Yield Guild Games Raises $75M to Expand its Business

Yield Guild Games (YGG), a decentralized gaming guild has raised $75 million for its first fund round titled, YGG Ventures Fund I.

According to reports from The Block, the fund will be used to make investments in Web3, game studios, and early-stage stock and token agreements. It will also likely be utilized to finance investments in infrastructure. 

The firm has established a committee to oversee the new venture fund. Beryl Li and Gabby Dizon, co-founders of YGG will be members of the committee, while Jeff Holmberg, will switch his role as head of asset acquisition to partner at YGG Ventures.

It is worth mentioning that a group of investors led by a16z Crypto and DWF Labs recently purchased tokens worth $13.8 million from YGG. At the time, Gabby said the funds will be used to advance the SoulBound reputation token.

Yield Guild Games specializes in purchasing and overseeing yield-generating assets for blockchain-based video games and virtual worlds. The firm aims to make it possible for people all around the world to make a living by playing video games in addition to purchasing and selling virtual goods.

Web3 Gaming Industry Thriving Despite Challenges

The web3 gaming industry has faced several challenges, including technical difficulties, regulatory hurdles, and the volatile nature of cryptocurrencies. However, with innovation and collaboration, these challenges can be overcome, and the potential of blockchain technology can be fully realized in the gaming world.

Interestingly, YGG secured its $75 million venture fund at an intriguing time, since funding for cryptocurrency businesses has halted as a result of numerous failures and a bearish crypto market. Li stated that now is the “ideal time” to raise the fund because the market has already bottomed out.

While expressing his faith in the sector, Robby Yung, CEO of Animoca Brands, has also pledged to deliver more captivating games in 2023. 

Similarly, Amazon has announced its intention to introduce an NFT gaming venture in April. One of its goals is to ensure Amazon customers take part in cryptocurrency games and win free NFTs as prizes.