TL;DR
Yield Guild Games (YGG) is a gaming guild focused on blockchain play-to-earn games. YGG is a community that invests in NFT assets and connects blockchain gamers around the world. Their goal is to build a network of players and investors who help each other start and grow in the NFT gaming space.
Introduction
Since the success of Axie Infinity, the blockchain play-to-earn (P2E) gaming field has experienced rapid growth. Although the P2E trend is catching the attention of millions of people around the world, gaming NFTs are out of reach for most players, especially in developing countries. Yield Guild Games is building a P2E community and offering a solution for these players, so they can start NFT gaming.
What is Yield Guild Games (YGG)?
Yield Guild Games (YGG) is a Decentralized Autonomous Organization (DAO) that invests in non-fungible tokens (NFTs) used in blockchain games. This game is part of a broader concept called the metaverse. The term metaverse refers to various elements of the blockchain-based digital world, including digital land, digital assets, and others.
The concept of creating a global play-to-earn gaming community emerged in 2018. Gabby Dizon, co-founder and CEO of YGG, noticed that blockchain gaming was becoming a trend in Southeast Asia. At that time, most gamers wanted to start the popular NFT game Axie Infinity, but lacked the money to buy the in-game NFT character called Axie.
With the understanding that blockchain gaming could be a powerful tool for those living in developing countries, Dizon began lending his Axie to other players who couldn't afford it themselves. This inspired him to co-found Yield Guild Games with Beryl Li in 2020 to help gamers thrive in the world of NFTs and blockchain gaming.
How does Yield Guild Games work?
Yield Guild Games combines Decentralized Finance (DeFi) and NFTs to create a metaverse economy on the Ethereum blockchain. The YGG DAO is an open source protocol with rules implemented by smart contracts. These DAOs fulfill a variety of purposes, such as implementing governance decisions voted on by the community, issuing rewards, and facilitating NFT rentals.
YGG consists of several SubDAOs that contain groups of players from specific NFT games or geographic locations. Each SubDAO has its own set of rules for managing its respective play-to-earn gaming activities and assets.
This model allows players of the same NFT game to work together to maximize their in-game profits. This model also allows guild members to rent and use community assets to earn in-game rewards. In return, parties who lend NFTs through the DAO can share a portion of gamers' earnings.
At YGG, all NFTs and digital assets are held within the community-controlled YGG Treasury. This treasury awards NFTs to each SubDAO and includes P2E assets from several blockchain games.
YGG Scholarship
To maximize the value and utility of game NFTs, the YGG DAO uses an NFT rental program called scholarships. This concept was initially introduced by the Axie Infinity community to benefit NFT owners and play-to-earn gamers.
In Axie Infinity, Axie owners can lend their game assets to help new users get started to earn a percentage of in-game rewards in return. This process is carried out via blockchain smart contracts in such a way that only scholarship recipients can use NFTs in the game. Only managers (owners) can trade or transfer NFTs.
Likewise, YGG provides scholarships to new players with a revenue sharing model, so they can get NFT assets to start playing and earning in-game rewards. Scholarship recipients don't have to invest any money up front, but they share a portion of their earnings with managers. Apart from NFTs, new players will also receive training and guidance from community managers.
YGG Scholarships are not limited to NFTs on Axie Infinity. YGG Treasury also has virtual land in The Sandbox and League of Kingdoms, as well as virtual cars in F1 Delta Time among other play-to-earn games.
SubDAO
As mentioned, the YGG DAO primarily consists of SubDAOs. You can think of SubDAOs like local communities within the main YGG DAO. These local communities contain players from specific P2E games or locations. For example, there is a SubDAO specifically for Axie Infinity players, a SubDAO for The Sandbox players, another SubDAO for Southeast Asian players, and so on. By grouping players into various SubDAOs, they can discuss playing strategies and help each other to maximize performance.
Each SubDAO manages its own gaming activities and assets with its own set of rules and requirements, but still contributes proceeds to the YGG DAO. In SubDAO, there are community leaders, wallets and SubDAO tokens. Token owners can share the profits earned from the game based on their contributions. They can also provide advice and vote on governance decisions related to SubDAO, such as whether to purchase more in-game NFTs or how to manage their assets.
What are YGG tokens?
Yield Guild Games (YGG) is an ERC-20 token that gives its owner the right to participate in the governance of the YGG DAO. There is a total supply of 1 billion tokens and 25 million YGG was sold through the Initial DEX Offering (IDO) on SushiSwap in 2021. To support the community, YGG has set aside 45% of the total supply to be distributed to users in stages over four years.
As the platform's native token, YGG is used to pay for services on the network. These tokens can also be staked to earn rewards in the YGG vault or used to unlock exclusive content in the YGG Discord channel. Additionally, YGG owners can submit proposals and vote on decisions regarding technology, products, projects, token distribution, and the guild's overall governance structure. Winning suggestions that are ultimately implemented on the DAO will be rewarded with YGG tokens.
Brankas YGG
The YGG DAO adopts a different approach to yield farming than most DeFi staking platforms. Typically, tokens go into staking to earn interest at a fixed rate. At YGG, each vault represents a token reward program from a specific activity operated by YGG. For example, one vault may provide returns based on scholarship program performance, while another vault rewards stakers based on Axie's livestock program.
YGG also plans to develop a unified super index vault that represents all yield-earning activities in its ecosystem. These vaults will reward stakers based on guild revenue from subscriptions, merchandise, rentals, treasury growth, and SubDAO index performance.
Token holders can stake for supported activities and rewards will be distributed proportionally to the amount of YGG staked via the smart contract. Depending on how the vault is programmed, rewards may also include YGG tokens, Ether (ETH), or stablecoins.
How to buy YGG on Binance?
You can buy Yield Guild Games (YGG) on cryptocurrency exchanges, such as Binance.
1. Log in to your Binance account, then click [Trade]. Choose classic or advanced trading mode to get started.
2. Click [BTC/USDT] to open the search bar, then type “YGG” to view available trading pairs. We will use YGG/BUSD as an example.
3. Open the [Spot] box on the right, then enter the amount of YGG you want to buy. In this example, we will use a Market order. Click [Buy YGG] to confirm the order, then the purchased YGG will be credited to your Spot Wallet.
Closing
Through a unique revenue sharing model, YGG builds a decentralized community in the real world. YGG offers participants the opportunity to thrive in this virtual world through an innovative gaming economy. As metaverse projects emerge, NFT guilds like Yield Guild Games could benefit from an influx of newcomers and crypto enthusiasts looking to explore play-to-earn NFT games as an alternative source of income.
