What Is Yield Guild Games (YGG)?
Yield Guild Games (YGG) is a gaming guild that makes blockchain games you can earn money from. It's a global community dedicated to investing in NFT assets and connecting blockchain gamers around the world. The NFT gaming network is focused on building a community of investors and players who help each other get started and grow as a provider of NFT gaming services.
Introduction
Play-to-earn (P2E) blockchain games have grown rapidly in the past few years following the success of Axie Infinity. While the P2E trend has attracted millions of people all over the world, the cost of gaming NFTs, especially in developing countries, is not affordable for many people. In order for them to get started with NFT gaming, Yield Guild Games is building a community of P2E players, as well as providing a solution that will help them get started.
What is Yield Guild Games (YGG)?
YGG (Yield Guild Games) is a Decentralized Autonomous Organization (DAO), which invests in tokens that do not have a fungible value, which are used in blockchain-based games. The games are part of a larger concept called the metaverse. There are many aspects of blockchain-based digital worlds that can be classified as the metaverse, such as the concept of digital land, digital assets, etc.
A global play-to-earn gaming community was the result of an idea that arose during the year 2018. The CEO and co-founder of YGG, Gabby Dizon, noticed that blockchain gaming was quite popular in the Southeast Asian region. The concept of Axies originated from the popular NFT game Axie Infinity, where players could play NFT characters in the game. However, there was a problem at the time: a lack of money to buy the in-game characters.
Dizon, who grew up in a developing country, realized that a blockchain gaming platform can be a useful tool in helping the less fortunate, so he began lending his Axias to other players who could not afford to buy their own. He was inspired by this fact to help gamers thrive in the world of NFTs and blockchain gaming by establishing Yield Guild Games with Beryl Li in 2020.
How does Yield Guild Games work?
The Yield Guild Games combine Decentralized Finance (DeFi) and Networked Finance Tokens (NFTs) to build a strong metaverse economy run on the Ethereum blockchain. The YGG DAO is an open-source protocol that adheres to rules and regulations enforced by smart contracts. The NFT system serves many different functions, such as implementing governance decisions voted for by the community, issuing rewards, and arranging rentals of NFTs.
There are multiple SubDAOs within YGG, consisting of groups of players who are part of a particular NFT game or region of the world. A SubDAO is responsible for managing the activity and assets of a particular play-to-earn game and has its own set of rules to do so.
Players wishing to maximize their in-game profits can take part in the same NFT game as a group using this model. Additionally, guild members will be able to unlock rewards in-game by renting and using the community-owned NFT assets. To reward those who lend their NFTs through the DAO, they can take a share of their gamers' earnings in return.
The YGG Treasury is the place where all digital assets and NFTs are stored on YGG and can only be accessed by the community. A treasure contains the NFTs that are allocated to each SubDAO along with P2E assets for multiple blockchain games.
YGG Scholarships
For the purpose of making YGG DAO's gaming NFTs more valuable and useful, YGG DAO offers NFT rental programs known as scholarships. Axie Infinity's community of owners came up with the idea originally so that both players doing play-to-earn and NFT owners could benefit from it.
The Axie Infinity service allows Axie owners to offer a portion of their game rewards to new players in exchange for their gaming assets for this service. In this process, scholars can only use the NFTs while they are in-game, in a way that is connected to Blockchain smart contracts. Only the manager (owner) of the NFTs can trade or move them.
In a similar way, YGG provides scholarship opportunities to new players under a revenue-sharing model, through which they can obtain in-game rewards and gain NFT assets in order to play and earn. There is no money required up front for the scholars, but they do share a portion of their earnings with their managers. The Community Managers will also provide assistance and training to new players, in addition to NFTs.
Scholarships at YGG are not only limited to NFTs in Axie Infinity. In addition to owning virtual lands and cars in games like The Sandbox and League of Kingdoms, the YGG Treasury also owns virtual lands in games like The Sandbox and League of Kingdoms.
SubDAOs
YGG DAO, as we have already mentioned, is primarily composed of SubDAOs. SubDAOs are kind of like localized communities within the main YGG DAO. They're made up of players from a particular game or location. We have for instance a SubDAO dedicated to Axie Infinity players, a SubDAO dedicated to The Sandbox players, a SubDAO dedicated to Southeast Asian players, and so on. Organizing players into different SubDAOs enables them to discuss strategies and help each other maximize performance by talking to each other about their gaming strategies.
Each SubDAO manages its own assets and activities, but they still contribute to the YGG DAO. Each SubDAO has a manager, a wallet, and a SubDAO token. Token holders will be able to share in the yield generated from the gameplay based on their contribution. A member of the SubDAO may also suggest and vote on governance decisions affecting the SubDAO, such as whether to purchase more in-game NFTs and how to manage their assets.
What is the YGG token?
A Yield Guild Games (YGG) token is an ERC-20 token that entitles holders to participate in the governance of the Yield Guild Games decentralized autonomous organization. As of 2021, there are a total of 1 billion YGG, and 25 million YGG were sold as part of an Initial DEX Offering (IDO) on SushiSwap. With YGG's commitment to community support, 45% of their total supply will be distributed through the community gradually over the next four years.
In order to pay for services on the network, the YGG token is used as the platform's native token. Also, it can be staked in the YGG vaults to earn rewards or used to unlock exclusive content for the YGG Discord channel in order to earn rewards in the vault. In addition, YGG holders have the opportunity to submit proposals regarding the guild's products, projects, token distribution, and overall governance structure, as well as vote on those proposals. YGG tokens will be given to winning suggestions that get implemented on the DAO.
YGG Vault
YGG DAO takes a different approach to yield farming compared to many other DeFi staking platforms. Tokens are typically staked in order to earn a fixed rate of interest. YGG has vaults that represent a specific reward program. As an example, a vault may award yields according to the success of a scholarship program, while a second vault honors stakers according to the performance of the Axie breeding program.
In addition, YGG will be developing a super index vault that brings together all the yield-generating activities within its ecosystem into one place. Stakeholders will get rewards from this vault based on subscriptions, merchandise, rentals, treasury growth, and the SubDAO index.
As token holders, you can stake for any activity you support, and rewards will be distributed proportionately to the amount of YGG you stake via smart contracts. The rewards could also include tokens from YGG, Ether (ETH), or stablecoins, depending on how the vault is programmed.