Avocado Guild, a play-to-earn (P2E) company, raised $18 million in a Series A led by Animoca Brands, which brought its valuation to $200 million, CoinDesk reported. The round was co-led by QCP Soteria Node. Solana, Three Arrows Capital, Hashed, Golden Tree Management, and Binance Capital Management participated in the round.
Avocado and other gaming guilds cluster P2E gamers who can earn crypto from Axie Infinity and other such titles. They can have revenue-sharing agreements. To bring players into the game, they provide initial loans.
A metaverse of metaverses
Brendan Wong, Avocado co-founder and CEO, described the guild as a “metaverse of metaverses” in an interview with CoinDesk. It makes it possible for players to take part in multiple virtual worlds. Players are trained to become Web 3 users, learn how to earn supplementary income on P2E games, become part of the community, and take advantage of opportunities in decentralized finance.
Wong added that his guild would spread its operations to other play to earn games. The funds raised in the round will be used to buy non-fungible tokens (NFTs) and land in virtual worlds.
Guild to offer 10,000 members access to scholarship program
Avocado Guild will offer more than 10,000 people access to its scholarship program. At the moment, it has around 7,000 members, mostly from Indonesia and the Philippines. Participants in the program are trained to play games like Axie Infinity. After agreeing to split profit in half, they are given capital to start playing, we learn from the scholarship application form.
Even though participants can exit the program at any time, the majority chooses to remain in the community after the scholarship has ended, Avocado’s CEO shared.
Axie enjoys skyrocketing popularity
Axie Infinity is incredibly popular in the Philippines. Its developer, Sky Mavis, reportedly earned a $3 billion valuation. This summer, the Manila Bulletin reported that Filipino regulators wanted to tax the players and publisher of Axie Infinity. In response to the regulators’ comments, Sky Mavis COO and cofounder Aleksander Leonard Larsen told CoinDesk:
Axie Infinity does not sell SLP or provide liquidity on the market. The tokens are only earned by playing the game or acquired from other players. Some people set up scholarships, or companies, then they hire other players to work for them.
There haven’t been any further reports on taxing crypto in the Philippines, so it’s safe to assume Axie’s in the clear for now.
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