IndiGG secures $6 mn in funding to foster play-to-earn movement in India
- IBEF
- January 20, 2022
IndiGG, Yield Guild Games' (YGG) India subDAO (decentralised autonomous organisation), has received US$ 6 million in financing to support the play-to-earn movement in India. Sequoia Capital India, Lightspeed Venture Partners, Jump Capital, Variant Fund, Dune Ventures, Griffin Gaming Partners, Transcend Fund, Animoca Brands, Play Ventures, Backed and Sfermion, IVC, Emfarsis, and others were among those that participated in the round.
Alexis Ohanian, co-founder of Reddit, Alan Howard, co-founder of Brevan Howard Asset Management, and professionals from the Indian gaming and entertainment industries, including Hungama, Nazara, WinZo, Hindustan Talkies, and Mobile Premier League (MPL), were among the angel investors.
IndiGG will use the funds, which include a US$ 1 million pre-seed lead by YGG, to focus on three critical areas in order to accelerate platform growth and onboard Indian players to the web3 world of play-to-earn. In addition to increasing local Play-to-Earn education, expanding the team, and organising community events.
According to a November 2021 analysis by BCG and Sequoia Capital India, the Indian gaming sector is now worth more than US$ 1.8 billion, with over 400 million individuals playing online video games and the industry expected to triple in size by 2025.
"India is set to take a leadership role in establishing this new web3 frontier. We have the talent, capital and confidence to ensure that we are in the driver’s seat and games are the perfect vehicle to engage our next generation of talent," said Hemant Mohapatra, partner at Lightspeed Venture Partners
IndiGG will soon support NFT assets for Axie infinity, Pegaxy, Fancy Birds, Nyan Heroes, Nitro League before onboarding new games for the Indian market. Polygon Studios and their thriving ecosystem of Web3 games — including Zed Run, Skyweaver by Horizon Games, Decentraland, and Decentral Games — will ensure IndiGG scholars continually have access to the latest releases.
“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 one of the gaming communities in one of world’s largest emerging economies so they can reap the benefits of web3,” said Gabby Dizon, Co-founder of Yield Guild Games.
NFTs - blockchain-based digital assets required by players to play these games - are commonly used in play-to-earn games. The introduction of these assets allows users to have physical ownership of in-game things while also assisting in the development of a long-term economy from which they can profit. The guild will also offer scholarships to chosen applicants, allowing them to rent out NFT assets controlled by the guild to play games and make money, decreasing the barrier to entry for anyone interested in joining the play-to-earn revolution.
"Through the Polygon ecosystem we've already seen traction in player-owned virtual economies and we know the quality of games in development. Our goal in partnering with YGG for IndiGG is to onboard 400 million people to Web3 on the path to mass adoption," said Sandeep Nailwal, co-founder, Polygon.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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