Yield Guild Game was created when COVID spread through the Philippines, approximately 7.3 million people lost their jobs and livelihoods as the country was placed under lockdown. When the local economy came to a halt, a rural region of Nueva Ecija near Cabanatuan City was particularly heavily struck. Gabby Dizon, a local gaming entrepreneur, began lending out his characters in the game Axie Infinity to other people in his town in reaction to the suffering. These “Axies” were used to acquire tokens in the game, which could then be redeemed for local currency.
This new “play-to-earn” paradigm represents a significant advancement in the gaming economy. Many players in the Philippines soon found themselves earning more than they had in past professions. An entire village was actually lifted out of poverty thanks to gaming. and that’s where Yield Guild Game steps on as a way to involve more people in play-to-earn games.
Yield Guild Game (YGG) is a decentralized autonomous organization (DAO) that invests in non-fungible tokens (NFTs), which are utilized in virtual worlds and blockchain-based games.
The concept arose from witnessing how Axie Infinity popularized the concept of play-to-earn with the release of the Small Love Potion ($SLP) token, an in-game resource acquired by winning matches. Because $SLP is an ERC20 token, it may be swapped for ETH or other tokens in Uniswap before being cashed out for money.
The real test for this new concept came when the COVID-19 outbreak struck, and people with no prior knowledge of cryptocurrency began signing up for Axie in the hopes of earning some money. Playing Axie became a viable, alternative source of income in the Philippines and other nations suffering from significant unemployment during the COVID-19 crisis. In many circumstances, playing Axie Infinity can even be more profitable than working full-time in various impoverished countries throughout the world!
YGG intends to scale this basic concept and deliver play-to-earn to millions of gamers worldwide, giving the benefits of blockchain technology to those who need it the most. While most Defi initiatives raise billions of dollars in total value locked (TVL) from a very small number of wealthy individuals, their goal is to assist the rest of the world in getting started with playing games and earning money for their contributions to the new Metaverse economy.
Yield Guild Game manages a treasure mine of game-related NFTs, digital assets, and virtual land parcels that members can employ to increase their earnings and the guild’s earnings. Other games in which Yield Guild is actively invested, in addition to Axie Infinity, are as follows:
Traditional DeFi systems involve staking tokens to earn more tokens at a fixed interest rate or staking tokens in a “liquidity pool” to receive a part of collected revenue. The YGG DAO will operate in a unique manner in that its tokens can be staked into any number of YGG Vaults. Each “vault” symbolizes one or more guild revenue streams’ token payouts.
One of the vaults, for example, could be dedicated to cash generated by the breeding and sale of Axies, the central NFT necessary to play Axie Infinity. Another vault would be used to distribute revenue generated by NFT rents. Vault rewards will be distributed as follows: the proportion of tokens staked by each guild member, as well as the current money generated by the vault’s assigned source.
There will also be a vault representing all income-generating guild operations for individuals who want to be exposed to the full range of revenue streams. This covers not only cash earned while playing, but also the sale and renting of NFTs and other digital assets.
A SubDAO is a subset of the YGG DAO that focuses on a certain game’s operations and assets. For example, there will be one SubDAO dedicated to Axie Infinity players, another to League of Kingdoms players, another to ZED RUN players, and so on.
Token holders in a SubDAO become citizens of the game, participating and cooperating to maximize their collective yield generated by games. They can also employ DAO treasury assets to further outfit their characters, increasing their earning potential.
Because the goal of a DAO is to automate an organization’s tasks, SubDAOs expedite this process by compartmentalizing it, boosting the overall effectiveness of the DAO’s functioning. The guild will give incentives to promote SubDAO participation: the better individual members of a SubDAO perform, the more they can contribute to the overall DAO, and the more they are rewarded for their contributions.
Yield Guild built its DAO and token distribution with the community in mind. Up to 45 percent of all YGG tokens will be distributed to community activities such as airdrops, guild achievement awards, and special incentives for game wins.
Yield Guild also contributes to the community through its scholarship program. Yield Guild scholarships, a defining characteristic of the guild, lend NFTs relevant to gameplay to members who cannot afford to buy their own. Scholarship awardees, in exchange, share their in-game earnings with the guild, adding to its general success.
The Yield Guild Games token (YGG) allows investors to participate in the value created by the guild, the DAO, and its collective SubDAOs. It also exposes the community to Yield Guild’s extensive NFT collection as well as the triumphs of those who use them. Owners of YGG tokens can participate in guild activities such as voting other DAO-related activities.
*According to Discord YGG’s Community, the project is still on Phase 1- Token Launch of the Roadmap
In the short term, users may be able to farm or rent NFT assets. However, because the present ERC-721 standard does not provide such functionality, it will need to be centralized. YGG will create a smart contract to issue ownership tokens or a database to track ownership and rental assets. The latter is a less expensive choice because no gas is required.
The provision of smart contract-based NFT lending and delegation in the future will allow economic activity within virtual worlds to flourish and evolve. While YGG will seek to achieve this in a trustless way, in the short term, social coordination via the DAO will be employed to achieve YGG’s goals until smart contracts can govern these activities.
YGG will develop a rental marketplace to offer up its scholarship program(s) to other NFT holders after generating considerable treasury growth and automating rentals through their scholarship program. Other types of non-collateralized lending will be available to YGG members.
The YGG token, which is listed on Sushiswap, Okex, gate.io, and Uniswap, is the guild’s preferred tool. The utility token is in charge of the platform’s health and any connected actions. There are 1,000,000,000 YGG tokens in circulation.
