A beginner's guide to Yield Guild Games (YGG)
Play-to-earn gaming is one of the big trends around blockchain technology. As games release their own tokens and nonfungible tokens (NFTs), they are attracting both gamers and investors. This trend is developing further with the emergence of gaming guilds. These guilds have advantages for gamers, investors and the community, itself. There are several advantages to joining a guild.
Within the gaming niche, there are several guilds, of which Yield Guild Games (YGG) is but one. This guild was founded in 2020 by Beryl Li and Gabby Dizon, who built it into a great success. By March 2022, the crypto project already had more than 20,000 scholars.
Thanks to YGG, you can take full advantage of the developments around the play-to-earn trend, which is very interesting for many crypto enthusiasts. In this article, discover YGG and how you can benefit from its opportunities.
What does Yield Guild Games do?
Within a guild, there are several players who, together, form the community. These players regularly work together in their favorite hobby or investment, which is gaming. The guild operates worldwide and coordinates players to earn rewards in play-to-earn games. In addition, YGG also invests in NFTs, such as virtual land and other useful in-game attributes. These NFTs can then be borrowed by members of the guild, benefiting both the guild and the player.
Usually, a guild is not focused on one game, but on several games and NFTs. This brings together different types of players and investors to form a unique community. Here, decentralized finance (DeFi) is combined with NFTs, creating a metaverse-like economy on Ethereum's blockchain. The project is decentralized and is governed by smart contracts, which is a feature of a decentralized autonomous organization (DAO).
YGG does not consist of one DAO; it has several SubDAOs. These organizations are focused on a specific game or are intended for players from the same region. Each SubDAO has its own rules, which pertain to the activities and assets of the respective SubDAO. Because the players within the SubDAO collaborate on a specific area, they can get the most out of their gaming rewards, which, in turn, benefits the guild.
Play-to-earn gaming guild
The gaming guild manages a large number of (play-to-earn) gaming-related NFTs and other digital assets, which members of the guild can use to increase income. Axie Infinity (AXS) is a well-known example of a game in which YGG has invested but there are other well-known examples, including:
Star Atlas (ATLAS)
In the above games, as well as the numerous others, YGG is trying to achieve a number of things. For instance, the guild's goal is to grow and deliver to millions of gamers worldwide. One way they want to do this is by investing in metaverse NFTs that have a high yield and making activities within the guild attractive to the community, so that both the community and the guild can grow.
How do you play Yield Guild Games?
Does joining a guild appeal to you? If Yield Guild Games seems like something for you and you want to join this guild, you will have to go through some steps first. To join a guild, you need a crypto wallet. This wallet must be supported by the Ethereum network, so a software wallet like the MetaMask wallet is a fitting option.
After you have connected your wallet to the YGG platform, you can mint a Guild Badge. This guild gaming NFT is proof that you belong to this guild. Make sure you have enough Ethereum (ETH) in your wallet, because you will have to pay gas fees when you mint the Guild Badge. Do you want to mint this gaming guild NFT as cheaply as possible? Then it is practical to make use of the Ethereum blockchain at a quiet moment.
Once you have joined the guild, it is important to look for your role within the guild. One of the founders of YGG has indicated that this fulfillment is more important than how much crypto you bring to the guild. You can, for example, contribute to the guild by performing activities such as managing the Discord channel or performing marketing related actions on social media, like sharing updates and promotions. These efforts are rewarded with, for example, tokens or winning NFTs.
Play-to-earn gaming with Yield Guild Games
It is possible to borrow NFTs through Yield Guild Games, with which you can then start to earn rewards yourself in the play-to-earn game. For example, if you receive NFTs or cryptocurrencies as rewards, you can sell them on the market and cash in your rewards.
Another solution is to use your rewards to buy your own NFTs, so you no longer need to borrow them. This creates a win-win situation for both parties. The lender receives a percentage for lending the NFT, while the borrower can use the NFT for their own gain.
This setup has created wonderful opportunities in the Philippines, for example. In the Philippines, a group of gamers started to focus on playing Axie Infinity. They were so successful that they could live off their rewards! YGG is entirely focused on helping people through play-to-earn gaming. New members are called scholars and are helped by community managers. For this help, the community managers receive a portion of the scholars' earnings.
