158 Interactions, 4 today
Profits from the support scheme will be divided among the game guild’s participants.
NFT players will now earn a scholarship under a pilot scheme supported by some of the industry’s most powerful investors.
“Flying Falcon,” a pseudonymous digital landowner and crypto whale, was the first to contribute to the “Sponsor-A-Scholar” programme developed by open gaming group Yield Guild Games, or YGG. Throughout the scheme, Flying Falcon will support 50 Axie Infinity players.
Sponsors can donate the game’s native token, Small Love Potion (SLP), for YGG players to use for breeding Axies — collectible fantasy creatures that inhabit the game’s crypto-Tamagotchi ecosystem.
Revenues are split three ways with 70% going to the player, 20% going to YGG’s community manager who trains and manages the player, while the final 10% is distributed to YGG to cover gas fees and breeding costs.
In November 2020, a single Axie was sold for 300 Ether, worth roughly $130,000 at the time. In February, Axie Infinity revealed nine plots of digital land within the game had sold for 888.25 Ether, worth $1.5 million at the time.
😱 Is this real life?!
9 Genesis plots. 888.25 ETH!
The. Largest. NFT. Sale. Ever
Why? 👇🧵 pic.twitter.com/WcIbg6X1Z3
— Axie Infinity (@AxieInfinity) February 8, 2021
YGG describes itself as a decentralized gaming guild of players and investors, who generate a yield from NFT-based games. It pools investor funds to purchase yield-generating nonfungible assets. According to YGG, there are currently more players applying to access play-to-earn scholarships than there are in-game assets available to meet the demand. Since March, YGG’s Discord server membership has grown from 2,500 to 9,000.
According to YGG, the play-to-earn movement grew in popularity during the COVID-19 lockdowns, especially in developed countries where there was little disaster relief available. However, that NFT rates have made certain games prohibitively expensive for those who will profit the most from play-to-earn, prompting the launch of YGG’s scholarship scheme.
According to Cointelegraph, Flying Falcon spent about $1.5 million in early February purchasing digital land on the Axie Infinity metaverse. The NFT investor explained his decision to fund Axie players via YGG’s programme:
“The future is in the metaverse and the ones to cultivate it will be the players of NFT games. In building the digital nations of tomorrow, we must ensure that these virtual worlds are more inclusive than the ones we inhabit today.”
YGG plans to provide scholarship schemes for other NFT games in the future, with the group actually owning NFTs from League of Kingdoms, The Sandbox, and F1 Delta Time.
YGG raised $1.32 million in a seed round led by Delphi Digital in March.