Cosmic Guild, a play-to-earn (P2E) community of gamers, has secured US$1.5 million in seed funding led by Binance Labs, the VC and incubation arm of Binance.
Co-investors include DeFiance Capital, Alameda Research, and Play Ventures.
The funding will enable Cosmic Guild to loan more gaming non-fungible tokens (NFTs) to guild scholars when playing games.
Also read: Demystifying NFTs and DeFi
The startup will also expand its gaming portfolios with games launching on Binance Smart Chain or in the Binance ecosystem.
“The funds will be used to invest in yield-generating digital game assets that exist in NFTs and expand the scholarship programme run by Cosmic Guild. We will continue to expand our Axie Infinity scholarship programme and have launched our Pegaxy scholarship programme,” it stated in an article on Medium.
Cosmic Guild has run scholarships in Axie Infinity owned by Vietnamese P2E unicorn Sky Mavis to incentivise players. To date, the community-first guide is providing NFT assets for more than 600 scholars and is said to reinvest the earnings into breeding more Axies and growing its pool of scholars.
“Cosmic will continue to grow in the GameFi and Play-to-earn space and are actively looking for more games to partner with and expand our scholarship programme,” it added.
The one-month-old startup operates as a decentralised autonomous organisation (DAO) that is focused on maximising yield and building communities.
The team believes that P2E games will increase in complexity and skill requirements. The meta changes from time to time in all games, challenging both the managers and players to rethink strategies and deploy capital constantly.
Also read: BBS Network, ‘decentralised Reddit forum’, raises US$1.5M seed round led by Binance Labs
As a result, Cosmic Guild holds a portfolio of NFT game assets of crypto games loaned to guild members who can play using the NFTs and earn yields on games.
“Our mission is to empower individual gamers across different societies and come together as gamers, to not just play-to-earn, but to also play for fun, form meaningful friendships and have fun together in the metaverse,” said co-founder Kenneth Lee.
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Image Credit: Binance Labs
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