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Yield Guild Games Invests $175K in Merit Circle to Expand Scholarship Program
YGG will work with the decentralized autonomous organization to expand its play-to-earn scholarship model in developing countries.
Updated May 11, 2023, 6:01 p.m. Published Oct 7, 2021, 4:02 p.m.
, a decentralized gaming startup, said it invested $175,000 in Merit Circle to help “bring play-to-earn to the masses.”
- YGG said it will work with Merit Circle, also a decentralized autonomous organization (DAO) focused on gaming, to expand its play-to-earn scholarship model that is focused on developing countries.
- YGG describes itself as a “play-to-earn gaming guild.” It allows users to invest in non-fungible tokens (NFTs) used in blockchain gaming.
- The deal with Merit Circle means the firms can host events and lend assets to each other as well as make investments and pursue projects to benefit both communities.
- Merit Circle was incubated by the early-stage venture capital firm Flow Ventures, and has supported gaming communities through its scholarship programs in the Philippines, Venezuela, Africa and Nigeria.
- In August, YGG signed a sponsorship deal with cryptocurrency exchange FTX. The agreement will allow Axie Infinity players from developing countries to receive scholarship funds.
- YGG said its users can interact with the gaming guild by applying and receiving a scholarship for Axie Infinity or by purchasing Merit Circle’s soon-to-be-released governance token “$MC” to be a part of the DAO.
Read more: Yield Guild Games Taps HaloDAO to Help Gamers Put Earnings in DeFi
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