A decentralized newcomer to non-fungible token (NFT) investments has raised $1.3 million from a smattering of well-heeled veterans of crypto enterprise capital.
Yield Guild Video games (YGG), the decentralized autonomous group (DAO) with a penchant for NFTs, raised the funds from Delphi Digital, Scalar Capital, BlockTower Capital, gumi Cryptos Capital, Ascensive Belongings and Youbi Capital.
YGG will use the funds to enhance its protocol for distributed investing within the burgeoning NFT scene, the startup stated. As a DAO, YGG swimming pools investor property for the aim of betting after which profiting on NFTs, sharing the proceeds with backers. Its focus is on NFTs that intersect with the gaming area.
“Similar to actual property, digital financial actions of video games will happen in digital lands,” a spokesperson for the venture instructed CoinDesk through electronic mail. “As digital land is scarce, demand for it inside blockchain video games will improve in worth over time.”
“Scalar invested in YGG as a result of we consider they are going to herald a wave of recent individuals from all around the world to crypto by way of play-to-earn gaming,” Scalar Capital Managing Director Linda Xie stated in an announcement. “YGG will allow avid gamers to turn out to be traders with the guild buying land and tokens in video games that they actively take part in.”
The YGG crew lately spent $100,000 on digital land in Axie Infinity.
“Our mission right here at YGG is to deliver gamers into the Metaverse,” the crew wrote in a weblog put up. “A part of that mission includes investing within the financial future of those digital worlds whereas serving to our guild members earn a dwelling.”