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Hong Kong-based leading web3 ecosystem builder and investor Animoca Ventures and decentralized blockchain gaming guild Yield Guild Games (YGG) have signed a Memorandum of Understanding under which they will work closely together to seek out and support leading web3 companies, thereby growing the web3 ecosystem.
The MoU envisions a collaborative effort coupling the global infrastructure of Animoca Ventures with YGG's expertise and influence in the NFT and blockchain gaming to create significant synergies in both investment and business areas, enabled by the following activities:
▲ collaborating in the identification of promising blockchain investment opportunities.
▲ sharing of data and domain knowledge of blockchain market trends.
▲cooperating on growth-driving strategies for portfolio companies and related businesses.
YGG is already a portfolio company of Animoca Brands, the parent company of Animoca Ventures, who invested in YGG's $1.325M seed round led by Delphi Digital in 2020 and again in YGG's $4m Series A led by Bitkraft in 2021. They have worked collaboratively together on several projects within Animoca's metaverses, including The Sandbox and Axie Infinity. As of this release's date, the YGG network is present in eight regions, having implemented its subDAO model across Southeast Asia, Brazil, India, Korea, Japan, Turkey, Central and Eastern Europe, and Hispanic communities globally.
Commenting on the MoU, YGG co-founder Gabby Dizon said, "YGG is proud to work closely with Animoca Ventures, given Animoca Brands' experience in backing some of the earliest web3 startups. By teaming up with Animoca Ventures, we will be able to discover and support web3 projects that align with our vision for an open Metaverse."
"Animoca is focused on NFTs, and YGG has been at the forefront of investing in NFT assets, connecting blockchain gamers around the world," commented James Ho, Head of Animoca Ventures, on the MoU. "Our aim is to drive true digital property rights and build the metaverse where this can happen. YGG's expertise and influence in this area is an important component in the equation to bring web3 to the wider internet user base while supporting other promising startups."
About Yield Guild Games (YGG)
Yield Guild Games (https://yieldguild.io/) is a decentralized gaming guild acquiring non-fungible tokens (NFTs) that generate rewards from active play in blockchain games. YGG's mission is to onboard millions of players around the world to the "play-to-earn" revolution that brings the benefits of blockchain technology to those who need them the most.
About Animoca Ventures
Animoca Ventures is the venture investment arm of Animoca Brands, a global leader in digital entertainment, blockchain, and gamification.
Animoca Ventures specialises in early-stage investments in Web3 and blockchain companies and projects.
It serves as the pulse of Animoca Group, working at the frontlines to discover new cutting-edge projects and trends in the Web3 space.
The contents of this press release do not constitute investment advice and do not constitute any offer, solicitation or recommendation of any investment product in any jurisdiction. The contents have been prepared for informational and general purposes only. Crypto assets are highly volatile and may be regulated or restricted in your jurisdiction. You are encouraged to seek independent professional advice if you have any questions.
Press Release Service by Newswire.com
Original Source: YGG Signs Memorandum of Understanding With Animoca Ventures