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How Is Yield Guild Games (YGG) Worth Your Time?

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Since the rise of Axie Infinity, the world of play-to-earn (P2E) blockchain games has rapidly expanded. While P2E has captured the interest of millions worldwide, acquiring gaming NFTs can be a financial hurdle, particularly for players in less affluent regions. This is where Yield Guild Games (YGG) provides a solution, making NFT gaming accessible to a broader audience.

Yield Guild Games (YGG) operates as a Decentralized Autonomous Organization (DAO) that invests in non-fungible tokens (NFTs) used within blockchain games. These games are part of a larger concept called the “metaverse,” encompassing various aspects of blockchain-based digital worlds, including virtual land and digital assets.

The idea’s inception for a global play-to-earn gaming community dates back to 2018, when Gabby Dizon, YGG’s co-founder and CEO, observed the growing popularity of blockchain gaming in Southeast Asia. During this period, many gamers were eager to dive into the NFT-rich universe of Axie Infinity. Still, they faced financial constraints when acquiring in-game NFT characters known as Axies.

Recognizing the potential of blockchain gaming as an empowering tool, especially for those in developing countries, Dizon began lending his Axies to fellow players who lacked the means to purchase their own. This generosity inspired him to co-found Yield Guild Games with Beryl Li in 2020, with the mission of enabling gamers to flourish in NFTs and blockchain gaming.

How Do Yield Guild Games Work?

Yield Guild Games (YGG) operates as a unique and collaborative ecosystem that merges gaming, DeFi, and NFTs within the Ethereum blockchain. Here’s a breakdown of how it functions:

Formation of Guilds: YGG consists of communities of players who share a common interest in gaming. These guilds are composed of individuals who regularly engage in their favorite pastime: playing games.

Global Reach: These guilds span globally, bringing together players from various regions. They work collectively to maximize their earnings by participating in play-to-earn games.

NFT Investments: YGG goes beyond gaming by making strategic investments in NFTs. These NFTs include virtual land and valuable in-game assets. Guild members can then borrow these NFTs, benefiting both the guild and the individual player.

Diverse Portfolio: Unlike traditional guilds that focus on a single game, YGG’s approach is multifaceted. It encompasses various games and NFTs, attracting a diverse range of players and investors. This diversity creates a vibrant and unique community.

DeFi Meets NFTs: YGG is at the intersection of DeFi and NFTs, creating an economy reminiscent of a metaverse on the Ethereum blockchain. The entire project operates decentralized, governed by smart contracts, a hallmark of DAOs.

SubDAOs: YGG isn’t a single entity but comprises multiple SubDAOs. Each SubDAO is tailored to a specific game or player group from a particular region. These SubDAOs establish their own rules that govern their activities and assets, optimizing their gaming rewards for the benefit of the guild.

Asset Management: All NFTs and digital assets are securely stored within the YGG Treasury, which is community-controlled. The treasury allocates NFTs to each SubDAO and houses play-to-earn assets from various blockchain games.

Yield Guild Games fosters a collaborative gaming ecosystem that combines DeFi, NFTs, and a global network of players. Guild members can rent and utilize community-owned NFT assets to enhance their in-game earnings. 

This symbiotic relationship allows those lending their NFTs via the DAO to share in the rewards generated by gamers, fostering a thriving and interconnected community.

How to Get Started with Yield Guild Games

If you’re interested in becoming part of Yield Guild Games (YGG) and joining a gaming guild, here are the steps you need to follow straightforwardly:

Prepare your Crypto Wallet

To join YGG, you’ll need a crypto wallet compatible with the Ethereum network. A popular choice is the MetaMask software wallet that works seamlessly with Ethereum.

Connect your Wallet

Once you have your wallet, connect it to the YGG platform. This connection is essential for interacting with the guild’s ecosystem.

Mint your Guild Badge

To officially become a member of the YGG guild, you’ll need to mint a Guild Badge. This NFT serves as proof of your membership. Ensure that your Ethereum wallet has enough ETH to cover the gas fees of minting the Guild Badge. To save on fees, consider performing this action during periods of low network activity.

