The funds will be used to acquire yield-generating NFTs and create language-specific educational content.
Ola GG, a regionally-focused partner of the decentralized gaming startup Yield Guild Games (YGG), has raised $8 million to expand play-to-earn gaming in Spanish-speaking markets.
The seed funding round included investments from Galaxy Interactive, BITKRAFT and Arca, among others, Ola GG said in a statement.
The firm said it serves as a “regionally-focused subDAO” and an “extension of the main YGG DAO.” However, Ola GG operates independently from a legal standpoint, it told CoinDesk.
The funds will be used to acquire yield-generating NFTs and the creation of Spanish-language educational content, Ola GG said. Proceeds will also be used to expand the adoption of play-to-earn gaming in the U.S., Latin America and Spain.
“The Hispanic market has many similarities to that of Southeast Asia, which is where YGG was born. With so many people living below the poverty line and lacking access to quality education, we are seeing an equally strong appetite for Play-to-Earn blockchain games and, with it, the adoption of cryptocurrencies,” Ola GG co-founder Clara Bullrich said in a statement.
Bullrich, a partner at the international multi-family office Alvarium Investments, co-founded Ola GG with Nicolás del Pino, who also co-founded Liquid Meta, a public liquidity mining operation. Del Pino also served in the past as a commercial partner at Bitex.la, a Latin American crypto exchange.
Currently, Ola GG has 3,000 scholarship players in its shared reward program, in which the guild keeps 30% of the earnings and does not require upfront compensation. Ola GG allows its members to play Axie Infinity and CyBall, although it plans to eventually support Genopets, Karmaverse and StarSharks, among other NFT games.
In Latin American countries such as Venezuela, many young people are making a living for their families by playing Axie Infinity.