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A16z Leads $4.6M Investment in Yield Guild Games
The funding will be used to invest in virtual worlds in the play-to-earn space.
Decentralized gaming startup Yield Guild Games (YGG) has raised $4.6 million in a funding round led by venture capital firm Andreessen Horowitz (a16z), YGG announced Thursday.
STORY CONTINUES BELOW
- Other participating investors included venture capital firm Kingsway Capital, Infinity Ventures Crypto, Atelier Ventures and the gaming entrepreneur Gabriel Leydon.
- YGG describes itself as a "play-to-earn gaming guild." It allows gamers to earn tokens through blockchain-based economies.
- Funding will be used by YGG to invest in digital assets in the play-to-earn games virtual world and to expand its community of over 48,000 gamers, said the firm in a press release.
- “The intersection of crypto and gaming is one of the most exciting areas in tech today,” said Arianna Simpson, general partner at Andreessen Horowitz.
- Simpson added YGG is at the center of the growing play-to-earn sector, "where more of the value is retained by the players and community, rather than the gaming platforms."
- In August, YGG and cryptocurrency exchange FTX signed a sponsorship deal in which Axie Infinity players from developing countries will receive scholarship funds. The deal with FTX involves YGG loaning non-fungible tokens (NFTs) to players who cannot afford to buy their own, under a revenue-sharing agreement.
Read more: Gone in 30 Seconds: Yield Guild Games’ $12.5M Token Sale Sells Out Fast
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
