YGG Raises $13.8M to Expand Soulbound Reputation Token Program
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- Yield Guild Games (YGG) has raised $13.8 million via a token sale to support their decentralization initiatives, led by DWF Labs.
- The funds will be used to expand YGG’s Guild Advancement Program, which rewards members for making contributions to their community through soulbound reputation tokens.
- DWF Labs said it aims to support YGG to expand its offerings and provide more players with opportunities to participate in a decentralized gaming ecosystem.
Yield Guild Games (YGG) has successfully raised $13.8 million in tokens purchased from the YGG treasury. The sale, in support of the guild’s decentralization initiatives, was led by DWF Labs, the investment arm of Digital Wave Finance (DWF).
As per Gabby Dizon, the co-founder of YGG, the raise is intended to expand YGG’s guild advancement program via soulbound reputation tokens. In contrast to cryptocurrencies and NFTs, soulbound tokens are account-bound and cannot be transferred. It is often used to represent the account (the user’s) identity and reputation, which explains why it is bounded and non-transferable.
What is the Guild Advancement Program?
YGG created this program that intends to be their members’ “resume” allowing them to incentivize members that make contributions to their community. Those who do receive incentives which may include tokens and their achievements recorded.
“We’ve been doing a lot of work on player-owned reputation via soulbound NFTs – the Guild Advancement Program is just the first example,” Dizon said on Twitter.
What is DWF Labs?
DWF Labs, as a digital asset multi-stage web3 multi-product ecosystem, provides consulting, cybersecurity, smart contract audit process, debt-financing, treasury management and connections aside from different trading solutions such as token listing, over-the-counter (OTC) trading, and liquidity support for different clients.
“We have committed to support YGG as part of our vision towards a blockchain-based economy through web3… We are confident that through this token purchase, YGG will continue to innovate and grow the blockchain gaming space as we provide support through this long-term partnership,” Andrei Grachev, Managing Partner at DWF Labs, stated.
On transforming the gaming industry
Grachev also noted that they believe that blockchain has the potential to “transform the gaming industry by enabling players to own their own assets and earn rewards.”
“Through YGG’s partnerships with NFT games and ecosystems like Axie Infinity, The Sandbox and League of Kingdoms, the guild is at the forefront of blockchain-based game economies. Our goal is to support YGG and help the guild expand its offerings such as the Guild Advancement Program to connect even more players and provide them with an opportunity to participate in a decentralized gaming ecosystem and get rewarded from their gaming activities,” he added.
Other participants in the raise
The investment also had the participation of entities a16z Crypto, Galaxy Interactive, Sangha Capital Fund, Sanctor Capital, and David Lee, Executive Vice President at Samsung Electronics and is Head of Samsung Next.
In 2021, Andreessen Horowitz (A16z) made its first investment in YGG when it led the $4.6M funding round for the guild. (Read more: A16z Leads $4.6M Funding to Yield Guild Games, Marking the Venture Firm’s First Investment in a Filipino-Led Startup)
Last November, YGG in collaboration with BlockchainSpace organized the inaugural Philippine Web3 Festival which gathered crypto, blockchain, and web 3 enthusiasts and thought leaders all over the world in celebration of the Philippines as the global leader and epicenter of web3.
- Philippine Web3 Festival Day 1 Recap
- Philippine Web3 Festival Day 2 Recap
- Philippine Web3 Festival Day 3 Recap
This article is published on BitPinas: YGG Raises $13.8M to Expand Soulbound Reputation Token Program
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