Although the general crypto market has been shaky since the year began, blockchain gaming is still on the rise and gaining massive adoption. Projects like Yield Guild Games have proven that more players are trooping into the system, hoping to utilize the rewards it offers.
Partnership with Coinbase
Following YGG’s popularity, it has secured the endorsement of Coinbase, one of the largest cryptocurrency exchanges. After growing in the Philippines, gaming scholarships became a common phenomenon in the play-to-earn area. A scholarship is a short-term rental of a gaming character for gamers who cannot afford to purchase their own.
YGG shared a tweet to announce the new partnership with Coinbase. It wrote, “There are currently more players wanting #playtoearn scholarships than there are game assets to meet the demand. Together with our newest Sponsor-A-Scholar partner
@coinbase, YGG will be able to onboard more new players worldwide.”
The collaboration between Yield Guild Games and Coinbase could increase the quantity and diversity of assets available for scholarships, potentially allowing additional games to be financed.
Axie Infinity, Ember Sword, F1 Delta Time, Guild of Guardians, Illuvium, League of Kingdoms, The Sandbox, Splinterlands, Star Atlas, and Zed Run are now on their list of games. This is expected to expand in the coming weeks.
How it started
When COVID raged throughout the Philippines, 7.3 million people were out of work and lost their livelihoods as the nation was put on strict lockdown. The rural district of Nueva Ecija near Cabanatuan City was severely impacted as the city’s industry came to a halt. In response to the hardship, Gabby Dizon, a local gaming enthusiast, decided to help the locals. He began giving out his main characters in the P-2-E game “Axie Infinity” to other people in his neighborhood. These “Axies” were used to purchase game tokens, which could be converted to real cash.
Locals saw Axie Infinity as a huge step forward for the gaming industry. Several gamers in the Philippines quickly discovered that they were making more money than they had in previous jobs. More people played the game, and the city was rescued from ruin. This success led to the formation of YGG.
What is YGG?
Yield Guild Games (YGG) is a gaming guild where you can earn money by playing. It’s set up as a decentralized autonomous organization that allows players to make money by investing in metaverse assets.
Yield Guild Games effectively mix NFTs with decentralized finance in order to create a novel new game model. This model incentivizes members through a reward scheme and governance voting mechanisms within the YGG virtual world.
YGG oversees a vast collection of game-related NFTs, digital assets, and virtual reality (VR) land parcels that participants can use to generate revenue and increase their earnings and that of the guild.
Gabby Dizon and Beryl Li established the project in November 2020 with a daring long-term vision: to build the world’s largest virtual economy, which might one day be similar to the real economy.
Yield Guide Games had a tremendous 2021. Aside from several collaborations, the platform also raised about $22.4 million from several rounds of funding. Also, at the end of 2021, the YGG play-to-earn platform reached a user milestone of about 10,000 players. With the planned collaborations, these figures are expected to explode.