Dawn Of The Guilds: Settlers Of The Metaverse

OCT 22, 2021 • 11 Min Read

DISCLOSURE: DELPHI VENTURES HAS INVESTED IN YIELD GUILD AND AXIE INFINITY. DELPHI ALSO HAS EXPOSURE TO BLACKPOOL. THESE STATEMENTS ARE INTENDED TO DISCLOSE ANY CONFLICT OF INTEREST AND SHOULD NOT BE MISCONSTRUED AS A RECOMMENDATION TO PURCHASE ANY TOKEN. THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND YOU SHOULD NOT MAKE DECISIONS BASED SOLELY ON IT. THIS IS NOT INVESTMENT ADVICE.

Key Takeaways

  • Led by Axie Infinity, blockchain gaming continues to be a significant driver of global NFT volumes.

  • Play-to-earn guilds are beginning to drive meaningful economic activity across several virtual economies, through a combination of yield-generating strategies such as scholarship provision.

  • Yield Guild, as the pioneer of this movement, has achieved escape velocity before all competition such that they are now actively investing in other guilds as well as in-game assets (NFTs) and other tokens (e.g. governance).

  • Despite YGG’s prominence, BlackPool actually holds slightly more NFT assets (despite significantly smaller AUM) than Yield Guild ($17.8M vs $17.6M). Both guilds are heavily weighted towards the Axie Infinity ecosystem, but BlackPool’s largest holding is Sorare—a game from which it dervies almost 70% of its revenue. For reference, Yield Guild still generates 100% of its revenue from Axie.

  • As investor appetite for exposure to these exciting new virtual economies grows, the depth, breadth, and actively-managed nature of projects like Yield Guild make for a powerful index on the space. With significant momentum in the blockchain gaming sector, prospects for emerging guild structures are bright.

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