Find your Role

Within the guild, your contribution matters more than the amount of crypto you bring. YGG emphasizes community involvement. You can play a vital role in the guild by participating in various activities, such as managing the Discord channel, engaging in marketing efforts on social media, sharing updates, and promoting the guild. Your efforts can be rewarded with tokens or valuable NFTs.

The YGG Token

The YGG token plays a pivotal role within the Yield Guild Games (YGG) ecosystem, and here’s a clear breakdown of its functions:

Governance Rights

YGG operates as an ERC-20 token on the Ethereum blockchain, offering holders the valuable right to participate in the governance of the YGG DAO (Decentralized Autonomous Organization). This means token holders have a say in important decisions regarding the guild’s technology, projects, token distribution, and overall governance structure.

Proposal Submissions and Rewards

YGG token holders can actively engage in shaping the future of the protocol. They can submit improvement proposals, and winning suggestions are rewarded with YGG tokens. This encourages active involvement and innovation within the YGG community.

Voting Power

The token also grants holders the power to vote on various aspects, including the governance structure, technological advancements, and potential projects. It’s a way for the community to make decisions that shape YGG’s direction collectively.

Utility Within the Ecosystem

Beyond governance, the YGG token serves multiple purposes within the YGG ecosystem. It can be used to pay for services on the network, making it a medium of exchange within the guild’s activities. Additionally, staking YGG tokens in the YGG vaults offers an opportunity for passive income. Token holders can also utilize YGG to unlock exclusive content on the YGG Discord channel.

Initial Distribution and Community Focus

Initially, 25 million YGG tokens were sold through an Initial DEX Offering (IDO) on SushiSwap in 2021. YGG has a total supply of 1 billion tokens. Importantly, YGG has committed to prioritizing its community by setting aside 45% of the total supply for gradual distribution to users over four years. This demonstrates the project’s dedication to community engagement and growth.

The YGG token is the backbone of the Yield Guild Games ecosystem. It empowers holders with governance rights, encourages active participation through proposal submissions and voting, and serves as a versatile utility token within the community. With its focus on community involvement and development, YGG demonstrates its commitment to creating a thriving ecosystem for all members.

How to Purchase Yield Guild Games Tokens (YGG)

YGG tokens are widely available on numerous major cryptocurrency exchanges. You’ll find them on well-known platforms like Binance, KuCoin, Kraken, Gate.io, and Huobi Global. There are approximately 50 different cryptocurrency platforms where you can trade YGG tokens. So, if you’re looking to buy or trade YGG, chances are your preferred exchange includes it in their offerings.

If you’re interested in buying Yield Guild Games (YGG) tokens, you can follow these steps:

Choose a Cryptocurrency Exchange: Select a reputable cryptocurrency exchange where YGG tokens are listed. Some popular exchanges that offer YGG trading pairs include Binance, KuCoin, and SushiSwap.

Create an Account: Sign up for an account on the chosen exchange if you still need to create one. You’ll need to provide personal information and complete any identity verification procedures the exchange requires.

Deposit Funds: Deposit the cryptocurrency you want to use to purchase YGG tokens. Typically, exchanges accept cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) or stablecoins like USDT or USDC. Ensure your deposit is sufficient for the purchase and covers any associated fees.

Place an Order: Once your funds are in your exchange account, navigate to the YGG trading pair. For example, if you’re using Ethereum to buy YGG, find the YGG/ETH trading pair. Then, place a buy order specifying the amount of YGG tokens you want to purchase and the price you’re willing to pay.

Review and Confirm: Carefully review your order details to ensure accuracy. Confirm your buy order. Your order will be executed if the market conditions match your specified price.

Securely Store Your YGG Tokens: You’ll have YGG tokens in your exchange wallet after the purchase. For added security, consider transferring your tokens to a private wallet, like a hardware or a trusted software wallet, where you have full control of your assets.

Stay Informed: Keep an eye on YGG-related news and market trends to make informed decisions about your investment. Cryptocurrency prices can be highly volatile, so staying informed about developments in the YGG ecosystem is essential.

Remember that the availability of YGG tokens may vary between exchanges, and trading pairs can differ. Additionally, always exercise caution and conduct thorough research before investing in cryptocurrencies.

