YGG Raises $13.8M in Token Sale Round Led by A16Z Crypto
• YGG raised $13.8 million in a token sale round led by A16Z Crypto and DWF Labs.
• The funds would be used to accelerate the development of its soulbound reputation token (SBT).
• SBT tokens will reward creators for completing selected tasks or quests within the YGG ecosystem.
YGG Raises $13.8 Million
Yield Guild Games (YGG) has announced that it raised a total of $13.8 million in a new token sale round led by A16Z Crypto and DWF Labs. The funds raised from this round will be used to accelerate the development of YGG’s Soulbound Reputation Token (SBT).
Purpose of SBT Tokens
The SBT tokens will power numerous activities within the YGG ecosystem such as rewards for in-game activities and rewards to creators who complete certain tasks or quests. Additionally, these tokens are permanently linked to a person’s wallet, ensuring that they remain non-transferable.
Previous Token Sale Round
This is not the first time A16Z has invested in YGG; they had previously invested $4.6 million back in March 2022. In July 2021, YGG also raised a total of $12.5 million during their token sale round which lasted barely 30 seconds.
Partnership with ForN
YGG also recently partnered with ForN to launch their Japan-focused subDAO last month in March 2022. This partnership is expected to further strengthen their presence in Japan and allow them access to more resources for their upcoming projects and developments related to their SBT tokens.
Overall, these recent developments show that YGG is making strides towards achieving its goal of becoming one of the leading play-to-earn gaming guilds using blockchain technology through its own native Soulbound Reputation Token (SBT).