explains that his main motivation for investing in YGG was the passion of his team in devising methodologies and strategies that improve the lives of more people in the world.
YGG has scholarship programs that lend NFT tokens or axies to people anywhere in the world to facilitate their entry into the blockchain game. It is worth clarifying that currently the popularity of Axie Infinity has raised the cost of entry to the game. To start Axie you need at least 3 axie pets, which can cost several hundred dollars, and in many cases, thousands of dollars. As it is an investment that many people cannot make, YGG lends people interested in the game the necessary elements to start playing it.
In addition to this, the gaming guild is also pushing new methodologies to encourage more people to participate in Axie Infinity, such as community managers and local leaders who guide people in blockchain gaming. From teenagers and young adults to senior citizens, everyone is adopting Axie as a source of income to meet their needs.
Economy and virtual work
Arianna Simpson, general partner of a16z and founder of Autonomous Partners, said that Play-to-Earn games on blockchain are offering a once-in-a-lifetime opportunity to move towards building a virtual economy in the digital world.
Its “the next big innovation in gaming”, Simpson noted in reference to Play-to-Earn games like Axie Infinity. Furthermore, the expert indicated that the technological innovation of the crypto industry is revolutionizing the way we define “work” today. “We believe that we are beginning to glimpse what is possible in this area”, He said.
Cryptocurrencies are having a great positive impact on the world, and not only for large investors, but for society as a whole. Through YGG, more than 4.700 people, called “scholars” for the scholarships received, have entered the Axie Infinity digital gaming economy, generating more than 8 million in overall profits.
Over $1 million in weekly earnings
Currently, Axie Infinity is distributing profits of more than 1 million dollars weekly among all its players. According to data published by the game developers on Twitter, Axie has more than 1 million active users.
The game developers prepare a Roadmap to encourage even more participation and growth of the Axie ecosystem. First of all, they plan to introduce rewards for staking or participation with AXS tokens, in addition to the launch of the game in versions compatible with Android and iOS and decentralized governance through a DAO.
The new releases will undoubtedly further raise the popularity of Axie Infinity in the crypto industry and the world. At press time, the value of AXS is over $70 per unit, while this week it reached a high of $80,6 per token.
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