89 Interactions, 2 Today
The $12.6 million initial DEX offering of Yield Guild Games, a play-to-earn collective, sold out in 31 seconds to only 32 participants.
Yield Guild Games (YGG), a group of gamers who play to earn money, completed its first DEX offering on SushiSwap’s Miso platform in under a minute earlier today.
The offering saw YGG raise roughly $12.5 million on July 27, with the token sale distributing 25 million tokens or 2.5% of the project’s 1 billion token supply via a dutch auction. The YGG tokens were sold for roughly $0.50 each.
Disappointed investors criticized the sale after 32 wallets exhausted the allocation in 31 seconds, even though YGG’s Discord membership exceeds 47,000.
A single address appears to have been able to nab 4.5 million tokens or 18% of the coins available in the offering, although onlookers have speculated the purchaser was likely a pool.
32 participants / Biggest ape (looks like a pool) did 4.5milly pic.twitter.com/EpR69WXKTT
— Darren Lau (@Darrenlautf) July 27, 2021
YGG co-founder, Gabby Dizon told Cointelegraph the project has been in touch with some of the buyers, noting the purchasing addresses represented groups of long-term community members who had “[pooled] capital together for a large purchase.”
“So it’s not just 32 whales that bought in, it was 32 wallets that represented different groups of long term believers of our vision.”
Dizon also noted the token is scheduled to begin trading on SushiSwap later today with plenty of liquidity, providing investors additional opportunities to access the YGG token.
In a blog post, Dizon thanked the project’s community for its support and participation, stating: “We are looking forward to kicking off our community airdrop where YGG tokens will be given to the most active and engaged members of our guild, especially those who have been with us from the beginning.”
Moving forwards, Yield Guild Games will soon complete a community airdrop in which tokens will be distributed to its most active members. In the near future, the project will also launch a community mining programme.
YGG also plans to expand its sponsorship programme, which allows Axie Infinity in-game currency Small Love Potion (SLP) to be donated to YGG players in exchange for breeding Axies — collectable fantasy creatures that inhabit the game.
YGG raised $4 million in a Series A funding round led by Mechanism Capital, ParaFi Capital, and lead investor Bitkraft Ventures last month.