Avocado Guild Lands $18M to Expand Play-to-Earn Gaming Operations
Play-to-earn (P2E) company Avocado Guild has raised $18 million in a Series A funding round to go toward expanding its gaming services, a Wednesday (Nov. 24) Yahoo report says.
Avocado and similar guilds cluster platform-to-employment gamers who can rake in crypto income from various games like Axie Infinity, which lets players collect and battle with characters in the form of digital non-fungible tokens (NFTs), earning money through playing.
The guilds often come with agreements for revenue sharing, giving players NFT loans to get them into the games, the report notes.
With the new funding, Avocado plans to spread its operations to other games and purchase NFTs, along with adding more virtual worlds. It also plans to bolster its scholarship program to over 10,000 members, up from around 7,000, which teaches members how to play P2E games.
The round, led by Animoca Brands and Soteria Node, saw the company’s value jump to $200 million. Additional participants included Three Arrows Capital, Solana Ventures, Polygon Studios, Hashed, Binance Smart Chain’s $1 Billion Growth Fund and executives of GoldenTree Asset Management.
Avocado co-founder and CEO Brendan Wong said Avocado is a “metaverse of metaverses,” allowing players to participate in numerous digital worlds.
The report notes that users, or “Avocadians,” learn how to earn extra cash on P2E games and become Web 3 users. They can also take advantage of decentralized finance (DeFi) opportunities and “become part of a community,” Wong said.
PYMNTS reported that another gaming platform, The Sandbox, has seen a boost in its SAND token following sneaker maker Adidas referencing a partnership between the companies. The token hit new highs and surpassed $7, making for a weekly increase of 70%.
Read more: Gaming Platform The Sandbox Nets 25% Boost in SAND Token After Adidas Mention
The Sandbox is a gaming “metaverse” platform itself, and also saw a boost of over 600% after Facebook changed its name to Meta.
A metaverse refers to a blend of several facets of tech, including virtual and augmented reality and video, where customers can “live” in a digital space.
Facebook, with its name change, intends to delve more into that space, and other companies like Nike are getting involved in various ways too.
See also: Nike Creates Virtual World Within Roblox