The highly anticipated token sale for play-to-earn gaming guild Yield Guild Games sold out in half a minute.
The public sale of YGG tokens saw the entire token allocation bought up in just over 30 seconds according to a blog post by Yield Guild Games on July 27.
The platform reported that all 25 million YGG tokens were sold, raising a total of $12,496,000 in USDC. The sale was held via the SushiSwap marketplace MISO beginning at 10:00 AM EST on July 27
One billion YGG to come
The announcement added that now that the launch has been completed the YGG DAO is now officially underway and that one of its first tasks will be distributing tokens to the community as a way of rewarding their early participation in the guild.
Up to 45% of the total supply has been reserved for the community and will be slowly dispersed over a four-year period. There will be one billion YGG tokens minted in total, with 40% going to investors and founders and the remaining 15% to the treasury and the advisors according to the project whitepaper.
YGG co-founder Gabby Dizon said:
“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.”
Token trading will be available on SushiSwap, which has been working on its own treasury fund issues, on July 28 the post confirmed.
Earn while you play
Yield Guild Games describes itself as a decentralized gaming guild of players who generate a yield from non-fungible token (NFT)-based games. Dizon explained further saying “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.”
The platform has gained popularity during pandemic-induced lockdowns across the world as gamers have turned to yield generating games.
The YGG game design studio is based in the Philippines, where many Filipinos have spent their time in lockdowns by raising and selling NFT-creatures known as Axies.
The Guild also provides scholarships to new players as a profit-sharing model. It invests in NFT assets and rents them to new players so they can start playing and earning in-game tokens without having to invest any money upfront.
In mid-June, YGG closed a funding round netting $4 million cash that will be used to invest in NFT assets for play-to-earn games.
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