Yield Guild Games’ IDO raises $12.5M from just 32 participants

Yield Guild Video games (YGG), a collective of play-to-earn avid gamers, accomplished its preliminary DEX providing by way of SushiSwap’s Miso platform in underneath a minute earlier right this moment.

The providing noticed YGG increase roughly $12.5 million  on July 27, with the token sale distributing 25 million tokens or 2.5% of the undertaking’s 1 billion token provide by way of a dutch public sale. The YGG tokens have been bought for roughly $0.50 every.

Disenchanted buyers criticized the sale after 32 wallets exhausted the allocation in 31 seconds, regardless that YGG’s Discord membership exceeds 47,000.

A single tackle seems to have been capable of nab 4.5 million tokens or 18% of the cash out there within the providing, though onlookers have speculated the purchaser was possible a pool.

YGG co-founder, Gabby Dizon informed Cointelegraph the undertaking has been in contact with among the patrons, noting the buying addresses represented teams of long-term group members who had “[pooled] capital collectively for a big buy.”

“So it isn’t simply 32 whales that purchased in, it was 32 wallets that represented totally different teams of long run believers of our imaginative and prescient.”

Dizon additionally famous the token is scheduled to start buying and selling on SushiSwap later right this moment with loads of liquidity, offering buyers extra alternatives to entry the YGG token.

In a weblog put up, Dizon thanked the undertaking’s group for its assist and participation, stating: “We’re wanting ahead to kicking off our group airdrop the place YGG tokens might be given to probably the most lively and engaged members of our guild, particularly those that have been with us from the start.”

Shifting ahead, Yield Guild Video games will quickly full a group airdrop distributing tokens to its most lively members. The undertaking can even launch a group mining program quickly.

YGG additionally intends to increase its sponsorship program, which facilitates the donation of Axie Infinity in-game foreign money Small Love Potion (SLP) to YGG gamers for breeding Axies — collectible fantasy creatures that inhabit the sport.

Final month, YGG raised $4 million in a Sequence A funding spherical that includes participation from Mechanism Capital, ParaFi Capital, and lead investor Bitkraft Ventures.