Overall, seed investors will have 20% of their allotment released at the network launch, with the remaining 80% subject to a one-year lock-up term. Following that, tokens will vest in a linear fashion for 1 year beyond the lock-up period.
The YGG treasury now has 133,333,334 tokens with no lock-up term or vesting restrictions. The lock-up term for initial members will be exactly 18 months. The tokens will then vest in a linear fashion over the next three years. A one-year lock-up period has been imposed on advisors. However, advice tokens will vest linearly for just 12 months during the second year.
Yield Guild Games held an IDO via MISO on SushiSwap for 24 hours (from July 27, 2021 at 10:00am EST / 10:00pm SGT to July 28, 2021 at 10:00am EST / 10:00pm SGT). Despite the fact that it was originally announced as a Batch Auction, this auction has changed to a Dutch Auction.
With a total quantity of one billion YGG tokens, the public sale makes 25 million tokens (2.5 percent) accessible for purchase. All sales are in USDC
The reason why they decide to change from Batch Auction to Dutch Auction is due to the high level of interest that has already been shown in this token sale.
The price in a Dutch Auction begins at the maximum token price of US$0.50 and gradually decreases over the course of 24 hours to US$0.20. Each user will be able to observe the token’s price falling, as well as the current number of participants in the sale and the number of tokens still available for purchase – all of which are useful data points in price discovery.
Given the high level of interest in this public sale, the switch to a Dutch Auction represents a fair and transparent method of price discovery because users have the option to wait until the token’s price drops, but doing so increases the risk of the token selling out before they commit to purchasing. This gives the auction participants the ability to select what price they are willing to pay in accordance with the token’s demand. Because the cash worth of each participant’s pledge is not a determining factor, this encourages involvement from all community members regardless of budget (not just crypto whales).
Founders: 150,000,000,000 (15 percent of total allocation). Members of the founding team will be subject to a two-year lock-up term. After that, tokens vest linearly for a further 3 years.
Advisors: 17,500,000 (2.0% of total allocation). Advisors will be subject to a one-year lockup period. Advisory tokens vest linearly for 12 months during the second year, as shown below.
Investors (Seed & Series A): 249,166,666 (24.9% of total allocation)
Seed investors will receive 20% of their allotment upon the network’s debut. Eighty percent of their token allotment will have a one-year lockup period, following which their tokens will vest linearly for one year.
Series A Tranche A investors will be locked in for two years. Following this period, a three-year vesting schedule will be implemented. Investors in Series A Tranche B will have a one-year lockup period. Following this period, there will be a two-year linear vesting schedule. The total token distribution for investors is shown below. Excess tokens will be distributed in an amount to be determined during the token generation event.
Community Allocation: 450,000,000 (45% of total allocation). Distributed to DAO community members through its numerous community activities, which will be shown on the dates listed below.
YGG is the platform’s native token, and it is used for the following purposes:
The YGG token (YGG), as the utility token of the YGG DAO, will perform a variety of functions and be utilized for a variety of purposes within the scope of the DAO’s activities.
YGG is more than just a token. It is the oil that keeps the many components of the YGG DAO working smoothly, the lifeblood that links guild members together, and the principal currency for payment of services within the YGG DAO.
YGG tokens can be staked in a variety of ways to gain guild-related perks and prizes. Tokens can, for example, be staked for:
They will have Community Airdrop (Follow their Twitter and join Discord Community for more information)
FYI: There are many Price Predictions from many investors for this project, for example, Mohit Diwan, Defi Durian. Crypto Global100 has researched the YGG price chart and concluded that Yield Guild Games is likely to massively increase in value in the near future (can soon reach $14 or more)
In terms of guild membership, voting in DAO-related affairs provides the community with a direct say in how the DAO operates. Anyone who owns at least one YGG token is considered a member of the Yield Guild and so has the right to participate in its governance and representation. This means that YGG token holders can make suggestions, vote on them, and ultimately assist to determine the future of the YGG DAO.
Someone who is a member of the YGG DAO network, allowing them to send ideas through the YGG website Proposals will be put up for voting and then voted on by guild members.
A proposal that receives the most votes is declared the winner. The proposal’s consequences will then be distributedly applied to YGG DAO. This means that no single person or entity chooses how a proposal is implemented in YGG DAO unilaterally, but rather a group of people working together. To encourage involvement, tokens may be awarded to members who submit winning suggestions.
Finally, YGG token holders are not only members of the YGG DAO, but also proprietors and architects of its future. Everyone who is interested has an equal opportunity to be a part of the debut of something absolutely new; a completely unique manner of organizing a gaming guild that empowers the members like no other. Yield Guild believes that when the playing field is leveled, human potential can truly flourish, and it is with this idea that the structure for YGG DAO was established. It is up to the members to decide what they want to do with YGG next.
The only alternative project that we have known is Merit Circle, which is a partnership of Yield Guild Game. So far, there hasn’t had any information about the projects. But we will be updating soon right away when we’ve found if there are any.
The steady and rapid rise of NFTs has been truly remarkable. Numerous decentralized technologies have latched on to the trend and built a prestigious presence in that domain. Yield Guild Games and other blockchain entities have made significant investments in the play-to-earn industry, where NFTs have encouraged widespread adoption of such games.
Overall, businesses such as Yield Guild Games might gain greatly from the massive influx of blockchain enthusiasts and newbies alike within that area.
Find more information about the project:
Website: https://yieldguild.io/?utm_source=icodrops
Whitepaper: https://yieldguild.io/YGG-Whitepaper-English.pdf
Twitter: https://twitter.com/yieldguild
Discord: https://discord.com/invite/ygg
If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.
KAZ
Coincu Ventures
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