Genopets, a non-fungible token (NFT) “move-to-earn” game where players receive rewards for their real-life actions, is teaming up with Yield Guild Games (YGG) to expand play-to-earn gaming globally, the company said Wednesday.
YGG is a gaming guild that assembles players who can then earn rewards via blockchain-based economies. A guild makes play-to-earn games accessible by covering initiation costs in exchange for a revenue-sharing agreement.
Genopets said YGG has bought Genopets governance tokens (GENE) worth $25,000 and will be producing YGG-branded Habitat NFTs worth $50,000 to initiate scholars in the Genoverse. Genopets’ guild model allows players to rent a “habitat,” which is the entry level item required to expedite the earning process.
“Genopets is offering a different kind of gaming experience to YGG’s growing community, that will allow our guild members to move while they play and earn,” YGG co-founder Gabby Dizon said.
While guilds most commonly exist in the GameFi space as third-party platforms, Genopets says building the guild directly into a game makes the process more efficient because of the use of smart contracts.
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“Some of these guilds are literally using spreadsheets to keep track of their players’ earnings,” Jay Chang, co-founder of Genopets, told CoinDesk in an interview. “Our system saves everyone time, and lets the guilds focus more on other things, like the educational component.”
Genopets’ completed an $8.3 million funding round in October led by Konvoy Ventures and Pantera Capital. The Solana gaming ecosystem also received a $100 million pledge from FTX, Lightspeed and Solana Ventures last week.