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YGG has raised $13.8 million in a new token sale round led by A16Z Crypto.
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The funds will be used to accelerate the development of YGG’s Soulbound token.
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THE SBT token will power numerous activities within the YGG ecosystem.
YGG Raises Nearly $14 Million in Token Sale Round
Yield Guild Games (YGG) has announced that it has raised $13.8 million in a token sale round led by A16z Crypto and DWF Labs. The funds will be used to accelerate the development of Soulbound Reputation Tokens (SBTs), according to the Play to Earn Gaming Guild.
YGG is popular for selling and renting in-game assets for profit and profit. The company is also the largest asset manager in gaming and an investor in his popular NFT game Axie Infinity.
The company has yet to fully launch the SBT token. Last year, YGG began testing tokens, offering tokens as rewards for in-game activities.
SBT tokens, unlike other cryptocurrencies, are permanently linked to your personal wallet and guaranteed non-transferable. YGG co-founder Gabby Dizon told her Tech in Asia that the company plans to place the token directly into the game.
YGG rewards creators with SBT tokens
The company added that it intends to reward creators in the ecosystem with SBT tokens for completing selected tasks or quests. YGG plans to release a revamped web app next month, and the SBT token will serve as the ecosystem’s native token.
The company has not disclosed how many tokens it has sold to raise $13.8 million, but experts estimate that as of November 2022, 35% of the total asset value of $25 million in the Treasury Department. I’m assuming it’s over.
The co-founder assured community members that YGG still controls 45% of the maximum token supply after the recent token sale.
this latest cryptocurrency news It comes after YGG partnered with ForN to launch a Japan-focused subDAO in March 2022.
July 2021, YGG raises $12.5 million In a token sale round that barely lasted 30 seconds. This is not the first time A16Z has invested in YGG. The web3-focused venture capital firm has invested his $4.6 million in YGG in 2021.