Thursday, January 27, 2022

Yield Guild Games’ IDO raises $12.5M from just 32 participants

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Yield Guild Video games (YGG), a collective of play-to-earn avid gamers, accomplished its preliminary DEX providing through SushiSwap’s Miso platform in below a minute earlier on Tuesday.

The offering noticed YGG increase roughly $12.5 million on Tuesday, with the token sale distributing 25 million tokens or 2.5% of the undertaking’s 1-billion token provide through a dutch public sale. The YGG tokens have been bought for roughly $0.50 every.

Upset traders criticized the sale after 32 wallets exhausted the allocation in 31 seconds, despite the fact that YGG’s Discord membership exceeds 47,000.

A single tackle seems to have been in a position to nab 4.5 million tokens or 18% of the cash out there within the providing, though onlookers have speculated the purchaser was possible a pool.

YGG co-founder Gabby Dizon instructed Cointelegraph the undertaking has been in contact with a few of the patrons, noting the buying addresses represented teams of long-term group members who had “[pooled] capital collectively for a big buy.”

“So, it’s not simply 32 whales that purchased in; it was 32 wallets that represented totally different teams of long-term believers of our imaginative and prescient.”

Dizon additionally famous the token is scheduled to start buying and selling on SushiSwap afterward Wednesday with loads of liquidity, offering traders extra alternatives to entry the YGG token.

In a blog post, Dizon thanked the undertaking’s group for its help and participation, stating, “We’re wanting ahead to kicking off our group airdrop the place YGG tokens will probably be given to essentially the most energetic and engaged members of our guild, particularly those that have been with us from the start.”

Shifting ahead, Yield Guild Video games will quickly full a group airdrop to distribute tokens to its most energetic members. The undertaking may even launch a group mining program quickly.

YGG additionally intends to increase its sponsorship program, which facilitates the donation of Axie Infinity in-game forex Small Love Potion (SLP) to YGG gamers for breeding Axies — collectible fantasy creatures that inhabit the sport.

Final month, YGG raised $4 million in a Sequence A funding spherical that includes participation from Mechanism Capital, ParaFi Capital and lead investor Bitkraft Ventures.