Bitcoin
$63,576.05-1.75%
Ethereum
$3,041.68-2.17%
Binance Coin
$558.17-0.44%
Solana
$141.60-1.49%
XRP
$0.51788283+3.41%
Dogecoin
$0.15270761+0.20%
Toncoin
$6.30-12.28%
Cardano
$0.48756008+5.51%
Shiba Inu
$0.00002288+0.37%
Avalanche
$35.57+0.25%
Wrapped Bitcoin
$63,763.69-1.55%
Tron
$0.10959321+0.46%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
00
DAYS
10
HR
34
MIN
06
SEC
Markets

A16z Leads $4.6M Investment in Yield Guild Games

The funding will be used to invest in virtual worlds in the play-to-earn space.

By Tanzeel Akhtar
AccessTimeIconAug 19, 2021 at 6:41 p.m. UTC
Updated Sep 14, 2021 at 1:42 p.m. UTC
Marc Andreessen
Marc Andreessen
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Decentralized gaming startup Yield Guild Games (YGG) has raised $4.6 million in a funding round led by venture capital firm Andreessen Horowitz (a16z), YGG announced Thursday.

  • Other participating investors included venture capital firm Kingsway Capital, Infinity Ventures Crypto, Atelier Ventures and the gaming entrepreneur Gabriel Leydon.
  • YGG describes itself as a "play-to-earn gaming guild." It allows gamers to earn tokens through blockchain-based economies.
  • Funding will be used by YGG to invest in digital assets in the play-to-earn games virtual world and to expand its community of over 48,000 gamers, said the firm in a press release.
  • “The intersection of crypto and gaming is one of the most exciting areas in tech today,” said Arianna Simpson, general partner at Andreessen Horowitz.
  • Simpson added YGG is at the center of the growing play-to-earn sector, "where more of the value is retained by the players and community, rather than the gaming platforms."
  • In August, YGG and cryptocurrency exchange FTX signed a sponsorship deal in which Axie Infinity players from developing countries will receive scholarship funds. The deal with FTX involves YGG loaning non-fungible tokens (NFTs) to players who cannot afford to buy their own, under a revenue-sharing agreement.

Read more: Gone in 30 Seconds: Yield Guild Games’ $12.5M Token Sale Sells Out Fast

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.