YGG gets a huge token sale

The Yield Guild Games Association (YGG) has disclosed that DWF Labs, together with a16z crypto, Galaxy Interactive, Sangha Capital, and Sanctor Capital, have successfully spearheaded a US$13.8 million token acquisition from the YGG treasury.

The proceeds from this funding round will be directed towards sustaining the decentralized evolution of the YGG network and fortifying the worldwide ecosystem it embodies. YGG, a web3 gaming guild, has placed a significant emphasis on expanding its influence beyond the United States, targeting markets in other regions.

Web3 gaming is a type of gaming that is powered by blockchain technology, which enables decentralized, trustless, and transparent interactions between players. Unlike traditional games, web3 games allow players to truly own their in-game assets and to trade them freely on decentralized marketplaces.

It also enables developers to create games that can operate independently of centralized servers, which reduces the risk of downtime or service disruptions. With web3 gaming, players have greater control over their gaming experience, while developers can create more innovative and immersive games that offer a new level of engagement and interaction.

The Yield Guild Games Association (YGG) is a decentralized autonomous organization (DAO) that focuses on enabling players to earn a living through blockchain-based games. YGG operates as a guild, where players can pool their resources together to purchase and manage in-game assets, such as non-fungible tokens (NFTs), which can be used to earn cryptocurrency through gameplay or by selling them on decentralized marketplaces.

YGG aims to empower players in emerging markets, who may not have access to traditional banking services, to participate in the global digital economy by creating a new income stream through blockchain-based games. YGG is also committed to promoting the adoption of blockchain technology and Web3 gaming, as well as supporting the development of new games and platforms that align with its mission.

Meanwhile, DWF Labs is a global digital asset multi-stage web3 investment firm, providing support from token listing, liquidity support, and over-the-counter (OTC) trading solutions. It is also part of the parent firm Digital Wave Finance (DWF), which consistently ranks among the top five trading entities by volume in the cryptocurrency world through its proprietary technology for high-frequency trading. DWF Labs has supported over 50 web3 projects and collaborates with notable exchanges like Binance, ByBit, and more.

“We have committed to support YGG as part of our vision towards a blockchain-based economy through web3,” said Andrei Grachev, Managing Partner at DWF Labs. “We are confident that through this token purchase, YGG will continue to innovate and grow the blockchain gaming space as we provide support through this long-term partnership.”

A16z crypto also participated in the round, marking the firm’s second investment into YGG and reaffirming its commitment to supporting YGG in its mission to decentralize the web3 gaming ecosystem. In August 2021, YGG raised a US$4.6 million round led by a16z crypto with participation from Kingsway Capital, Infinity Ventures Crypto (IVC), and Atelier Ventures.

Another notable participant in the round was angel investor David Lee. Lee, an accomplished startup investor and former corporate attorney at Google, is the Executive Vice President at Samsung Electronics and Head of Samsung Next.

In January 2022, in what was a key milestone in its path to decentralization, the guild established itself as a Swiss Association to provide a flexible, recognized, non-profit legal structure that grows and decentralizes with the platform. The revenues from these purchases directly fund the Association’s initiatives to empower all token holders to participate in web3 gaming on a collective level rather than approach each game individually and alone.

The YGG token is not intended for use within the United States and is not available for purchase via any exchange domiciled within the United States.