Sunday, June 11, 2023
  • Gabby Dizon, a veteran gamer and an Axie Infinity player, started leasing his Axies in exchange for a share of the profits
  • These games are friendly as one does not have to worry about upfront capital. In exchange, the gamers give back a portion of their profits to the guild
  • In 2021, buying a team of three Axie Infinity axies cost around US$10,000. The high cost has brought about challenges in the scaling of blockchain games

With a possible future of virtual reality in the Metaverse, the GameFi topic is one up for discussion. The success of the Metaverse means that our avatars will need to have some entertainment. What better way to enjoy virtual reality than having some games to play with our virtual friends?

Blockchain-based games have emerged in the last six years, such as the crypto kitties, Axie Infinity, Sandbox, Shatterpoint, AFAR, e.t.c. However, there has been a challenge for first-time gamers to get into this ecosystem due to the entry fees charged.

In 2021, buying a team of three Axie Infinity axies cost around US$10,000. The high cost has brought about challenges in the scaling of blockchain games. However, there is a solution to help crypto gaming enthusiasts get into the gaming world without the hefty fees; crypto gaming guilds.

Read: NFTs and blockchain technology spell out an end to counterfeits in the fashion industry

What are crypto gaming guilds

The crypto gaming guilds are Decentralized Autonomous Organizations (DAOs) that provide in-game assets in the form of NFTs to gamers. They are here to serve every crypto enthusiasts who wish to play blockchain games. These games are friendly as one does not have to worry about upfront capital. In exchange, the gamers give back a portion of their profits to the guild.

Most gaming guilds have doubled as Venture capital firms that specialize in supporting GameFi and NFT projects.

How do crypto gaming guilds work

These organizations bring gamers, investors and managers together to organize games where people play and earn in various blockchains. Investors purchase in-game assets as NFTs for any gamer to rent and use. This is how they remove the entry barriers to the crypto gaming ecosystem.

Most crypto gaming guilds have a native token that allows staking in their liquidity pools and governance. The process enables token holders to become involved in decision-making processes. 

How did crypto gaming guilds start

Competing on Axie Infinity had become quite costly and discouraged a lot of average gamers. 

Gabby Dizon, a veteran gamer and an Axie Infinity player, started leasing his Axies in exchange for a share of the profits. He and Beryl Chavez Li co-founded the Yield Guild Games, which leased Axies through a scholarship. In return, the Yield Guild Games would receive 10 per cent of the profits generated by the gamers using their Axies.

Yield Guild Games managers would receive 20 per cent, while the gamers would receive 70 per cent of the profits.

Their invention worked well as more gamers joined the Yield Guild Games ecosystem. On March 8, 2022, the team hit over 20,000 Axie Infinity play-to-earn scholarships.

league of kingdoms

Crypto gaming guilds making headlines in 2022. [Photo/ League of kingdoms]

Top crypto gaming guilds in 2022

Yield Guild Games

YGG is the mother of all crypto gaming guilds. As of June 2022, the YGG has offered nearly 30,000 scholarships. Its portfolio is at 60 games with its native token, $YGG has a market cap of over US$80 million. Games supported by the YGG platform include Axie Infinity, Splinterland, League of Kingdoms, Sandbox, and many more.

Read: Blockchain and the metaverse: A symbiotic relationship with unending possibilities`

Merit Circle

Merit Circle is a DAO that operates the same as Yield Guild Games. Its native token is called $MC, which has a market cap of US$200 million, even higher than YGGs. Currently, Merit Circle has 3,750 players and a total of 50 games in its portfolio. It supports games like Axie Infinity and Fight of the Ages.

GuildFi

The GuildFi gaming guild enables Web3 interoperability by connecting gamers, NFT assets and communities across the Metaverse. It has over 3000 players, at least 20 games and is governed by the GF token, with a market capitalization of US$20 million. This guild rewards users with random NFT drops and GF token rewards based on the amount they stake.

GuildFi supports games like Ascenders, Crypto Raiders, Axie Infinity, Legends of Elumia, and many other games.

Blackpool

This DAO is solely dedicated to NFT gaming and trading. Members of Blackpool (Troops) have a Troop Lead for each game in Blackpool’s portfolio. The Troop Lead screens, trains, recruits, and distributes earnings to troop members. Blackpool’s market cap is currently at US$3 million.

Unix

Unix gaming boasts over 5,000 scholarships and over 50 games governed by Unix Gaming’s native token. They have a future project of launching a Unix app, a learn-to-play program and extra merchandise.

The future of the blockchain gaming industry is promising, and the player base might hit over 3 billion. This is a field that crypto enthusiasts and investors can dig into and capitalize on.

Read: The metaverse and the evolution of modern technology

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