YGG, a Philippine based Blockchain gaming startup raised US $12.5 million through a token sale
In a blog post, Yield Guild (YGG), a Philippine-based blockchain gaming startup, stated it sold 25 million YGG cryptocurrency tokens in 31 seconds and raised around $12.5 million for USD Coin.
Following the completion of the token sale, YGG will begin the process of forming its decentralised autonomous organisation (DAO).
DAO, or decentralised autonomous corporation, is a transparent, self-managed organisation that is not affected by a central government and is represented by rules encoded in a computer programme.
Distributing tokens to the YGG community as a method of recognising their early engagement in the guild will be one of the DAO’s initial duties. It will also ensure that they are properly onboarded as members of the DAO.
For the YGG community, the gaming firm has set aside 45 percent of the entire one billion tokens. Over a four-year period, the tokens will be distributed. The remaining 15% will go to the company’s treasury and advisors, with another 40% going to investors and founders.
“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.”
“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,” said Dizon added.
The company will also expand its scholarship programme, which aims to attract more newcomers to participate in NFT games.
YGG is a community of people who may play to earn non-fungible tokens (NFTs) that can be used in virtual worlds and blockchain-based games. It was founded last year.
Axie Infinity, The Sandbox, F1 DeltaTime, Guild of Guardians, and Zed Run are just a handful of the titles that the gaming company has worked with and invested in.
Its tokens are currently available for public trade on decentralised exchanges such as SushiSwap.
Mechanism Capital, ParaFi Capital, and lead investor Bitkraft Ventures helped YGG secure $4 million in a Series A investment round in June this year.
