Giant Bitcoin exchange Binance has listed Yield Guild Games (YGG) today. With the listing announcement of the stock market, the altcoin price skyrocketed. So, what is Yield Guild Games (YGG) listed by the stock market and not very well known? Yield Guild Games is a Decentralized Autonomous Organization (DAO) that invests in NFTs used in virtual worlds and Blockchain based games. cryptocoin.com As we previously reported, YGG is the service token of the platform that can be used for green farming, staking for exclusive content, and payment for network services.
What is the cryptocurrency project Yield Guild Games (YGG)?
Yield Guild Games (YGG) is a decentralized autonomous organization (DAO) investing in virtual world NFT. The organization’s goal is to optimize assets to develop the world’s largest virtual economy, maximize utility and share revenues with stakeholders.
In decentralized games, Yield Guild Games has created a community of players and investors that make money by investing in NFTs used in virtual worlds and Blockchain-based games. Due to the pandemic, which has helped increase the popularity of the platform, people have become more willing to participate in play-to-win games. YGG is based on the concept of creating sustainable virtual economies and encouraging its members to develop in a virtual environment.
Let’s take a look at Yield Guild Game’s team
The company behind Yield Guild Game is a Manila-based game studio founded by Gabby Dizon, who was part of the team that started Axie Infinity and Yearn Finance Communities. Beryl Li and Owl of Moistness founded Game studio. Beryl Li is an entrepreneur, a Cambridge University graduate and also served as the President of the Cryptocurrency Society in 2016. He is also the co-founder of CapchainX and is a licensed financial advisor. Owl of Moistness is a Blockchain developer; He developed algorithms for many bots and NFTs, including Axie Infinity.
What is YGG Token?
- Token Name: Yield Guild Game
- Icon: YGG
- Blockchain: Ethereum
- Token Standard: ERC-20
- Contract: 0x25f8087ead173b73d6e8b84329989a8eea16cf73
- Token Type: Utility, management token
- Total Supply: 1,000,000,000 YGG
- Circulating Supply: 67,911,948
Token Allocation
- Treasury: 13.3%
- Consultants: 1.85%
- Investors: 24.9%
- Founders: 15%
- Community: 45%
Token release schedule
supportive
How does Yield Guild Games (YGG) work?
Yield Guild Games (YGG) operates with a unique business model. It generates real-world value by creating new virtual worlds and supporting a digital economy, also known as the aforementioned metadata warehouse. The main source of income for the DAO platform in YGG comes from the ownership of NFT assets owned by YGG (although it is possible to rent them). Guild members use these assets as their own or leased trading currency to obtain in-game rewards.
In-game assets, such as virtual lands, generate income through non-guild members who rent the land in question for their economic activities. This time around, the hype around NFT ownership is certainly real, as the price of NFT is affected by the economic value of in-game assets: the higher the price of the digital asset, the higher the price of the NFT will be sold on the open market.
The fully diluted market value of YGG management tokens also includes the value of all activities in the YGG metadatabase. According to YGG’s official website, it is currently possible to allow users to collect or lease NFT assets. However, the current process for growing and renting NFTs is centralized, as the current ERC-721 standard does not enable this functionality. In this way, YGG will create a smart contract to issue ownership tokens or create a database to track ownership and leased assets.
Users will receive YGG tokens by renting YGG owned NFT assets and joining active guilds, and it’s important to note that these NFTs can come from other games! For example, Axies from YGG can be used to develop Smooth Love Potion (SLP) in Axie Infinity (AXS). SLP earned during these games will be returned to the DAO, with the player receiving a predetermined share of YGG tokens to play within the structure of the DAO. YGG tokens will be needed to interact with administration and other features.
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