Gone in 30 Seconds: Yield Guild Games’ $12.5M Token Sale Sells Out Fast
29 Jul, 2021•2 min read•Regulation
Decentralized gaming startup Yield Guild Games (YGG) sold all 25 million of its native tokens at break-neck speed.
The YGG tokens raised $12,496,000 in Circle's USD-pegged stablecoin, USDC, according to a blog post on Wednesday. The sale was conducted via open-source smart contracts platform MISO on the SushiSwap exchange. It began at 14:00 UTC (10:00 am EST) and lasted a total of 31 seconds. With the completion of its token sale, the launch of the YGG decentralized autonomous organization is now "officially underway," the company said. YGG touts itself as a "play-to-earn gaming guild," attracting gamers to its platform in order to earn tokens through blockchain-based economies. First up in its order of business will be the distribution of YGG tokens among its community as a means of rewarding early participation, YGG said. Up to 45% of the total YGG token supply is reserved for the community and will be "slowly dispersed" over a four-year period. As of Wednesday, YGG tokens are available for trading on decentralized exchanges. The move comes shortly on the heels of a $1.3 million raise in March which garnered interest from the likes of Delphi Digital and BlockTower Capital, among others. The project also raised $4 million in June, led by Bitkraft Ventures with participation from ParaFi Capital and Mechanism Capital.