Yield Guild Games (YGG) has raised $4.6 million in a funding round led by Andreessen Horowitz (a16z).
The funding was said to have been finalised prior to the YGG token sale on July 27 and was joined by Kingsway Capital, Infinity Ventures Crypto, Atelier Ventures, and gaming entrepreneur Gabriel Leydon.
YGG is a decentralized gaming guild of players and investors who generate yield from NFT-based games. By merging NFTs and decentralized finance (DeFi), YGG’s seeks to create value for its members by developing the content and economy of virtual worlds and blockchain-based games.
The funding will be used to support digital assets in games and virtual worlds across the play-to-earn ecosystem, while expanding its global community that is said to be over 48,000 gamers.
Arianna Simpson, General Partner at Andreessen Horowitz, said the intersection of crypto and gaming is one of the most exciting areas in tech today:
“YGG is at the center of play-to-earn, a new model that marks a meaningful evolution in gaming economies, where more of the value is retained by the players and community, rather than the gaming platforms. Thanks to the vision and dedication of the YGG team, this paradigm shift is growing quickly –– yet we think we’re just starting to glimpse what’s possible in this realm. We’re thrilled to partner with YGG to support the community and help accelerate the adoption of play-to-earn games.”
Co-founded by Gabby Dizon and Beryl Li, the two Filipinos are said to be the first to receive an investment from a16z.
Dizon brings over two decades experience in the gaming industry, while Li was on the founding team at Philippine crypto exchange Coins.ph, acquired by GoJek in 2018.
A third co-founder, Owl of Moistness, is a smart contract developer with experience building Axie Infinity breeding algorithms and bots to integrate NFTs in Discord.
“A16z delivers incredible value to help entrepreneurs achieve their vision and Beryl and I are humbled to be the first Filipino founders to receive their wholehearted backing,” said Dizon. “Most importantly, a16z have proven to be unphased by the ups and downs of crypto cycles, instead maintaining a long-term view to focus on technology and innovation, which is what we need in a partner to help us scale the narrative and impact of play-to-earn.”
