Yield Guild Games (YGG), a platform for renting NFTs in blockchain games, has announced the successful sale of $13.8 million worth of its YGG tokens to a group of investors led by DWF Labs and a16z crypto. YGG co-founder Gabby Dizon revealed that they would invest these funds to develop their soulbound reputation token technology further.
Web3 #gaming just got a power-up with our $13.8m round led by @DwfLabs w/ participation from @a16zcrypto @SanctorCapital @SanghaCapital @glxydotgg 🚀
— Yield Guild Games (@YieldGuild) February 17, 2023
Join the community Update AMA with the YGG Core team tonight!🔥
Check out the full article below!👇https://t.co/DAqKG5rVeR
Last year, YGG successfully tested its reputation tokens to reward players for in-guild activities such as content creation. Additionally, the company collaborates with developers to integrate the token into their games and offers rewards for completing certain quests or tasks. With plans to unveil a revamped web app at San Francisco’s Game Developers Conference in late March 2023, this crypto venture capital funding round is set to become an integral part of YGG’s development strategy.
The YGG’s co-founder emphasised that people recognise the platform as a source for high-quality players. He also revealed that they had revamped their web app, adding new technology to better support and reward accomplishments with reputation tokens.
Andrei Grachev, Managing Partner at DWF Labs, stated that the firm committed to support Yield Guild Games as part of our mission towards a blockchain-based economy through Web3 solutions.
Although the exact number of tokens sold was not made public, it is estimated that YGG’s sale constituted over 35% of their treasury, worth an estimated $25 million as of November 2022. When asked about how they arrived at such a figure for the token sale, Gabby Dizon replied that the startup strategically balanced development costs with the mind of remaining financially stable.
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