Quick Take:
- Play It Forward (PIF) has raised $6 million in a funding round led by Signum Capital.
- The 40,000 member player guild wants to make P2E gaming easier.
- PIF is a decentralised autonomous organization DAO with players and scholars drawn from Indonesia and the Philippines.
Play It Forward, a decentralized autonomous organization (DAO) with a guild of 40,000 players and 3,000 scholars drawn from Indonesia and the Philippines, said on Sunday it completed a $6 million fundraising that will help in making play-to-earn (P2E) gaming easier.
PIF DAO guild is managed via a play-to-earn (P2E) scholar management program. Its current players are spread across some of the most metaverse P2E games including Axie Infinity, Thetan Arena, Pegaxy and Dragonary.
Cholo Maputol, co-founder of PIF DAO is adamant the funds will be used to “scale the scholarship program, the P2E board platform, as well as, finance some early-stage investments in P2E games and infrastructure projects,” Cointelegraph reported.
Maputol is quoted telling the cryptocurrency resource platform that “PIF DAO’s objective is not to take a larger piece of the pie, but to grow the pie and increase rewards for players.”
According to the DAO’s statement on the fundraising campaign, the funds represent the next phase, which will involve building a platform that will transform Play-to-Earn gaming into Plug-and-Play for guilds and players around the globe.
According to Maputol, PIF DAO’s mission is to remove obvious obstacles preventing Play-2-Earn gaming from reaching its potential. Explaining the situation to Cointelegraph, he said that P2Es require more complicated technical know-how of setting up a wallet and purchasing tokens, which may bar potential gamers from participation.
“We want to build an ecosystem that abstracts all that away so any manager or player can get started in play-to-earn seamlessly (plug-and-play).”
The lead investor in the project, Signum Capital was joined by several other notable players in the blockchain space, including Kyber Ventures, UOB Venture Management, Jump Capital, LD Capital, Great South Gate, Octava, Arcane Group, Double Peak Group, Faculty Group, DWeb3 Capital, SL2 Capital and Mintable.
Kyber CEO and co-founder Loi Luu thinks PIF DAO’s unique guild gaming system could help drive value to the Play-to-Earn economy as a whole. “We believe the P2E movement will continue strong, and onboard tens of millions of new users to the Metaverse,” Luu added.
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