As a result of Yield Guild Games' $4 million in fundraising, the company's belief that gamers should be able to make money playing video games has been proven correct.
Even if it sounds crazy, it's well-timed in a decade where new careers like streamers and YouTubers are experiencing rapid development. Playing games in which you may earn cryptocurrency prizes is what Yield Guild Games is all about. Bitkraft Ventures, a gaming-focused venture capital firm, led the investment round.
Gabby Dizon, the cofounder of Yield Guild games, remarked in an interview with GamesBeat that “this round was unusual since, with the first round of funding that we raised, it was pretty much all crypto funds.
” One of the most highly regarded gaming and esports venture capital firms in the world has joined us this time.” While our work fit their visions of the future of work,” they were interested in it.
An excellent documentary about getting paid to play games like Axie Infinity is Play-to-Earn: NFT Gaming in the Philippines.
The Nft Is an Excellent Chance
It's about a group of Filipinos in the Philippines that Yield Guild Games funded and Emfarsis Consulting developed an 18-minute film about. Axie Infinity by Sky Mavis, which allows users to gain rewards for playing, became their go-to pastime after they lost their jobs due to the pandemic.
In its cartoon-style PC and mobile game, Axie Infinity uses nonfungible tokens (NFTs) to uniquely identify digital things. A virtual currency called Smooth Love Potion is earned by players who participate in the game. They have the ability to turn this into cryptocurrencies and subsequently into actual money.
For the characters in the film, money has proven to be a lifeline. This is what I term the “Entertainment Economy,” in which we will all be paid to play video games in the future.
Although it is still in its infancy, this film demonstrates that the concept isn't a gimmick. The Philippine Department of Information and Communications Technology recently screened the documentary about Axie Infinity and Yield Guild Games as part of National ICT Month.
The use of NFTs in other fields, such as fine art, sports memorabilia, and music, has skyrocketed. For instance, the digital version of collectible basketball cards, NBA Top Shot, can be found here: NBA Top Shot, a game developed by Dapper Labs, has sold more than $500 million in its first five months on the market.
And a Beeple NFT digital collage sold for $69.3 million at Christie's. Investors are pouring money into NFTs, and some of those ones are gamer-friendly investors. NFT costs have recently dropped, but this hasn't stopped any NFT enthusiasts.
Starting a Guild
Co-founded by Gabby Dizon, Yield Guild Games is a decentralized player guild that allows members to earn extra money by participating in the group. As part of our GamesBeat Summit 2021 event, Dizon gave a talk regarding NFTs.
From a macro perspective, Dizon observed, “it appears to be something like a real estate collective. As a result, “we have the ability to invest in valuable assets while providing the labor and improvement of those assets, and then receiving a piece of the benefit.”
Companies like Yield Guild Games can assist eliminate unemployment around the world because of their business model, according to Dizon.
Credibility was established as a result of the film.
Other game publishers, according to Dizon, want the guild to start playing their games as well, and Dizon predicts that almost all games will have play-to-earn communities in the future.
Many established studios are apprehensive about it because it's still so early in the game. In my opinion, it's a good sign when someone invests in us.
The “Play-to-earn” Method
A new business strategy, Play-to-Earn, allows gamers to earn real money by playing games. Participants in virtual world economies can earn in-game assets and tokens, which they can later trade or sell if they like.
Axie Infinity is one of Yield Guild Games' supported play-to-earn games. When players win battles against other players, they receive an in-game token known as “Smooth Love Potion” (SLP). SLP is needed to “breed” new Axis in-game. Alternatively, it can be traded on an open market for other cryptocurrencies.
Players can earn money by operating, leasing, and selling in-game items in the “play-to-earn” phenomenon that has been popularised by cryptocurrency-based games. Yield Guild Games is on a mission to accelerate this phenomenon.
A player community, Yield Guild Games, invests in NFT assets in various games across the ecosystem and lends these assets to its members so that they can make money playing games.
True digital rights in blockchain games and virtual worlds are made possible by NFTs, which have been widely acknowledged for this purpose. Traditional in-game assets have been devalued by cloning since NFTs can't be simply replicated.
According to Dizon, instead of “spending time” playing games for an extended period of time, players can become owners of in-game assets, helping to secure their long-term financial futures through gameplay and turn them into investors. Over 15,000 people have signed up for Yield Guild Games' Discord community as of this writing.
However, Dizon claims that Yield Guild Games is beginning to spread to other groups and areas, such as Indonesia and Brazil, as well as the Philippines.
According to Dizon, it took six months to get the first 1,000 Axie players.
When enough people play games like Axie Infinity so that they can start earning cash, the money can be used toward scholarships for players.
A.Capital Ventures, IDEO CoLab, Mechanism Capital, and ParaFi Capital are a few other investors besides Bitkraft Ventures. Ascensive Assets, SevenX Ventures, and Animoca brands have already invested.
They joined in the fun, too. After a $1.325 million seed round from Delphi Digital, Yield Guild Games received participation from BlockTower Capital, Scalar Capital, Gumi Cryptos Capital, and others.
All four of the company's co-founders, Jiho Zirlin of Sky Mavis and Dennis Fong of GGWP, are angel investors. NFT assets of play-to-earn games will be invested in and the Yield Guild Games network will be expanded by acquiring new players from across the world with this funding
Jens Hilgers, the founding partner of Bitkraft Ventures, said in a statement that blockchain technology is rapidly enabling and speeding up at scale actual economic activities in games and virtual reality.
According to him, Yield Guild Games is leading the way with innovative ideas on the play-to-earn gaming model. Hilgers likened it to a glimpse into the future of employment. The investment shows Bitkraft's commitment to blockchain and crypto technology.
Recently, Bitkraft announced a cooperation with a blockchain consultancy firm Delphi Digital to assist find the most intriguing investment opportunities in cryptocurrency and gaming.