The blockchain gaming sector, which has recently been overshadowed by the AI coin boom, is offering significant investment news. This gaming coin was backed by a16z Crypto and DWF Labs with $13.8 million.
13.8 Million Dollars Spent On This Gamingcurrency
Yield Guild Games (YGG), a gaming guild that invests in non-fungible tokens (NFTs) and virtual world economies of blockchain-based games, has completed a token sale round and raised $13.8 million. A16z Crypto and DWF Laboratories were among the giants that participated in the funding round. The startup plans to use the funding to advance the development of its own coins.
Yield Guild Games (YGG) saw its share price rise by double digits.
The market value of YGG, ranked 335th, rose more than 20 percent after the $13.8 million investment was announced. The price peaked at $0.4134 and has held on to most of its gains at the time of writing. The monthly price chart for YGG shows that the current uptrend has taken the stock above a key resistance level.
How do Yield Guild Games Work? Why Is It Important to Invest in This Gaming Coin?
YGG is a decentralized gaming guild that invests in blockchain-based games. It aims to become a major player in the rapidly growing Pay-to-Earn (P2E) gaming industry. The company’s goal is to build a community of gamers who can work together to earn rewards in blockchain-based games. To date, Yield Guild Games has partnered with blockchain games such as Axies Infinity, League of Kingdoms, F1 Delta Time, and The Sandbox.
The company’s cryptocurrencies are tokens that act as a reputation system for players. The purpose of these tokens is to reward people who contribute to the YGG community by providing liquidity or participating in its management. The token is also used to rate players within the YGG community and its value is expected to spread throughout the gaming ecosystem.
Well-known companies such as a16z Crypto and DWF Labs are participating in the funding round.
The $13.8 million investment round is a big win for YGG, which has raised $9.9 million in seed and private rounds from investors such as a16z, Delphi Digital, and Bitkraft Ventures. a16z Crypto, a large venture capital firm that invests in several notable blockchain and cryptocurrency companies, participated in the latest funding round.
YGG CEO Gabby Dizon issued the following statement: “As YGG investors, we are very excited to have a16z Crypto and DWF Labs on board. This investment round will allow us to take our win-win gaming idea to the next level and continue the development of the soul-based reputation token, which we believe will be an important part of the blockchain gaming ecosystem.”
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