Filipino-Led “Play-to-earn” Guild YGG Raises $12.5M in USDC in a Token Sale That Lasted 31 Seconds
Yield Guild Games (YGG) has raised $12,496,000 in USDC after the successful sale of all of 25 million YGG tokens during its public sale via SushiSwap’s MISO platform. All the tokens were sold in approximately 31 Seconds since the sale went live. This represents 2.5% of the total 1 billion supply of YGG tokens. Co-founded by Filipinos Gabby Dizon, Beryl Li, and Owl of Moistness, YGG said it plans to transition to become a fully decentralized autonomous organization or DAO.
YGG is a play-to-earn gaming guild that gathers people around the world so they can earn crypto by playing games with blockchain-based economies. The “play-to-earn” mechanic is made possible by NFTs or non-fungible tokens which, in turn, are made possible by the blockchain. NFTs are unique, verifiable digital assets that cannot be replicated, thus allowing these assets to have value on their own.
According to the YGG whitepaper, it aims to invest in the best yield producing NFTs, build a global economy of play-to-earn gamers, produce revenue by operating and renting NFTs, and encourage community participation. The guild, which got its start by onboarding players to Axie Infinity now sets up to “introduce as many people as possible to play-to-earn,” YGG wrote in an earlier blog post.
Yield Guild has partnered and invested in a number of current and future play-to-earn games. Among them in addition to Axie Infinity are League of Kingdoms, F1 Delta Time, Splinterlands, Guild of Guardians, Zed Run, Ember Sword, The Sandbox, and Illuvium.
Becoming a DAO means allowing the guild members to have a say in the decision process of the entire guild. SubDAOs will also be created to compartmentalize and increase the DAO’s overall operation.
The transition will begin after the token sale, which completed earlier today. The whitepaper states that the DAO will distribute tokens to the YGG community. “Up to 45% of all YGG tokens will be allocated toward community programs, including airdrops, guild achievement awards, and special bonuses for game victories,” YGG wrote in another blog post.
The defining feature of Yield Guild Games is its scholarship program, where the guild lends out yield generating NFTs to gamers and in exchange both the guild and the scholar share on the in-game earnings. YGG has more than 3,000 scholars at the moment and it plans to increase this number. When YGG reached 1,900 scholars, Gabby told BitPinas that it’s important to realize that the number isn’t just a metric. . “These are surely 1,900 people whose lives are getting better because of what we’re doing, because of the scholarships in countries like the Philippines, Indonesia, Venezuela, India, Brazil. These are actually making a huge impact and people are able to lift themselves out of poverty.”
While there is no general information as to how much play-to-earn scholars are earning from the various scholarships, it is estimated that close to Php 2 billion was remitted to the Philippines by these scholars by playing and earning from Axie Infinity. This is according to Luis Buenaventura II, co-founder of BloomX, a licensed crypto platform in the Philippines, where play-to-earn gamers can cash out their earnings. “To put that into perspective: 2 billion pesos is the average amount of remittances that ALL the OFWs living in Hong Kong send back home to the Philippines each month. But there are 800,000 of them stationed there! And don’t even get me started on how exploitative their living conditions are. Meanwhile, these Axie gamers are playing from their own bedrooms 3-4 hours a day, and making 4x as much. (Not to mention that they’re spending their money here, bolstering the local economy.)”
In another earlier interview, co-founder Beryl Chavez-Li said YGG is a project that allows her with the opportunity to truly “bank the unbanked” through alternative non-financial products in the form of NFTs. “What we’re seeing in DeFi and play-to-earn is that a lot of people have access to these options, and they don’t want to be told what to do with their money. They don’t want to be told what they’re not allowed to participate in this, and that, and the reason why DeFi really flourished is because of that main philosophy. They really want freedom,” she said.
This article is published on BitPinas: Filipino-Led “Play-to-earn” Guild YGG Raises $12.5M in USDC in a Token Sale That Lasted 31 Seconds