1 startup just raised 12.5 million USD in just 31 seconds

Yield Guild Games (YGG), a decentralized game startup, recently issued a token and raised millions of dollars in a blink of an eye.

According to the announcement on YGG’s blog, the company has raised 12.5 million USD after the release of YGG, the digital currency used by the user community to receive rewards and pay for services in YGG’s platform. .

The YGG token sale event was conducted through the open source smart contract trading platform MISO of the SushiSwap exchange. Tokens were purchased quickly after only 31 seconds, all tokens were sold out. There have been a lot of people complaining, even angry, because they couldn’t buy YGG tokens.

Although just launched last December, not long ago YGG also raised $ 4.6 million from a funding round led by venture capital magnate Andreessen Horowitz.

YGG is known as “Uber in the digital asset world”. Explained in the simplest terms, the platform allows community members to borrow NFTs (non-fungible tokens). Members (referred to as scholars) use these digital assets to participate in typical games like Axie Infinity. By playing the game they will earn tokens and can be exchanged for money.

During a year of continuous blockade due to the epidemic and many people losing their jobs, thousands of Filipinos played such blockchain games for a living. However, as interest in blockchain games skyrocketed, so did the price of NFTs.

For example, when Alexei Udall, a leader of YGG, first played Axie Infinity last year, the starting price for NFTs was only about 40 USD but now the price has increased to over 200 USD.

Users will borrow NFT and then divide the profits back to YGG. Currently, the YGG network has about 4,700 members around the world, many of which are currently living in developing countries. YGG aims to have 15,000 users by the end of this year.

Recently, blockchain games are growing rapidly and are considered an important piece of the “metaverse” – the trendy term used to refer to the digital universe created by a combination of virtual and augmented reality. strong.

After Mark Zuckerberg came up with the idea that Facebook would develop a metaverse that combines virtual meeting rooms with Oculus virtual reality devices, many people in the cryptocurrency world dreamed of a metaverse economy where any Anyone with a computer and an internet connection can access the virtual universe and make a living from it.

“You can be a gamer, a fashion designer or an architect. Just use the skills you have in various games in the virtual world,” a YGG official said.

It is also the future that Andreessen Horowitz is betting on. YGG is seen as bringing economic opportunities, opportunities to earn money from completely new types of work.