Yield Guild Games (YGG), a Philippine-based online gaming guild that allows players to earn cryptocurrency rewards, announced that it raised $12.5 million by selling 25 million of its native cryptocurrency tokens.
YGG said the entire token allocation was sold in just 31 seconds. The sale was held via MISO at SushiSwap. The token sale comes less than two months after YGG raised $4 million in a Series A funding led by BITKRAFT Ventures.
With the token sale concluded, the launch of the YGG DAO is now officially underway, the online gaming guild said.
One of the first tasks of the DAO will be distributing tokens to the YGG community as a way of rewarding their early participation in the guild. It will also serve to properly onboard them as DAO members.
“We want to send a huge thanks to everyone who has supported our journey so far as well as everyone who participated in the YGG token sale,” said YGG co-founder Gabby Dizon.
“Now, we are looking forward to kicking off our community airdrop where YGG tokens will be given to the most active and engaged members of our guild, especially those who have been with us from the beginning.”
Yield Guild Games is a decentralized gaming guild that pools investor funds to purchase yield-generating NFTs, and leverages players’ time and effort to optimise its community-owned assets for maximum utility and return.
By merging NFTs and decentralized finance (DeFi), YGG’s mission is to create value for its members by developing the content and economy of virtual worlds and blockchain-based games.
“At its core, YGG is a community of play-to-earn gamers. Think of it as a massively multiplayer online (MMO) guild, for example, but operating across several games, investing in yield-generating NFTs within those games, and lending those in-game assets and inventory out to our player base,” Dizon earlier said.
NFTs have been recognized for their utility to deliver true digital rights to participants in blockchain games and virtual worlds. Because they cannot be easily duplicated, NFTs solve the replicability problem that has traditionally reduced the value of in-game assets.