FTX Partners with YGG to Sponsor Axie Infinity Players in Five Countries

Continuing its extensive marketing efforts in sports and gaming, cryptocurrency exchange FTX has signed a sponsorship deal with decentralized gaming startup Yield Guild Games (YGG) where Axie Infinity players from developing countries will receive scholarships.

The Ethereum-based video game Axie Infinity is quickly becoming the most popular crypto game, and its play-to-earn model allows some players especially those from developing countries to have the opportunity to earn income simply by fighting monsters using NFT characters. Now, the FTX cryptocurrency exchange will help increase the number of players doing just that.

Sponsorship funds will be provided to cover the costs of breeding Axies in the play-to-earn game “Axie Infinity”. Axies are non-fungible token (NFT) fighting pets that generate the payoff required to play the game. YGG said it would lend the NFT to new players who couldn’t afford it themselves under a profit-sharing agreement.

The FTX scholarship recipients represent 81 players from the Philippines, 25 from Indonesia, 10 from India, 15 from Latin America and six from Brazil.
“As fans of gaming and making a positive impact, we are excited to partner with Yield Guild Games who have created a truly unique way for a new audience to gain exposure to crypto,” said Sam Bankman-Fried, founder and CEO of FTX.

Yield Guild Games alone raised $4 million in Series A funding in June to help expand its play-to-earn business model, and last week held a $12.5 million token sale that sold out in 31 seconds.

Axie Infinity has skyrocketed over the past few months, generating over $900 million in NFT transaction volume in the last 30 days alone. Additionally, the game’s native AXS governance token has surged to a new all-time high recently, and is currently at a price of nearly $45, an increase of more than 86,000% from January 1.

The Unique Scholarship from Axie Infinity

Scholarship from Axie is one of the interesting things that has developed around NFT-driven crypto games. Basically, the players are loaned the NFT monster Axie by the original owner through a profit-sharing agreement. Players earn Small Love Potion (SLP) tokens in battle, which can then be exchanged for other cryptocurrencies.

This is done to get around the high cost of NFT Axie Infinity, because to play this game players need to have three Axies whose prices vary from $200 to thousands of dollars.

“The hope is that new players, will earn enough from playing the game to be able to ‘graduate’ from the program and eventually buy their own NFT. This has a real economic impact on their lives and FTX has the added advantage of gaining branding exposure to these new crypto users,” said Yield Guild Games co-founder Gabby Dizon.

According to Yield Guild Games, the players they manage collectively have earned over 37 million SLP to date, which is worth over $8.1 million at current exchange rates. The company recently co-produced a short documentary called Play-to-Earn which explores the impact of the Axie Infinity scholarship on players in the Philippines.

Get the latest information and discuss with other Indonesian FTX users at FTX Indonesia telegram group.

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