Yield Guild Games raises $13.8M in token sale led by DWF Labs, a16z crypto

[ad_1]

Play-to-Earn gaming platform Yield Guild Games (YGG) has raised $13.8 million in a round of funding led by reputable backers in the cryptocurrency industry.

The funding through a token sale was led by DWF Labs and a16z crypto, a Web3-centric fund managed by venture capital (VC) firm Andreessen Horowitz, YGG announced in a blog post. February 17.

The funding round also 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,” said Andrei Grachev, Managing Partner at DWF. Labs.

At press time, it was unclear how many tokens were involved in the sale. However, estimates indicate that they represented more than 35% of the total estimated value of its $25 million assets in its treasury as of November 2022.

Notably, this isn’t the first time a16z crypto has become involved with YGG. In 2021, the company participated in another YGG token sale worth $4.6 million alongside Kingsway Capital, Infinity Ventures Crypto (IVC) and Atelier Ventures also participated in the funding round.

Focus on decentralization

According to YGG, the latest funds raised will be funneled into building its decentralized systems with a focus on its Soul-Bound Reputation Token (SBT).

It should be noted that last year SBT tokens went through a test launch, but they were only available as in-game rewards, and they are not transferable as they are tied permanently in the holder’s wallet. Currently, YGG is working on integrating the tokens directly into games for their users.

In an effort to encourage user participation, YGG intends to introduce a new incentive program that rewards creators with SBT tokens upon completion of specific tasks or quests. YGG also announced a revamped web application to be launched in March, featuring the Soul Token as a core component of the platform’s guild ecosystem.

[ad_2]