Investing in Yield Guild Games
When COVID-19 took hold in the Philippines and elsewhere in 2020, over 7 million people in that country lost their jobs. For many people, this had terrible consequences for things like food and shelter. This gave Gabby Dizon, an entrepreneur who was passionate about games, the idea of lending his NFTs to people who could really use the help.
These NFTs are also called Axies, the digital monsters you can fight in the game Axie Infinity. By playing this game a lot, you could earn decent money — enough to make ends meet in the Philippines. In fact, many players began to earn more money over time than they had at their former jobs. Because of this, the founders saw the potential of this setup and helping people became a driving force for the guild.
The Yield Guild Games token (YGG)
With the YGG token, Yield Guild Games has released a token of the same name. This token is an ERC20 token that allows token holders to participate in governing tasks in the DAO. In addition, the token also allows you to pay for various services on the network, you can stake the YGG token and you can even use it to unlock exclusive content on Discord. In total, there are 1 billion tokens, with 45% of them going to the users of the guild. In 2021, the token was launched and then it was also determined that this amount of tokens will be distributed in four years.
It is possible to build up a passive income with the YGG tokens. You can secure the YGG tokens in different YGG vaults, so you can generate income in different ways. These vaults are located in the YGG DAO and thus do not resemble the well-known forms of crypto staking.
Because YGG focuses on different games, it is possible to make use of the different staking vaults. For example, you can decide to deploy your YGG tokens in a vault focused on breeding and selling Axies, the digital animals packaged as NFT and used in the game Axie Infinity.
In addition, you can, for example, choose a vault aimed at generating income for the rental of NFTs. So the options are quite diverse, which is ideal for staking. For every investor there is a suitable vault to find, where you can make additional returns on your investment.
Where is the YGG token available?
Most major exchanges have included the YGG token in their offerings. From Binance to KuCoin, chances are your exchange also offers the YGG token. In total, there are about 50 different crypto platforms where you can trade the token. The most well-known exchanges where you can go for this token are Binance, KuCoin, FTX, Kraken, Gate.io and Huobi Global.
This offering is a momentary snapshot, so the list may have changed by the time you read this. It is an option that YGG continues to grow and Coinbase, for example, is also eager to meet the demand of investors on their platform. It is, therefore, useful to check with your favorite exchange to see if a coin has entered their range.
How do I buy Yield Guild Games tokens (YGG)?
The Yield Guild Games token is therefore available on several exchanges, where Binance is currently the largest provider of the digital token. Therefore, in this case, we will go through the steps you need to go through on the Binance platform to easily purchase your YGG token. In general, these steps will be the same as on Binance.
A Market Order allows you to buy your tokens immediately, paying the current market value for them. However, you can also set a Limit Order, where you specify the price. The price has to reach this price first, which is why you often have to wait longer for a Limit Order.
Are Yield Guild Games a good investment?
One of the biggest trends of 2021 was NFTs, along with play-to-earn games built on various blockchains. Gaming is a very accessible niche within the crypto market, which many people see as the way to make crypto mainstream. After all, gaming is a recreational activity that hundreds of millions of people do worldwide, and how fun would it be to be able to make money by gaming!
Therefore, the developments around blockchain games could prove to be a good investment in the future, especially since YGG combines NFTs and blockchain gaming, and uses its own token, which could possibly start to increase in value.
Most guilds are focused on players, because a project on the crypto market needs a community to grow. However, YGG also focuses on profitability and also thinks it is important that the project looks interesting to investors. Investors often want to put money into a project and get a wonderful return in return. For this, they do not want to have to spend hours gaming, which is often the case with other projects. Therefore, this project is not for the gamer, but for the investor.
This unique feature sets YGG apart from others within the niche. By focusing on investors, the project may have more financial opportunities, potentially allowing for faster growth. Additionally, Yield Guild Games' ecosystem is built in a decentralized manner, through the DAO. In short, all of these factors combine to create a unique value proposition for YGG, where users have the opportunity to earn from the crypto guild in a variety of ways.