How to play Yield Guild Games? Yield Guild Games (YGG) is among the biggest guilds, with a market valuation of USD333 million and counting. As of November 2021, the all-time peak market cap was USD720 million. Gabby Dixon, a seasoned gamer and Axie Infinity player, formed the guild in 2020. Read on to learn how to play with this guild.
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What are Yield Guild Games?
Yield Guild Games (YGG) is a Decentralized Autonomous Organization (DAO) that engages in blockchain games’ non-fungible tokens (NFTs). These games are a subset of what is known as the metaverse. The phrase metaverse refers to the various components of blockchain-based virtual worlds, such as digital property, digital products, and so on.
In 2018, the notion of establishing a global play-to-earn games industry arose. Gabby Dizon, co-founder, and CEO of YGG saw that blockchain gaming was becoming popular in Southeast Asia. Many players were wanting to get involved in the famous NFT game Axie Infinity at the time, but many lacked the funds to purchase the in-game NFT characters known as Axies.
Dizon began lending his Axies to other gamers who couldn’t afford to purchase their own after realizing that blockchain gaming can be an uplifting tool for folks living in underdeveloped countries. This prompted him to co-found Yield Guild Games with Beryl Li in 2020, to assist gamers in thriving in the world of NFTs and blockchain games.
How Does Yield Guild Games Work?
Yield Guild Games creates a metaverse market on the Ethereum blockchain by combining Decentralized Finance (DeFi) and NFTs. The YGG DAO is an open-source platform with smart contracts that enforce regulations. It fulfills several functions, including carrying out community-voted governance decisions, giving incentives, and facilitating NFT rentals.
YGG is made up of several SubDAOs, which are groups of players from a certain NFT game or geographic region. Each SubDAO does have its own set of regulations for managing the corresponding play-to-earn game’s activity and assets.
This model enables players in the same NFT game to collaborate to optimize their in-game income. Guildmembers can also rent and use community-owned NFT assets to gain in-game benefits. Those that loan their NFTs through the DAO can enjoy a portion of the gamers’ winnings in exchange.
All NFTs and digital products on YGG are housed in the YGG Treasury, which is managed by the community. The treasure distributes NFTs to each SubDAO and contains P2E assets from several blockchain games.
Read this article to know How does Yield Guild Games work in detail.
How to Play Yield Guild Games?
YGG is not a game that you can play. It is a guild that brings players from different games to win blockchain-based economies. YGG is a Decentralized Autonomous Organization (DAO) platform. YGG has embraced the appellation “Guild of Guilds” as the forerunner of crypto gaming guilds, as it includes practically all of the other major gaming guilds in the sector.
There are over 10,000 Axie Infinity Scholars spread across ten countries. These students either rent or revenue share using the in-game assets provided by the guild. The DAO receives 10% of the rental costs.
According to the official site of YGG, people can currently farm or rent NFT commodities. Nevertheless, because the existing ERC-721 standard doesn’t allow for this capability, the current cultivation and leasing process is centralized. YGG will construct a smart contract to generate ownership coins or a database to track ownership and lease assets in this manner.
Users will earn YGG tokens by leasing YGG-owned NFT assets and joining active guilds and it’s worth noting that these NFTs can originate from other videogames!
In Axie Infinity (AXS), Axies from YGG, for example, can be utilized to develop Smooth Love Potion (SLP). SLP won during these events would be refunded to the DAO, and the player would receive a fixed share of YGG tokens for participating inside the DAO’s framework. YGG tokens will be required to interact with the administration and other services.
As of January 2022, YGG had raised a total of $28.4M in investment over 5 rounds. Here, you can find all the investors of YGG. Animoca Brands and BlockTower Capital are among the notable investors.
Yield Guild Games’ native currency, $YGG, is backed by the guild’s assets and is an ERC-20 token used for governance. In terms of tokenomics, all private investors, consultants, and entrepreneurs have lock-up durations and vesting schedules. Such restrictions can guard against a massive influx of tokens into the marketplace.
The objective, according to YGG’s strategy, is to eventually transition to a full DAO, transferring the power of the organization, including strategic planning, to token holders.
How Do I Join the Yield Guild?
Yield Guild is an unrestricted, permissionless society centered on various activities in the Metaverse’s play-to-earn economics. You can join Yield Guild by following these steps:
- Participate in the Axie Infinity “scholarship program” to get an Axie account with three Axies to begin farming Small Love Potions ($SLP).
- Now become a scholarship administrator and assist with the recruitment and training of new Axie scholars.
- Join the YGG Esports squad to train alongside other players for Axie Infinity leaderboard events and competitions.
- Join the League of Kingdoms alliance and begin plotting global dominance while receiving passive DAI benefits through land ownership.
- Investigate games containing NFT assets and a play-to-earn component, like The Sandbox, F1 Dela Time, and Ember Sword, and co-invest with the club in future NFT pre-sales.
What Does Yield Guild Games Do?
YGG is a DAO platform that invests in NFT assets. It brings players from different NFT games to earn bitcoin economies.
Yield Guild Games (YGG) is a one-of-a-kind project that specializes in Non-Fungible Tokens (NFTs) and blockchain-based gaming. Yield Guild Games’ purpose is to establish a vast, decentralized virtual economy in which all members can earn pleasantly.
It is based on a decentralized autonomous organization (DAO) that runs by optimizing token-holder revenue for all YGG ecosystem members. Members of the YGG platform earn money by purchasing NFT assets associated with various blockchain-based digital worlds and games.