Play-to-earn gaming platform Yield Guild Video games (YGG) has raised $13.8 million in a funding collection led by respected cryptocurrency sector backers.
The funding carried out by way of a token sale was led by DWF Labs and a16z crypto, a Web3-centered fund managed by enterprise capital (VC) agency Andreessen Horowitz, YGG introduced in a weblog publish on February 17.
The funding spherical additionally attracted Galaxy Interactive, Sangha Capital, and Sanctor Capital.
“We are confident that through this token purchase, YGG will continue to innovate and grow the blockchain gaming space as we provide support through this long-term partnership,” stated Andrei Grachev, managing associate at DWF Labs.
By press time, it was unclear what number of tokens had been concerned within the sale. Nevertheless, estimates point out that they represented over 35% of its estimated whole asset worth of $25 million in its treasury as of November 2022.
Notably, this isn’t the primary time a16z crypto has been concerned with YGG. In 2021, the corporate participated in one other YGG token sale price $4.6 million alongside Kingsway Capital, Infinity Ventures Crypto (IVC), and Atelier Ventures additionally participated within the funding spherical.
Give attention to decentralization
Based on YGG, the newest raised funds might be channeled towards constructing its decentralized methods with a give attention to its soulbound fame token (SBT).
It’s price noting that final 12 months, SBT tokens underwent a check launch, however they had been solely accessible as in-game rewards, and they’re non-transferable since they’re completely linked to the holder’s pockets. For the time being, YGG is engaged on integrating the tokens instantly into video games for his or her customers.
In an effort to encourage person participation, YGG intends to introduce a brand new incentive program that rewards creators with SBT tokens upon completion of particular duties or quests. YGG has additionally introduced a revamped internet app to be launched in March, that includes the Soul token as a essential part of the platform’s guild ecosystem.