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The market for play-to-earn (P2E) blockchain games has been rapidly expanding since the success of Axie Infinity. While the peer-to-peer (P2P) craze has captivated millions of individuals around the world, gaming NFTs are beyond of reach for many players, particularly in developing nations. Yield Guild Games is establishing a P2E community and providing a way for these individuals to begin NFT gaming.
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Yield Guild Games (YGG) is a DAO that invests in non-fungible tokens (NFTs) that are utilized in blockchain games. These games are a subset of the metaverse, a larger idea. The phrase "metaverse" refers to the various components of blockchain-based digital worlds, such as digital land, digital assets, and so on.
In 2018, the notion of forming a global community of play-to-earn gamers arose. Gabby Dizon, co-founder and CEO of YGG, recognized a trend in Southeast Asia: blockchain gaming. Many gamers wanted to enter into the popular NFT game Axie Infinity at the time, but they didn't have the funds to purchase the in-game NFT characters known as Axies.
Dizon began lending his Axies to other players who couldn't afford to buy their own, realizing that blockchain gaming may be an empowering tool for folks in underdeveloped countries. This led him to co-found Yield Guild Games with Beryl Li in 2020, with the goal of assisting gamers in thriving in the world of NFTs and blockchain gaming.
Yield Guild Games is a metaverse economy built on the Ethereum blockchain that mixes Decentralized Finance (DeFi) and Network Function Tokens (NFTs). The YGG DAO is an open-source platform that uses smart contracts to enforce regulations. It performs a variety of functions, including implementing community-voted governance choices, providing incentives, and facilitating NFT rentals.
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YGG is made up of a number of SubDAOs, each of which is made up of participants from a different NFT game or geographical location. Each SubDAO has its own set of regulations for managing play-to-earn gaming activity and assets.
This paradigm enables players in the same NFT game to collaborate in order to optimize in-game revenues. Guild members can also earn in-game benefits by renting and using community-owned NFT assets. Those that lend their NFTs through the DAO can share a fraction of the profits made by the gamers.
All NFTs and digital assets on YGG are held in the YGG Treasury, which is administered by the community. Each SubDAO receives NFTs from the treasure, which contains P2E assets from several blockchain games.
- YGG SCHOLARSHIPS
The YGG DAO implements an NFT rental program called scholarships to increase the value and utility of gaming NFTs. The Axie Infinity community proposed the notion to assist both NFT owners and play-to-earn gamers at first.
Axie owners can lend their gaming assets to new players in Axie Infinity in exchange for a percentage of their in-game prizes in exchange for a percentage of their in-game benefits. Scholars can only use the NFTs in-game because the process is carried out via blockchain smart contracts. The NFTs can be traded or transferred only by the management (owner).
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Similarly, YGG offers new players scholarships based on a revenue-sharing model, allowing them to begin playing and earning in-game prizes with NFT assets. The scholars do not have to invest any money up front, but they do have to split a portion of their earnings with their supervisors. In addition to NFTs, community managers will provide new gamers with training and advice.
In Axie Infinity, YGG scholarships aren't just for NFTs. Other play-to-earn games that the YGG Treasury owns include The Sandbox and League of Kingdoms, as well as virtual automobiles in F1 Delta Time.
- SubDOAs
As previously stated, the YGG DAO is mostly made up of SubDAOs. Within the bigger YGG DAO, SubDAOs are like little villages. Local communities are made up of players from a specific P2E game or area. Axie Infinity SubDAO, The Sandbox SubDAO, Southeast Asian SubDAO, and so on. By separating into various SubDAOs, players can debate gaming strategies and help one another attain peak performance.
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Each SubDAO is in charge of its own game's activities and assets, yet they all contribute to the YGG DAO's earnings. Token holders can split the profits from the game based on how much they contributed. They can also make recommendations and cast votes on SubDAO governance choices, such as whether to buy more in-game NFTs or how to manage their assets.
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Yield Guild Games (YGG) is an ERC-20 token that allows holders to vote on how the YGG DAO is run. It has a total supply of 1 billion tokens, and in 2021, SushiSwap sold 25 million YGG in an Initial DEX Offering (IDO). YGG has set aside 45 percent of the overall supply to sustain the community, which will be delivered to users over the course of four years.
The platform's native token, YGG, is used to pay for network services. It can also be used to unlock unique material on the YGG Discord channel or to win rewards in the YGG vaults. YGG holders can also submit recommendations and vote on choices affecting the guild's technology, products, initiatives, token distribution, and governance structure. The winning recommendations will be awarded with YGG tokens if they are implemented in the DAO.
- YGG VAULT
Unlike most DeFi staking platforms, the YGG DAO takes a unique approach to yield farming. Tokens are usually staked to earn interest at a set rate. Each vault on YGG represents a token incentive program associated with a certain YGG activity. One vault would offer payouts depending on the success of a scholarship program, while another might reward stakers based on the Axie breeding program.
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YGG also intends to create an all-in-one super index vault that will encompass all yield-generating operations in its ecosystem. The guild's earnings from subscriptions, products, rents, treasury growth, and SubDAO index performance will be used to reward stakers in this vault.
Token holders can stake for the cause they care about, and rewards will be awarded proportionally to the amount of YGG they put up through smart contracts. YGG tokens, Ether (ETH), and stablecoins may be included in prizes, depending on how the vault is programmed.
In other to buy the YGG token on Binance, we will have to first of all fund our Binance spot wallet with a minimum of $10 BUSD or USDT.
After funding your Binance spot wallet, you will click on the BUSD and after which you click on "more". After clicking on "more" you will search for YGG using the search box in other to bring out the available trading pairs for YGG then you click on YGG/BUSD pair.
After clicking on the YGG/BUSD pair, we will be brought to trade the pair using spot account. On your spot account, we will input the amount of BUSD we will be buying with. Of cause it shouldn't be less than $10 because that is the minimum amount permitted to perform any form of trading on Binance exchange.
After inputting the amount ($10), we will move to change the order from limit to market in other ot buy the YGG at its current market value. After that we will click on buy and the YGG will be transferred to our Binance spot wallet immediately.
From the above screen, you will see that I have successfully purchased 19.7 YGG token using $10 BUSD.
- Other details of YGG token
| Market cap | $61,045,910 |
|---|---|
| 24h Volume | $12,017,504 |
| Circulating supply | 115,369,841.63 |
| Mass supply | 1,000,000,000 |
| All time high | $11.50 (Nov 20, 2021 (7 months ago) |
| All time low | $0.48 (May 12, 2022 (a month ago) |
| Information Source | coinmarketcap |
Following the increasing rise in metaverse and NFTs, the Yield Guild Game has grown to build a decentralized community in the real world. This has resulted to an added opportunity for users and various crypto enthusiasts to explore and engage in its play-to-earn functionality thus allowing them the opportunity of earning extra income while having fun.