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One of the significant trends involving blockchain technology is play-to-earn gaming. Games are bringing in players and investors as they release their native tokens and Non-Fungible Tokens (NFTs). With the development of gaming guilds, this practice is intensifying. The whole community, investors, and gamers can all benefit from these guilds. The are various benefits of joining a guild.
There are several guilds in the gaming industry, Yield Guild Games (YGG) being only one of them. With YGG, you can fully benefit from the play-to-earn trend’s advances, which are quite intriguing to many crypto fans.
This blog teaches about Yield Guild Games and what the future beholds. So let’s start our journey!
Birth of Yield Guild Games (YGG)
A Decentralized Autonomous Organization (DAO) called Yield Guild Games (YGG) invests in Non-Fungible Tokens (NFTs) that are utilized in blockchain games. These video games are a component of the Metaverse, a more extensive concept. The multiple elements of blockchain-based virtual worlds, such as virtual real estate, digital assets, and more, are collectively called the “metaverse.”
2018 saw the emergence of the concept of a global play-to-earn gaming community. The co-founder and CEO of YGG, Gabby Dizon, saw that blockchain gaming was prevalent in Southeast Asia. Many players at the time wanted to start playing the well-known NFT game Axie Infinity, but they lacked the funds to purchase the in-game NFT characters known as Axies.
Dizon began lending his Axies to other players who couldn’t afford to buy their own, realizing that blockchain gaming can be a liberating tool for those living in developing nations. He was motivated by this to launch Yield Guild Games with Beryl Li in 2020 so that players might prosper in the NFTs and blockchain gaming industries.
Key features of Yield Guild Games (YGG)
- YGG aims to build the largest virtual world economy while maximizing the utility of its community-owned assets and rewarding token holders with profits.
- The platform helps lower the barriers to entry for making money from blockchain games like Axie Infinity by maximizing the value and utility of NFTs utilized in them.
- The team behind Yield Guild Games constantly coordinates research and development tactics for members of the DAO to engage in yield generation arbitrage by participating in games with a metaverse theme.
- The primary focus of YGG’s efforts is building a vibrant and active global community of play-to-earn players who primarily compete for in-game prizes and awards.
- Participants have access to a range of yield generation possibilities, such as renting out and selling YGG-owned property, the proceeds of which are distributed to the community.
How does Yield Guild Games (YGG) work?
The P2E model, a DAO, and Decentralized Finance (DeFi) are all used in YGG’s revolutionary business model to build a virtual economy supported by smart contracts that function on the Ethereum blockchain.
Its smart contracts serve various purposes, including distributing incentives, enabling guild member governance and administration, and facilitating the purchase and renting of NFTs.
Since YGG is a global innovation, its structure comprises multiple SubDAOs that classify gamers according to their location or preferred NFT game. Each P2E game’s operations and resources are managed by a set of distinct protocols called SubDAOs, where each has its own set of rules.
The effectiveness of the DAO and participants maximizing in-game income from various NFT games is increased by this concept, which separates SubDAOs from the main DAO.
The gaming projects that YGG will be interested in
Yield Guild Games can carefully choose its specialization as part of a continually increasing market. They can also cater to a particular set of needs attributed to their consumer base. Each game project must fulfill the following requirements to be accepted into the Yield Guild Games DAO ecosystem:
- Virtual land: n the digital world under consideration, player-investors must be able to purchase, sell, and trade NFT properties and land.
- Foundational DeFi concepts: The game must work using some of the DeFi movement’s basic ideas. It must therefore have a native, decentralized token that drives the in-game economy.
- Player reward systems: The play-to-earn functionality and parameters must be present on the platform. Players must be subject to some mechanism to receive native token rewards through in-game or outside-of-game chores and activities.
- Community support: The platform must have a sizable user base and a lively, engaging community.
Curtain thoughts: What will be the future of YGG?
The popularity of shared online gameplay spaces and their activities has dramatically increased with the rise of the Metaverse and will undoubtedly continue to do so. This indicates that the market for services like YGG’s is vast and growing faster.
It is anticipated that YGG’s involvement in play-to-earn gaming will keep increasing. YGG already has an amazing portfolio. Given the growing number of shared online spaces that fit their requirements, it’s possible that it will soon be back in the news about cryptocurrencies.Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.