Understanding the Yield Guild Games Community

The Yield Guild Games (YGG) community operates through blockchain technology, a decentralized ledger system rooted in computer science, cryptography, and mathematics. Within this framework, YGG functions as a Decentralized Autonomous Organization (DAO) known as the YGG DAO. This DAO is responsible for overseeing assets, managing the YGG treasury, defining parameters, and overseeing the various games within the YGG ecosystem.

The YGG DAO is divided into several “SubDAOs,” each with its governance parameters and functions independently.

The YGG model brings together elements of DeFi and NFT investing to create a play-to-earn (P2E) metaverse economy. In this ecosystem, players from the same NFT game collaborate to maximize their earnings. Guild members have the unique opportunity to rent and utilize community-owned in-game NFT assets stored within the YGG treasury, allowing them to earn in-game rewards. Those who contribute their assets receive a share of the earnings gamers generate.

Yield Guild Games aims to expand, connect with, and integrate into new metaverse games as an open-source project. However, for a metaverse project to be eligible for inclusion in the YGG ecosystem, it must meet specific criteria:

  1. The game must operate a virtual economy with its native token.
  2. It should include play-to-earn (P2E) functionality that rewards users with the native token of the virtual economy.
  3. 3. The game must have an active virtual land-based economy.

YGG Scholarships: Empowering Gamers and NFT Asset Owners

One of Yield Guild Games’ primary initiatives is its “YGG scholarship program,” inspired by the success of Axie Infinity. This program is a unique revenue-sharing model that benefits non-gaming NFT asset owners and play-to-earn gamers.

Using smart contracts, owners of specific gaming NFTs can lease their assets to players, allowing them to use these assets in the game to maximize their earnings. In return, the play-to-earn gamer shares some of their revenue with the NFT owner. 

The smart contract ensures that only the NFT owner can transfer or trade the NFT. This arrangement enables new play-to-earn gamers to access and utilize others’ NFTs, sharing the in-game rewards. Additionally, the YGG scholarship program offers valuable guidance and training to new players provided by expert community managers.

The Yield Guild Games platform extends various YGG scholarships tailored to different metaverse games. For instance, depending on the game, new players can receive NFT assets, which may include virtual land, vehicles, and armor. YGG scholarships are available in various games, including popular titles like Axie Infinity, League of Kingdoms, F1 Delta Time, The Sandbox, and more.

Conclusion

In blockchain gaming and play-to-earn, Yield Guild Games (YGG) shines as a trailblazer, revolutionizing how gamers engage with NFTs and the metaverse. YGG’s mission is clear: to create a global community where anyone can participate and prosper in blockchain gaming regardless of their financial circumstances.

As a DAO, YGG empowers its community members to actively shape the platform’s future through governance decisions, proposals, and voting. YGG token holders play a crucial role in this, enjoying the rights to influence and earn rewards within the ecosystem.

The YGG scholarship program is a testament to inclusivity, allowing NFT asset owners to collaborate with aspiring gamers. It’s a win-win scenario where assets are shared and rewards are distributed, fostering a thriving ecosystem of cooperation and growth.

With YGG, the metaverse becomes accessible to all, offering diverse opportunities in games like Axie Infinity, League of Kingdoms, F1 Delta Time, and more. Whether you’re a seasoned blockchain enthusiast or a newcomer, YGG welcomes you to explore, participate, and thrive in play-to-earn gaming and NFTs.

FAQs

What is Yield Guild Games (YGG)?

YGG is a DAO that invests in gaming NFTs used in blockchain games, creating opportunities for gamers to earn through play-to-earn.

How do I get started with YGG?

To begin, you'll need a compatible crypto wallet, connect it to the YGG platform, mint a Guild Badge, and actively engage in guild activities.

What is the YGG scholarship program?

YGG scholarships allow NFT asset owners to lease their assets to gamers, who share a percentage of their earnings in return, fostering a mutually beneficial ecosystem.

Where can I trade YGG tokens?

YGG tokens are available on various cryptocurrency exchanges, including Binance, KuCoin, Kraken, Gate.io, and Huobi Global.

What games are supported by YGG scholarships?

YGG offers scholarships in various metaverse games, such as Axie Infinity, League of Kingdoms, F1 Delta Time, The Sandbox, and more, providing diverse opportunities for players.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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