What is Yield Guild Games Coin?
What is Yield Guild Games coin? Learn about it in this post. YGG is establishing a decentralized community in the physical world using a novel revenue-sharing model. It assists users in achieving success in these virtual environments through a dynamic game economy.
As metaverse efforts gain popularity, NFT guilds such as Yield Guild Games may benefit from the influx of newcomers and crypto enthusiasts looking to explore play-to-earn NFT videogames as an extra source of revenue.
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.
Read to learn, Is Yield Guild Games a Good Investment in detail
How Does Yield Guild Dames 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. Guild members 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. What is a Yield Guild Games coin? Read the section below.
What is Yield Guild Games Coin?
What is a Yield Guild Games coin? YGG is the coin or token of the DAO platform Yield Guild Games. Yield Guild Games (YGG) is an ERC-20 unit that entitles holders to vote on the governance of the YGG DAO.
It has a total quantity of one billion tokens, and 25 million YGG were sold in 2021 through an Initial DEX Offering (IDO) on SushiSwap. YGG has set aside 45 percent of the total supply to be handed to users gradually over 4 years to help the community.
YGG, the system’s native token, is being used to charge for network services. It can also be claimed in the YGG vaults to gain rewards or used to unlock unique content on the YGG Discord community. Furthermore, YGG holders can propose and vote on choices affecting the guild’s technology, products, initiatives, token distribution, and broader governance structure.
YGG tokens will be awarded to the winning recommendations that are subsequently implemented into the DAO. Yield Guild Games’ value has increased by 9.61 percent in the previous 24 hours. At the time of writing, the current ranking is #257, with a market cap of $151,079,527. There are currently 74,275,864 YGG coins in circulation, with a total supply of 1,000,000,000 coins.
The gaming company has set aside 45 percent of a total coin supply of one billion tokens to help the YGG community. According to the company, the tokens would be dispersed progressively over four years.
Furthermore, around 40% of the tokens will be divided among investors (24.9%) and creators (15%), with the rest 15% going to the firm’s treasury and advisers.
YGG Price Statistics
|Yield Guild Games Price||$0.626127|
|Market Cap Dominance||0.00%|
|Volume / Market Cap||0.4685|
|24h Low / 24h High||$0.563910 / $0.686377|
|7d Low / 7d High||$0.550239 / $0.978518|
|Market Cap Rank||#401|
What is a Guild in Crypto?
They are organizations made up of investors, gamers, and management who operate as facilitating middlemen by buying in-game items like land and in-game commodities in the format of NFTs and then leasing them out to hundreds of millions of players.
Due to the volatility of the worth of NFTs and the success of the games, the issue with holding a crypto gaming guild token is that its valuation is hugely reliant on the yields created from the guild’s treasury, which could be highly unstable. As a result, holding such a token is a dangerous bet.
However, if cryptocurrency gaming fails as a market, the collapse of crypto gaming guilds is unavoidable because it is entirely dependent on the entire crypto gaming industry for its development and profitability.
Nevertheless, these investment options, like many other riskier investments, frequently offer investors the opportunity for higher returns in exchange for adopting the related level of risk.