Yield Guild Games (YGG) is a Philippines-based gaming guild and decentralized autonomous organization founded in 2020. It pioneered the "scholarship" model in blockchain gaming: the guild acquires in-game NFT assets, then lends them to players – called scholars – who split their earned crypto rewards with the guild. YGG rose to prominence during the 2021 play-to-earn boom, largely on the back of Axie Infinity, and became one of the most-watched experiments in crypto-native economic coordination. The guild simultaneously operates as an investor, taking equity and token positions in early-stage blockchain games.
In August 2021, YGG launched its governance token (YGG) and closed a $4.6 million fundraising round backed by a16z Crypto, Delphi Digital, and other crypto-native funds. The raise gave the project significant credibility at the height of the play-to-earn cycle. At its peak in late 2021, the YGG token reached a market cap exceeding $700 million, though it subsequently declined sharply alongside the broader NFT and GameFi correction of 2022. Total AUM figures are not publicly disclosed in audited form.
Notable investments
- Axie Infinity – The guild's foundational game; early scholarship operations made YGG a dominant force in Axie's economy before the SLP token crash of 2022.
- The Sandbox – Metaverse land and token positions held as part of YGG's diversification into virtual world assets.
- Star Atlas – Space-themed strategy game on Solana; YGG invested early and integrated the title into its guild scholarship program.
- Guild of Guardians – Mobile RPG by Immutable; YGG participated in early NFT sales and holds an advisory/partner role.
- Illuvium – AAA open-world RPG on Ethereum; YGG holds token and NFT positions acquired in early funding rounds.
- Splinterlands – Trading card game on Hive blockchain; one of YGG's earlier scholar deployments outside Axie.
The full portfolio spans over nine projects according to internal disclosures, with five identified as lead investments. Many positions are held as in-game assets or tokens rather than traditional equity, making direct comparisons with conventional VC portfolios difficult.
Team
Gabby Diaz serves as CEO and is the most public face of YGG. Before co-founding the guild, he worked in the Philippines tech and crypto ecosystem, including a role at Coins.ph. Beryl Li is co-founder and handles community, operations, and partnerships – she has been instrumental in building the guild's regional network across Southeast Asia. A third co-founder operates under a pseudonym; public information about their identity is limited. YGG also operates through a network of regional sub-guilds (the "SuperGuild" structure) with local operators managing scholar communities in the Philippines, Indonesia, Venezuela, and other markets.
Recent activity
Following the 2022 GameFi downturn – triggered mainly by Axie Infinity's collapsing in-game economy – YGG publicly recalibrated its strategy. The guild moved away from heavy reliance on the scholarship model and toward a broader investment and game-publishing posture. In 2023 and into 2024, YGG announced partnerships with new gaming studios, participated in token launches for emerging Web3 games, and worked to onboard titles with more sustainable tokenomics. The organization also deepened its Southeast Asian community infrastructure, leaning into its geographic advantage as a recruiter of gaming talent in lower-cost markets. Public reporting on specific deal sizes or new fund closes during this period is limited.
YGG remains one of the few organizations that entered the 2021 GameFi wave and maintained an active presence through the subsequent bear market. Its core bet – that blockchain gaming will eventually produce titles with durable player bases – is still unproven at scale. The guild's ability to adapt its model beyond Axie Infinity-style scholarships will determine whether its early-mover advantage in Southeast Asia translates into lasting returns. For reference and further reading, see YGG's official site and coverage on CoinDesk.
