• YGG has announced that it raised $13.8 million in a token sale round, led by A16Z Crypto and DWF Labs.
• The funds will be used to accelerate the development of its soulbound reputation token (SBT).
• SBT tokens are unlike other cryptocurrencies as they are permanently linked to a person’s wallet, ensuring that they remain non-transferable.
YGG Raises Funds for Token Sale Round
Yield Guild Games (YGG) has revealed that it 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).
What is Soulbound Token?
The SBT token will power numerous activities within the YGG ecosystem. YGG is popular for selling and renting its in-game assets for profits or yield. The company is also the biggest in-game asset manager and investor in the popular NFT game Axie Infinity. Last year, YGG test-launched the tokens, offering them as rewards for in-game activities. SBT tokens are unlike other cryptocurrencies as they are permanently linked to a person’s wallet, ensuring that they remain non-transferable.
Plans for SBT Tokens
YGG co-founder Gabby Dizon told Tech in Asia that the company plans to place the tokens directly into games and reward creators within its ecosystem with SBT tokens for completing selected tasks or quests. The company intends to launch a revamped version of its web app next month, which will feature the native Soulbound Token of the platform as well as additional features such as staking and yield generation opportunities based on player activity.
Previous Investment from A16Z Crypto
This latest cryptocurrency news comes after YGG partnered with ForN to launch its Japan-focused subDAO in March 2022. In July 2021, YGG raised $12.5 million in a token sale round that lasted barely 30 seconds This isn’t the first time A16Z has invested in YGG; the web3-focused venture capital firm invested $4