Yield Guild Games subDAO raises $15m to support crypto gaming in Southeast Asia
A regional branch of the leading crypto gaming league has raised US$15 million to support the adoption of play-to-earn gaming in Southeast Asia.
Yield Guild Games Southeast Asia is focusing initially on gaming in Indonesia, Vietnam, Singapore and Thailand before expanding through the region.
An initial seed round was led by YGG and Infinity Ventures Crypto in August, with an additional private round in November led by Crypto.com Capital, Animoca Brands, MindWorks Ventures, Poloniex, Jump Capital and Sembrani Kiqani by BRI Ventures, the investment arm of one of Indonesia’s largest banks, Bank BRI.
“Supporting contender brands and the ecosystem is the heart of Sembrani Kiqani. With so many Indonesians wanting to enter the metaverse, it was natural for us to partner with YGG SEA,” said Marcel Lukman, founding partner of Sembrani Kiqani.
Also participating in the capital raising were 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.
YGG SEA is what’s known as a subDAO of Yield Guild Games, a decentralised autonomous organisation, or DAO – basically, a crypto-collective governed by holders of the YGG token.
“As we roll out across the world, subDAOs like YGG SEA are core to YGG’s expansion strategy as they have the local knowledge and networks,” said Gabby Dizon, co-founder of Yield Guild Games.
“The team launching YGG SEA has deep experience driving tech adoption in the region and the demand for play-to-earn games throughout Asia is incredibly strong.”
Play-t0-earn gaming has taken off especially in the Philippines, where players have been able to make several times the minimum wage playing Axie Infinity.
But buying the virtual items (NFT “battle pets” known as Axies) required to play the game is quite expensive, around US$1,000 or so, so gaming guilds that have arisen to loan players the gear in exchange for a cut of their loot.
YGG SEA chief executive and co-founder Evan Spytma said that play-to-earn gaming is quickly gaining steam in other countries in the “incredibly diverse” Southeast Asian region.
“It’s critical to have teams like ours, with boots on the ground and an understanding of the local needs and cultural nuances, who can build the regional community from the ground up,” he said.