What is Yield Guild Games?
Yield Guild Games (YGG) is a decentralized autonomous organization (DAO) that focuses on non-fungible tokens (NFTs) used in virtual worlds and blockchain-based games. YGG's mission is to create a substantial virtual world economy, optimizing its community-owned assets for optimal utility and sharing its profits with its token holders. The organization has built a community of players and investors who engage in play-to-earn games, leveraging YGG-owned NFT assets directly or indirectly via a rental scheme. This approach has led to a rise in popularity, especially during the pandemic, as more people sought to participate in play-to-earn games.
How does Yield Guild Games work?
YGG operates by investing in NFTs used in virtual worlds and blockchain-based games. The organization's primary revenue comes from leveraging YGG-owned NFT assets, either directly or indirectly, via a rental program where guild members utilize the assets in exchange for a portion of the in-game rewards going directly to YGG. For in-game assets such as land, third parties (non-guild members) can generate revenue by conducting economic activities on that in-game land. YGG also features a play-to-earn mechanism, where users receive native tokens for in-game activity. To aim for enhanced security, YGG has built a subDAO to host a specific game’s assets and activities, with assets in the subDAO bought, owned, and controlled by the YGG treasury through a multisignature (multisig) hardware wallet.
What are the potential use cases for Yield Guild Games?
YGG presents a use case in the realm of blockchain gaming and virtual economies. It allows players and investors to earn from their participation in virtual worlds and blockchain-based games through the acquisition and utilization of NFTs. This model provides an opportunity for individuals to engage in play-to-earn games, where they can receive native tokens for in-game activity. Furthermore, YGG's structure as a DAO allows for decentralized decision-making, where token holders can submit proposals and vote on various aspects of the organization's operations. This democratic approach to governance enables the community to have a direct impact on the direction and development of YGG.
What is the history of Yield Guild Games?
Yield Guild Games was founded by Gabby Dizon, Beryl Li, and Owl of Moistness. Gabby Dizon, a gaming veteran, began lending his NFTs to others to experience blockchain games in 2018. This initiative eventually evolved into YGG, which has since grown into a notable web3 gaming guild with players all over the world. The organization started trading its YGG coin on July 27, 2021. As of the last update, YGG coins are now in circulation in 74,275,864 units, with a maximum supply of 1,000,000,000 units. The gaming startup has allocated 45% of the total token supply for the YGG community, with the tokens being distributed gradually over four years.
