Animoca Brands Leads $18M Series A for Play-to-Earn Upstart Avocado Guild

The guild wants to empower members to participate in virtual worlds and Web 3.

Nov 24, 2021 at 2:00 a.m. UTC
Updated Nov 24, 2021 at 3:40 p.m. UTC

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Play-to-earn (P2E) company Avocado Guild raised $18 million in a Series A funding round led by Animoca Brands, bringing its valuation to $200 million, according to a press release shared with CoinDesk. QCP Soteria Node also led the round.

  • Three Arrows Capital, Solana Ventures, Polygon Studios, Hashed, Binance Smart Chain’s $1 Billion Growth Fund and executives of GoldenTree Asset Management also participated in the investment.
  • Gaming guilds like Avocado cluster Platform to Employment (P2E) gamers who are able to earn crypto income from titles such as Axie Infinity.
  • Guilds often have revenue-sharing agreements and give players initial loans in non-fungible tokens (NFT) to bring them into the game.
  • In an interview with CoinDesk, Avocado co-founder and CEO Brendan Wong described the guild as a “metaverse of metaverses,” because it enables players to participate in multiple virtual worlds.
  • “Avocadians,” as users call themselves, not only learn how to earn supplementary income on P2E games, but are trained in how to become Web 3 users, take advantage of opportunities in decentralized finance (DeFi) and become part of a community, Wong told CoinDesk.
  • The guild will spread its operations to other P2E games using the funds and purchase NFTs and land in virtual worlds, Wong said.
  • The guild will also boost its scholarship program to over 10,000 members, Wong added. Avocado Guild currently counts 7,000 members, mostly from the Philippines and Indonesia.
  • Avocado scholars are educated about how to play games like Axie Infinity and are lent NFT assets that the guild purchases from gaming companies, after agreeing to a 50-50 revenue split, according to a company representative. Scholars are free to stop the program at any time, but most of them choose to stay in the community even after their scholarship has ended, Wong said.
  • Axie Infinity has seen its popularity skyrocket, particularly in the Philippines, reportedly leading to a $3 billion valuation for its developer Sky Mavis.

UPDATE (Nov. 24, 05:25 UTC): Adds QCP Soteria Node in lead.

UPDATE (Nov. 24, 10:00 UTC): Clarifies round participants in first bullet and scholarship program.


The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

CoinDesk - Unknown

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Trending

1
CoinDesk - Unknown
It’s Not Just LUNA. Terra’s DeFi Apps Have Hemmorhaged $28B

Investors have largely exited the Terra ecosystem – now evident in DeFi protocols on the blockchain – and analysts remain skeptical about its long-term prospects.

Investors have largely exited the Terra ecosystem – now evident in DeFi protocols on the blockchain – and analysts remain skeptical about its long-term prospects.

CoinDesk - Unknown
2
CoinDesk - Unknown
Crypto Should Meet Same Norms as Regular Finance, G7 Says

Finance ministers want to see financial stability and money-laundering standards in effect soon, citing recent market turmoil.

Finance ministers want to see financial stability and money-laundering standards in effect soon, citing recent market turmoil.

CoinDesk - Unknown
3
CoinDesk - Unknown
Regulate Ledgers and Not Individual Crypto Providers, BIS Study Says

To make cross-border payments easier, you need to change your whole way of thinking, the authors of the BIS study found.

To make cross-border payments easier, you need to change your whole way of thinking, the authors of the BIS study found.

CoinDesk - Unknown
4
CoinDesk - Unknown
Goldman Sees Little US Economic Impact From Lower Cryptocurrency Prices

The stock market decline has had a much larger effect on U.S. household net worth, the bank said.

The stock market decline has had a much larger effect on U.S. household net worth, the bank said.

CoinDesk - Unknown