Gone in 30 Seconds: Yield Guild Games' $12.5M Token Sale Sells Out Fast
Some tokens will distributed to members of the startup's community.
Decentralized gaming startup Yield Guild Games (YGG) sold all 25 million of its native tokens at breakneck speed.
- The sale was conducted via open-source smart contracts platform MISO on the SushiSwap exchange. It began at 14:00 UTC (10 a.m. ET) and lasted a total of 31 seconds.
- With the completion of its token sale, the launch of the YGG decentralized autonomous organization is now "officially underway," the company said.
- YGG touts itself as a "play-to-earn gaming guild," attracting gamers to its platform in order to earn tokens through blockchain-based economies.
- First up in its order of business will be the distribution of YGG tokens among its community as a means of rewarding early participation, YGG said.
- Up to 45% of the total YGG token supply is reserved for the community and will be "slowly dispersed" over a four-year period.
- As of Wednesday, YGG tokens are available for trading on decentralized exchanges.
- The move comes shortly on the heels of a $1.3 million fundraising round in March, which garnered interest from the likes of Delphi Digital and BlockTower Capital, among others.
- The project also raised $4 million in June in a funding round that was led by Bitkraft Ventures with participation from ParaFi Capital and Mechanism Capital.
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