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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 took part in the round as well. Ygg has not disclosed the number of tokens it has sold, but it is estimated that they represent at least 35 per cent of the total value of the $25 million assets held in its treasury as from Nov 2022.
Founded in 2018 by gabby dizon veteran of the gaming industry and fintech businessman beryl li, ygg coordinates blockchain-based play-to-earn (p2e) players worldwide games to help each other on board and win rewards based on cryptocurrency. Ygg also invests in the game of nonfungible chips (nfts), such as objects in the game and virtual land, which it rents to members to use in their gameplay to generate profits or returns.
Dizon cofounded ygg after it began lending its own infinity nfts axie to other players who couldn't afford to buy their own to get into the game. Ygg has since grown to be the largest asset manager and investor in the popular p2e 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.
“The purchase of tokens demonstrates our partners' confidence in the YGG's mission to empower players with web3," said Gabby Dizon, co-founder of the YGG. "The purchase will help advance the Guild's initiatives by providing the web3 community with valuable products and experiences.
Ygg will use the funds to grow its reputation chip (sbt), which will become an important part of its ecosystem platform. Sbt tokens are permanently linked to an individual user's crypto portfolio. Ygg performed a token launch test last year as in-game rewards and expects to launch an updated version of its web application in March. Creators will be rewarded with sbt tokens for performing certain tasks and quests.
"We are committed to supporting ygg as part of our vision for a blockchain-based economy through web3," says andrei grachev, a management associate at dwf labs.
As a multi-website ecosystem 3, dwf labs provides consulting, cybersecurity, smart deal verification, debt financing and cash management services. He also offers trading solutions such as token trading, over-the-counter (OTC) trading, and liquidity support for clients through his partners in various vertical industries.
Dwf labs has supported over 50 web3 projects and works with the main cryptocurrency exchanges such as BINANCE and bybit.
"We think blockchain has the potential to transform the gaming industry by allowing players to own their own assets and win rewards," added Grachev.
"Thanks to ygg's partnerships with NFT games and ecosystems such as infinity axie, sandbox and league of realms, the guild is at the forefront of blockchain-based game economies. Our goal is to support YGG and assist the guild in expanding their offerings as the Guild Advancement Program to connect even more players and allow them to participate in a decentralized gaming ecosystem and be rewarded for their gaming activities."
