“At first, I wasn’t convinced that this game (can let you) earn by playing, but I tried it. Its Vietnamese developer, Sky Mavis, reported that 29,000 of the 70,000 downloads of the game in April this year came from the Philippines. In the Philippines, where the unemployment rate continues to fluctuate, the NFT game Axie Infinity has enjoyed massive popularity. Though this form of cryptocurrency has been around for a few years, it reached new heights during the coronavirus disease 2019 (COVID-19) pandemic, with ensuing lockdowns rendering millions jobless and open to earning money through gaming. The “play-to-earn” movement is an emerging phenomenon in gaming, wherein players NFT games collect rewards within the game that can later be converted to real cash. “Games and virtual worlds are increasingly becoming hosts of real economic activity, enabled and accelerated at scale through blockchain technology,” he said. “Think of it as a massively multiplayer online (MMO) guild, for example, but operating across several games, investing in yield-generating NFTs within those games, and lending those in-game assets and inventory out to our player base.”
Dizon in a statement on their recently completed investment. “At its core, YGG is a community of play-to-earn gamers,” said Mr. The game is one of many who see great potential in the play-to-earn model. In a statement, one of its founding partners, Jens Hilgers, lauded YGG’s efforts as a catalyst for the transition towards player-owned economies.Īside from investing in Axie Infinity, YGG has also partnered with Splinterlands, a blockchain-based trading card game, with which guild members have been granted early, priority access. The investment is led by BITKRAFT Ventures, a venture capital firm focused on gaming, e-sports, and interactive media. YGG’s $4-million Series A investment, completed this June, will expand this network by purchasing and lending out even more NFT assets. In mid-June, they reported 1,000 scholars around the world playing a Pokemon-inspired game called Axie Infinity, who have earned more than 14 million in-game tokens known as Small Love Potions (SLPs) - equivalent to about $1.9 million. The guild invests in NFTs in games and organizes a player community that can earn income from playing. Li and a third individual, who goes by the pseudonym Owl of Moistness. One of these is Yield Guild Games (YGG), founded by Gabriel “Gabby” Dizon Beryl C. WITH the rise of the play-to-earn phenomenon, NFT (non-fungible token) gaming guilds and associations have cropped up around the world to educate people and help them join in.
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