Yield Guild Games’ token sale nets $12.5M in just 31 seconds

YGG tokens connected connection accounted for 2.5% of the full proviso of 1 cardinal coins

The nationalist merchantability of 25 cardinal Yield Guild Games (YGG) tokens sold retired successful conscionable 31 seconds, the play-to-earn gaming corporate announced successful a blog post connected 27 July.

During the sale, Yield Guild Games raised $12,496,000 successful USDC (roughly $12.5 million), with each YGG token selling for astir $0.50. The minimum bid had been enactment astatine $0.20 astatine a people of $5 million.

The offering was conducted via a Dutch auction connected Miso, a SushiSwap-based level for token instauration and auction.

According to YGG co-founder Gabby Dizon, the squad had 2 choices for the archetypal decentralised speech offering (IDO) – either spell for a batch auction oregon the Dutch auction. The squad chose the latter, with Dizon explaining the determination successful a tweet connected Thursday.

“Our prime was either: – Batch auction w/ nary headdress meaning everyone could’ve bought but ending terms would person apt been supra $1B or: – Dutch auction w/ headdress (MISO does not person an wallet [sic] cap) meaning that we could headdress max valuation but information could beryllium limited.”

The sale, however, did not spell arsenic immoderate of YGG’s 47,000 Discord members expected, with truthful galore missing retired connected the IDO aft lone 32 wallets snapped up the 25 cardinal tokens. Notably, the merchantability accounts for lone 2.5% of the 1 cardinal YGG supply, and members who missed retired mightiness person different accidental done an upcoming airdrop.

Dizon added, “We are looking guardant to kicking disconnected our assemblage airdrop wherever YGG tokens volition beryllium fixed to the astir progressive and engaged members of our guild, particularly those who person been with america from the beginning.”

The tokens are to statesman trading connected decentralized exchanges from 28 July, including connected the SushiSwap exchange. YGG has advised the nationalist to notation to a database of different exchanges listed connected CoinGecko offering the tokens to guarantee they “are buying the close token”.

Attention: The YGG token volition commencement trading connected 10am ET / 10pm PHT astatine @SushiSwap DEX. Other locations volition beryllium announced soon after. Please notation to @coingecko listing to guarantee your are buying the close token! https://t.co/GW9PRU0qUS

— Yield Guild Games (@YieldGuild) July 28, 2021

Yield Guild Games netted $4 cardinal successful its Series A backing successful mid-June, led by task superior steadfast Bitkraft. The Philippines-based project’s effect backing circular successful March raised $1.3 million, with Dizon stating aft the Series A circular that their extremity was to standard and scope millions of players worldwide.