The agreement with HaloDAO will provide gamers with an opportunity to excel in yield farming and other aspects of decentralized finance.
Yield Guild Games (YGG) which is a major investor in the “play-to-earn” arena, joined hands with HaloDAO, stablecoin-focused decentralized finance (DeFi) project, to enable its gamers to cash out using its stablecoin and gain yield.
YGG is a “play-to-earn gaming guild” and gamers get a chance to earn tokens using blockchain-based economies like Axie Infinity.
The agreement involves the firms building out financial tools to keep a track of the performance and provide gamers a great way to grow their earnings with yield farming and other decentralized finance (DeFi) applications.
Gabby Dizon, YGG founder said the project will enable users to gain access to “income-earning opportunities in crypto” and “improves their income-earning capacity.” The rise of Axie is so noticeable in Phillippines that the regulators are reportedly weighing how to tax gaming-related earnings.
In a funding round led by venture capital firm Andreessen Horowitz (a16z) in August, YGG received $4.6 million and the firm stated it plans to invest in digital assets in virtual space.
YGG and cryptocurrency exchange FTX also signed a sponsorship deal last month. In this deal, Axie Infinity players from developing countries will be provided with scholarship funds. The deal also involves loaning non-fungible tokens (NFTs) to players if they cannot afford to buy, under a revenue-sharing agreement.