YGG raised $13.8 million in a brand new token sale spherical led by A16Z Crypto.
The funds could be used to fast-track the event of YGG’s Soulbound token.
THE SBT token will energy quite a few actions throughout the YGG ecosystem.
YGG raises almost $14 million in a token sale spherical
Yield Guild Video games (YGG) has revealed that it raised $13.8 million in a token sale spherical led by A16z Crypto and DWF Labs. In line with the play-to-earn gaming guild, the funds could be used to speed up the event of its soulbound status token (SBT).
YGG is well-liked for promoting and renting its in-game belongings for income or yield. The corporate can also be the most important in-game asset supervisor and investor within the well-liked NFT sport Axie Infinity.
The corporate is but to totally launch its SBT token. Final yr, YGG test-launched the tokens, providing them as rewards for in-game actions.
SBT tokens are not like different cryptocurrencies as they’re completely linked to an individual’s pockets, guaranteeing that they continue to be non-transferable. YGG co-founder Gabby Dizon instructed Tech in Asia that the corporate has plans to position the tokens immediately into video games.
YGG to reward creators with SBT tokens
The corporate added that it intends to reward creators inside its ecosystem with SBT tokens for finishing chosen duties or quests. YGG plans to launch a revamped model of its internet app subsequent month, and the SBT token will function the native token of the ecosystem.
Whereas the corporate didn’t reveal what number of tokens it bought to lift $13.8 million, consultants estimate it to be greater than 35% of its complete asset worth of $25 million in its treasury as of November 2022.
The co-founder assured group members that following the latest token sale, YGG nonetheless controls 45% of the token’s most provide.
This newest cryptocurrency information comes after YGG partnered with ForN to launch its Japan-focused subDAO in March 2022.
In July 2021, YGG raised $12.5 million in a token sale spherical that lasted barely 30 seconds. This isn’t the primary time A16Z has invested in YGG. the web3-focused enterprise capital agency invested $4.6 million in YGG in 2021.