The companies are aiming to expand play-to-earn gaming worldwide.
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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 announced 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.
“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.