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Gone in 30 Seconds: Yield Guild Games' $12.5M Token Sale Sells Out Fast
Some tokens will distributed to members of the startup's community.
Updated Sep 14, 2021, 1:32 p.m. Published Jul 29, 2021, 7:16 a.m.
Decentralized gaming startup sold all 25 million of its native tokens at breakneck speed.
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- The YGG tokens raised $12.5 million 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 a.m. ET) 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 fundraising round in March, which garnered interest from the likes of Delphi Digital and BlockTower Capital, among others.
- The project also raised $4 million in June in a funding round that was led by Bitkraft Ventures with participation from ParaFi Capital and Mechanism Capital.
Read more: VCs Pumped $4B Into Crypto Firms in Q2: CB Insights
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