YieldGuild Games raises $75 million for YGG Ventures Fund I to enter Venture Capital Field

02/18/2023 10:10 • Daily Digest • 108 views

It is reported that the game guild YieldGuild Games (YGG) is entering the field of venture capital and is raising $75 million for its first fund, YGG Ventures Fund I.

The game guild YGG launched the first Web3 fund, YGG Ventures Fund I, and plans to raise $75 million

Interpretation of the news:

YieldGuild Games (YGG), a blockchain-based decentralized autonomous organization (DAO), has commenced its venture into the field of venture capital. YGG is predominantly known as a gaming company based on the blockchain technology powering play-to-earn games. The company has recently announced that it is funding $75 million for YGG Ventures Fund I, with plans to invest in blockchain-based gaming and non-fungible token (NFT) space.

YGG is reportedly entering VC intending to support the evolution of the gaming and crypto industries. The founders of YieldGuild Games believe that there is a massive potential in the developing play-to-earn gaming sector as well as NFTs. They firmly believe that players shall become investors in the niche of gaming through the platform that they are constructing.

YGG co-founder Beryl Li stated that the company aims to invest in a variety of different gaming areas beyond play-to-earn titles, taking equity shares in crypto Valley corporations with a solid technical background, among other firms, adding value to their DAO.

The YGG Ventures Fund I has already raised considerable funding from its investors. Among its investors include Framework Ventures, LongHash Ventures, Bitski, etc. According to YGG, the funds will be used to support game studios working based on their ecosystem.

This move by YGG is not so common in the cryptocurrency ecosystem. Usually, venture capital firms invest in crypto companies, not vice versa. YGG is now pioneering the shift and is probably one of the first companies working in the space of play-to-earn gaming and NFTs to enter venture capital.

In conclusion, YieldGuild Games, also known as YGG, has taken a significant step in the direction of making gaming and non-fungible tokens valuable. It is a critical move toward encouraging gamers to invest and earn from their passion for gaming. It has raised $75 million for its YGG Ventures Fund I to further develop blockchain-based gaming and NFTs. This action by YGG could signal a new way of investing in blockchain-based gaming companies by tackling both the gaming revolution and the crypto industry, ultimately making entertainment a rewarding and profitable industry for many gamers.

References:

1. YieldGuild Games Raises $75 Million to Invest in Blockchain-based Gaming and NFTs. (2021). Retrieved 18 September 2021, from https://www.businesswire.com/news/home/20210915005111/en/YieldGuild-Games-Raises-75-Million-to-Invest-in-Blockchain-based-Gaming-and-NFTs

2. YieldGuild, a blockchain gaming and NFT platform, raises $75M for venture fund. (2021). Retrieved 18 September 2021, from https://techcrunch.com/2021/09/15/yieldguild-a-blockchain-gaming-and-nft-platform-raises-75m-for-venture-fund/

3. Yield Guild Games – Farms. (2021). Retrieved 18 September 2021, from https://yieldguild.io/farms

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