What is Yield Guild Games (YGG) | What is Yield Guild Games token | What is YGG token
In this article, we’ll discuss information about the Yield Guild Games project and YGG token
The mission of Yield Guild Games (YGG) is simple: we want to onboard millions of players from around the world into the “play-to-earn” revolution.
The idea was born from observing how Axie Infinity happened to popularize the idea of play-to-earn with the release of the Small Love Potion (SLP) token, an in-game resource that can be earned by winning matches. Since SLP is an ERC20 token, it can be exchanged for ETH or other tokens in Uniswap, and eventually cashed out for fiat.
The real test for this new concept was when the COVID-19 pandemic hit, and people without any background in crypto started signing up for Axie for a chance to earn some money. As can be seen in this Coindesk article, playing Axie became a viable, alternative source of income in the Philippines and other countries that were suffering from massive unemployment during the COVID-19 crisis. In many cases, playing Axie Infinity can even beat a full-time wage in several developing nations around the world!
YGG aims to scale this initial concept and bring play-to-earn to millions of gamers around the world, bringing the benefits of blockchain technology to those that need them the most. While most Defi projects gather billions of dollars in total value locked (TVL) from a relatively small number of wealthy people, our aim is to to help the rest of the world get started with playing games and earning money for their contributions to building the new Metaverse economy.
Currently, we are in the alpha stage of our automated “scholarship program”, leasing out Axies to players who want to get started playing Axie Infinity. YGG recruits existing members of the community as our “scholarship managers”, who recruit and train our Axie “scholars” or players that are leasing Axies from the guild. Each manager recruits players from their respective sub-communities, trains them in how to win games in Axie Infinity, and starts them on the road of earning SLP for their families. This program is managed via bots that interact with smart contracts in our Discord server, automating the process of lending out the Axie NFTs and the revenue share of SLP between the scholar, manager, and the guild. Right now, our alpha program is focused on communities in the Philippines and Indonesia, with our managers also coming from within these respective communities.
In a little over 2 weeks of our alpha operation, we already have over 500 members in our guild Discord and over 100 Axie scholars, who have collectively farmed over 130k SLP. We’re still improving our process of onboarding new players via our Discord server and will be able to add new scholarship managers from other communities starting January 2021.
Apart from Axie Infinity, we’re excited about the prospects of play-to-earn in the rest of the Metaverse! We have acquired land in The Sandbox and keys in F1 Delta Time, and already have guild members form an Alliance in League of Kingdoms.
We are in the very beginning of the play-to-earn revolution in the Metaverse, and YGG aims to be the largest guild that acts as an economic partner to these virtual worlds, helping invest in these economies, and providing the people needed to fill up the jobs required to build the out the Metaverse.
Does this sound exciting to you? Join us in our Discord server and become part of the guild today!
Tokenomics
Auction Details
The following outlines the key details for the YGG token sale.
Minimum Raise: $5M ($0.20/YGG)
Maximum Raise: $12.5M ($0.50/YGG)
Auction Supply: 25M YGG
Currency: USDC
Min. Circulating Market Cap: $17.6M ($0.20 x 88M YGG)
Whitelist Needed: No
Duration: 48hrs
Website: miso.sushi.com
Auction method: Batch Auction
Batch Auction on MISO by SushiSwap
A Batch Auction is a fair and transparent way to enable token price discovery and ensure every community member, regardless of their net worth, can participate in the YGG token sale with the price determined by demand.
The floor price of the token will be set at $0.20 cents (reflective of a $5 million public sale) with a maximum token price of $0.50 cents (reflective of a $12.5 million public sale) depending on demand. The sale will stop once the combined total value of commitments reaches $12.5 million.
Within the 48hr sale window, participants commit the total amount that they are willing to spend. If the total value of commitments reaches the hard cap of US$12.5 million, the token sale will end at that time, even if the sale has not run the full 48hr duration.
