Yield Guild Games’ (YGG) sub-decentralized autonomous organization (subDAO) IndiGG has raised $6 million funds from investors like Sequoia Capital India, Lightspeed Venture Partners, and Animoca Brands, and many other to amp up the adoption of play-to-earn games in the country.
Angels included Reddit cofounder Alexis Ohanian, Brevan Howard Asset Management cofounder Alan Howard and executives from the Indian gaming and entertainment industry , including Hungama, Nazara, WinZo, Hindustan Talkies and Mobile Premier League (MPL) reportedly as per ET.
The company intennd to utilize the raised funds for platform growth, create awareness among Indian gamers about the web3 world of play-to-earn. It also aims to drive awareness about the play-to-earn movement, expand its team and organise community events.
“The play-to-earn guild model was first proven by YGG in the Philippines. Our partnership with Polygon Studios will bring this life-changing model to a gaming community in one of world’s largest emerging economies so they can reap the benefits of Web3,” said Yield Guild Games co-founder Gabby Dizon.
“Polygon and YGG coming together to address the gaming market in India is a big step for the Indian gaming ecosystem. Ownership of in-game assets will fundamentally alter the game economies and design dynamics. We want to leverage the power of this paradigm to ensure that the Indian gamers are a big part of the Web3 Gaming revolution,” IndiGG advisor Siddhartha Jain said, as per ET.