Yield Guild Games (YGG), a blockchain gaming startup in the Philippines, said in a blog post that it sold 25 million of its native YGG cryptocurrency tokens in just 31 seconds and raised about US$12.5 million in USD Coin.
With the token sale concluded, YGG will start to establish its decentralised autonomous organisation (DAO).
DAO, also known as decentralized autonomous corporation, is an organization represented by rules encoded as a computer programme that is transparent, controlled by the organisation members, and not influenced by a central government.
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.
The gaming startup has reserved 45 per cent of one billion tokens in total for the YGG community. The tokens will be dispersed over four years. Another 40 per cent of the tokens will go to investors and founders, while the remaining 15 per cent will go to the company’s treasury and its advisers.
“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.”
The firm will also continue growing its scholarship programme, which aims to encourage more newbies to play NFT games.
Founded last year, YGG is a community of individuals who can play to earn non-fungible tokens (NFTs) that can be used in virtual worlds and blockchain-based games.
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The gaming firm has also partnered with and invested in a few such games, including Axie Infinity, The Sandbox, F1 DeltaTime, Guild of Guardians, and Zed Run.
“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.
Its tokens are now also open to trading for the public on decentralized exchanges like SushiSwap.
In June this year, YGG raised US$4 million in a Series A funding round featuring participation from Mechanism Capital, ParaFi Capital, and lead investor Bitkraft Ventures.
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