The final token price is calculated by dividing the number of available tokens (25 million) by the total amount of funding committed by all participants during the auction period.
Scenario 1: Maximum raise reached
A community member commits $1,000 USDC and the total combined value of commitments reaches US$12.5M, then the token price is determined as follows: $12.5M/ 25M YGG equals US$0.50 per token. The community member that committed $1,000 USDC will receive 2,000 YGG tokens.
Scenario 2: Minimum raise reached
A community member commits $1,000 USDC and the total combined value of commitments reaches $7.5M, then the token price is determined as follows: $7.5M/ 25M YGG equals US$0.30 per token. The community member that committed $1,000 USDC will receive 3,333 YGG tokens.
Scenario 3: Minimum raise not reached
A community member commits $1,000 USDC and the total combined commitments reach $4.5M, then the price is determined as follows: $4.5M/ 25M YGG equals US$0.18 per token. This is below the floor price of US$0.20 so the sale has been unsuccessful. The participant that committed $1,000 USDC will have their commitment refunded (less a small network fee). The YGG tokens will return to the YGG treasury.
Provided that the participant makes a commitment before the hard cap of US$12.5M is reached, the participant is guaranteed to receive a portion of the tokens after the duration of the bidding process. The purchaser may pay anywhere between $0.20 and $0.50 per token, with the final token price determined at the conclusion of the sale. It is important that all purchasers are comfortable with the potential for the final token value to be $0.50 per token at a maximum. If the final token price is lower than $0.50, the purchaser will have simply acquired a greater number of tokens for the same value of their commitment.
At the successful conclusion of the public sale (assuming it is fully subscribed), and after guild members have received their allocated tokens as reward for their participation in the YGG community to date, there will be a maximum of 87,906,250 tokens in circulating supply representing a fully diluted market cap between $200 million and $500 million, depending on the final token price.
The higher the valuation based on the public sale, the more valuable the community rewards will be.
To know more about Yield Guild, join the YGG Discord or follow us on Twitter.
How To Get Involved With Yield Guild Games
Yield Guild is an open, permissionless community that is organized around different activities in the Metaverse play-to-earn economy. You can do the following:
- Join our Axie Infinity “scholarship program” and receive an Axie account with 3 Axies to start farming Small Love Potions ($SLP)
- Become a scholarship manager and help recruit and train new Axie scholars
- Join the YGG Esports team and train with other players to compete in Axie Infinity leaderboard challenges and tournaments
- Join our League of Kingdoms alliance and start plotting world domination while earning passive DAI rewards from land ownership
- Research on games with NFT assets and a play-to-earn component, such as F1 Dela Time, The Sandbox, and Ember Sword
- Co-invest in upcoming NFT pre-sales with the guild
YGG is filling up the Top 100 leaderboard for Axie Infinity this season!
We are currently in the process of developing a governance structure that rewards these sub activities, while letting people opt into which activities they care most about and have a share on the upside depending on their time and contribution.
We are also creating quests that guild members can perform in these games and be eligible to receive rewards. Currently, our Esports sub-group has Small Love Potion (SLP) rewards for players that rank in the Top 100 of the current season of Axie Infinity.
We are almost at 1000 guild members — hitting 1000 will trigger a special quest that will give an exclusive NFT reward to our guild members that are active on Discord. If you want to be part of the special quest, invite your friends to our Discord server so that we can activate the quest once we hit 1000 members!
How and Where to Buy YGG token?
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step - Transfer your cryptos to an Altcoin Exchange
Since YGG is an altcoin we need to transfer our coins to an exchange that YGG can be traded. Below is a list of exchanges that offers to trade YGG in various market pairs, head to their websites and register for an account.
Once finished you will then need to make a BTC/ETH/USDT/BNB deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase YGG from the exchange.
The top exchange for trading in YGG token is currently MISO
Find more information YGG
☞ Website ☞ Whitepaper ☞ Social Channel ☞ Social Channel 2 ☞ Message Board ☞ Coinmarketcap
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