Yield Guild Games Raises $1.45M for Philippine Typhoon Relief

Yield Guild Games (YGG) has raised $1.45 million to support people affected by December 16’s Typhoon Odette in the Philippines, with nearly $1 million already dispersed to people in need.

The funding was used to purchase essential goods like medicines, power generators, and canned food, which were turned over to the Philippine Army and Navy and non-profits to distribute among affected communities.

There is still about $458,000 worth of crypto and tokens that have been donated to the relief fund but they have yet to be converted to fiat currency for deployment, according to a representative from YGG.

The Filipino division of the play-to-earn gaming guild “YGG Pilipinas” announced the relief operation a day after Typhoon Odette hit the country, quickly raising $110,000 in a number of crypto tokens including SLP, AXS, ETH, WETH, and USDC by the end of the day.

YGG Pilipinas Country Manager Luis Buenaventura led the initiative. He explained to Cointelegraph that the Philippines represents the largest portion of the YGG community, so Odette was close to their hearts.

“We’re Filipino-led; many of the senior staff reside here in the Philippines and indeed the largest portion of the global play-to-earn community is based here, which is why so many of the play-to-earn projects came out to contribute to the cause when they saw the extent of the typhoon damage.”

“Our community is as important to us as our core team, and many of them were either driven from their homes or have been living without running water or power for a month now,” he said, adding that many staff members were living in areas badly affected by the typhoon.

Aside from funds collected by the YGG community, a number of others in the broader Web3 community also got involved. Co-founder of NFT play-to-earn game Axie Infinity Jeffrey “Jihoz” Zirlin donated 1,000 AXS ($55,400) to the relief fund on Christmas day. He said:

“As we work together to help our brothers and sisters in the Philippines recover and rebuild, we remember that this is what our community is about.”

YGG co-founder, Gabby Dizon, said that the relief effort showed the power and unity of the Web3 gaming community. “This is our testimony that we are more than just a community of gamers,” he said.

Meanwhile, players of the play-to-earn game DeFi Kingdoms (DFK) also voted to donate a total of $500,000, with the developer team chipping in an additional $250,000.

Related: 40,000-member players guild raises $6M to make P2E gaming easier

Since some of the people who were affected by Odette needed cash more urgently than relief goods, YGG also launched an aid project “Crypto Ayuda” to send cash aid to individuals who needed direct assistance.

Recent estimates claim that Typhoon Odette affected around 9 million people, with nearly 325,000 remaining displaced to date. The Typhoon damaged over 50,000 homes and $260 million worth of agricultural goods.


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Metaverse gaming tokens Ethverse and Axie Infinity avoid crypto downtrend

Metaverse gaming tokens Ethverse (ETHV), The Sandbox (SAND), GameSwap (GSWAP), Yield Guild Games (YGG), Axie Infinity (AXS) are the few cryptocurrencies seeing gains on Nov. 17 with Bitcoin (BTC), Ether (ETH) and most of the market in the red. 

Best-performing crypto sector

The emerging division of the blockchain universe saw its market cap swell by more than 9% in the previous 24 hours and almost 8% in the last seven days to reach $17.42 billion. Its gains came on the back of volatile upside moves in Ethverse, The Sandbox, GameSwap, Yield Guild Games, Axie Infinity, and other markets.

Gaming tokens’ performance in the past 24 hours and seven days. Source: Messari

Meanwhile, about 140 tokens belonging to the DeFi sector delivered combined losses of almost 10% in the last seven days.

Crypto sector performance in the last seven days. Source: Messari

However, the overall crypto market cap, dro by more than 14.50% to $2.47 trillion.

InterHedging tactic?

Gaming tokens fared not only better in the U.S. dollar terms but also against BTC and ETH in the previous 24 hours.

For instance, SAND, the native token of the Sandbox’s virtual world — where players can build, own, and monetize their gaming experience — rose more than 27% against Bitcoin and Ether. What’s more, ETHV, a relatively unknown NFT asset, also more than doubled against the top two cryptos.

SAND/USD daily price chart. Source: TradingView

The capital flow from top crypto assets to the crypto-enabled gaming sector coincided with a flurry of optimistic updates.

That included Andreessen Horowitz leading a $5 million funding round for a Seattle-based blockchain gaming startup, Irreverent Labs, and Polygon’s announcement of organizing a $100,000 hackathon to motivate developers to build and showcase games running on blockchains.

In another event, shares of Korea-based online gaming company, Wemade, soared by more than 400% to reach a market capitalization of over $5 billion on Nov. 15.

WEMADE daily price chart. Source: TradingView

The firm’s gains appeared after the launch of its blockchain-based game MIR4, which, like Axie Infinity and the Sandbox, allows players to earn cryptocurrencies by converting in-platform items into liquefiable digital assets.

Related: Axie Infinity guild CGU helps players enter the fantasy play-to-earn NFT game with ‘scholarships’

On the whole, the blockchain gaming sector appears to be carving its own niche. Arjun Kalsy, vice-president of growth at Polygon, stated:

“With the Web3 paradigm of play-to-earn, where gamers can monetize their time and in-game achievements, this market is set to grow multifold in the coming years.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.