The play-to-earn gaming guild will use the fresh funds to develop its soulbound reputation tokens, which can be used to track a user's reputation and credentials
Yield Guild Games (YGG) has sold US$13.8 million in tokens to Web3 investors including DWF Labs, A16z Crypto, Galaxy Interactive, Sangha Capital Fund, and Sanctor Capital.
The play-to-earn guild on Ethereum plans to use the money to further develop its soulbound reputation token (SBT), which are publicly verifiable digital identity tokens that can be used to represent and prove someone’s achievements, credentials and reputation.
An SBT is also non-transferable, as it is permanently bound to the “Soul”, a person's crypto wallet. Ethereum's Vitalik Butelik, Flashbots' Puja Ohlhaver and Microsoft Research's E Glen Weyl published a whitepaper to describe the utility of SBTs.
YGG was first conceptualized in 2020 when its co-founder Gabby Dizon began lending his Axies—the NFTs used in the game Axie Infinity—to other players, who could not afford to purchase their own.
During the pandemic, it became clear to him that it was helping Filipinos create another source of income. Since then, YGG has been onboarding millions of users into the play-to-earn revolution.
The gaming guild was also co-founded by Beryl Chavez Li, who is a 2022 Gen.T honouree and part of the founding team of the crypto exchange, Coins.ph.
In 2021, YGG made US$12.5 million in 31 seconds in a token sale and raised US$4.6 million from A16z, the VC firm’s first Philippine investment.
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