Place/Date: Taipei, Taiwan - April 26th, 2022 at 3:54 pm UTC · 3 min read
Contact: Dom Steer, Source: YGG SEA
Yield Guild Games Southeast Asia (YGG SEA), a sub-decentralized autonomous organization (subDAO) of the Philippines-based blockchain gaming startup Yield Guild Games (YGG), has secured $15 million across two different private funding rounds. It will use the proceeds to boost the adoption of play-to-earn gaming in Southeast Asian countries.
While the initial round was led by YGG and Infinity Ventures Crypto (IVC), the follow-up round saw participation from Crypto.com Capital, Animoca Brands, MindWorks Ventures, Poloniex, Jump Capital, Sembrani Kiqani (a fund by BRI Ventures), Circle, Digital Currency Group, Hashed, Polygon, Bukalapak, United Overseas Bank (UOB) Venture Management, Arca Funds, Evernew Capital, OKEx Blockdream Ventures, Yolo Ventures, SevenX Ventures, LongHash Ventures, Hashkey Group, Morningstar Ventures, Rise Capital, Dialectic, SweeperDAO, PetRock Capital, DNC Ventures, FBG Capital and Emfarsis.
Animoca Brands CEO Robby Yung commented:
“As an investor in YGG, Animoca Brands is a supporter of the YGG SEA team, its business model, and its regional focus. We believe YGG SEA will strongly contribute to onboarding players to blockchain across South East Asia.”
YGG SEA is the first regional subDAO of Yield Guild Games, focusing on players from Malaysia, Indonesia, Vietnam, and Thailand. The subDAOs like YGG SEA are at the core of YGG’s expansion strategy across the world as they have the local knowledge and networks. To expand quickly and deeply, having regional subDAOs is key to the community development of the overall YGG ecosystem.
In YGG Ecosystem, the goal is not just to onboard players as scholars; but also to be the bridge that brings the Web2 community into Web3 space through GameFi. YGG SEA has been aggressively onboarding and creating a safe space for scholars to enter Web3 through heavy localization and a grassroots level approach in each country.
Other than community development, YGG SEA is committed to supporting locally developed play-to-earn games within the region and acquiring NFTs that are uniquely suited to the needs and interests of SEA’s player base. It is also helping locally developed play-to-earn games go global.
Crypto.com Capital Managing Director Bobby Bao said:
“Crypto.com Capital is pleased to support the launch of YGG’s first ever subDAO – YGG SEA – in its private funding round. We believe that Southeast Asia will continue to be the largest market globally for play-to-earn operators, and that YGG SEA – with its operational expertise spanning from YGG and its in-country teams – will continue to hold the lion’s share of high-quality scholars in the region.”
Its parent DAO, YGG, is a community of play-to-earn gamers. YGG operates like a guild, acquiring yield-generating virtual assets across several play-to-earn games, and lending those assets to players who can’t afford them. Players, in turn, share a fraction of the in-game rewards with YGG.
YGG SEA, the first subDAO of Yield Guild Games, is a decentralized autonomous organization for acquiring and managing NFTs used in the metaverse. Its mission is to create the biggest and most sustainable play-to-earn virtual economy in Southeast Asia. YGG SEA is a founding member of the Asia Blockchain Gaming Alliance.