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YGG Raises $13.8M in Token Purchase, Led by DWF Labs and a16z Crypto

• DWF Labs, a16z Crypto and other investors have invested $13.8M in Yield Guild Games (YGG).
• YGG coordinates players of blockchain-based play-to-earn (P2E) games around the world to help each other onboard and earn cryptocurrency rewards.
• YGG will use the funds to develop its soulbound reputation token (SBT), which will become a major part of its ecosystem platform.

Overview

DWF Labs, the investment arm of cryptocurrency trading platform Digital Wave Finance (DWF), has taken the lead along with Andreessen Horowitz’s a16z Crypto fund in a $13.8m token purchase from the treasury of blockchain gaming guild Yield Guild Games (YGG). Galaxy Interactive, Sangha Capital Fund, Sanctor Capital, and angel investor David Lee also participated in the round.

About YGG

Founded in 2018 by gaming industry veteran Gabby Dizon and fintech entrepreneur Beryl Li, YGG coordinates players of blockchain-based play-to-earn (P2E) games around the world to help each other onboard and earn cryptocurrency-based rewards. YGG also invests in gaming non-fungible tokens (NFTs), such as in-game items and virtual land, that it rents to members to use in their gameplay to generate profits or yield.

Decentralization Process

Dizon co-founded YGG after he started lending his own Axie Infinity NFTs to other players who could not afford to buy their own to enter the game. YGG incorporated in Switzerland in 2022 to adopt a flexible, non-profit legal structure as part of its move towards decentralization, providing validity for YGG token holders as members of the association with the power to vote on governance.

Input from Investors

„The token purchase signals the confidence of our partners in YGG’s mission of empowering gamers through web3 gaming,“ said YGG co-founder Gabby Dizon. „The purchase will support the progress of the guild’s initiatives as it aims to provide the web3 community with valuable products and experiences.“ As a multi-stage web3 multi-product ecosystem, DWF Labs provides arrange of services including consulting, cybersecurity, smart contract audit process, debt financing, and treasury management solutions for startups looking for venture capital investments or growth capital financing solutions from accredited investors worldwide. „We have committed to support YGG as part of our vision towards a blockchain-based economy through web3,“ said Andrei Grachev Managing Partner at DWF Labs.

SBT Token Launch

YGG will use the funds to develop its soulbound reputation token (SBT), which will become a major part of its ecosystem platform. SBT tokens are linked to a user’s crypto wallet permanently. Creators will receive SBT tokens as rewards for completing certain tasks or quests. Last year they carried out test launch but now planing launch an upgraded version of their web app on March 2021