Yield Guild Games (YGG) token sale: $13 million, 32 participants, 31 seconds

[nutildah]

Yield Guild Games (YGG) is one of the biggest guilds to arise from the play-to-earn movement. They have a heavy presence in Axie Infinity, which has been on fire this year, and helped originate the whole "scholarship" idea for lending out Axies for players willing to dedicate time to play.

The YGG token public sale concluded on SushiSwap yesterday and caused a huge amount of controversy within the community.

https://twitter.com/YieldGuild/status/1420028435540418561

The entire allotment of 25 million tokens sold out in 2 Ethereum blocks, or 31 seconds, to a total of 32 parties.

Meanwhile the "community" consists (theoretically) of over 10,000 people. Hundreds of people tried to get in but ETH gas fees spiked. One participant paid over 4.2 ETH in gas to secure a purchase.

A lot of people are accusing the sale of not being for the community but for whales, and are now saying YGG is just using the idea of a community-run DAO to make money for their rich friends.



From the YGG Discord:



In YGG's defense, they have promised to distribute millions of tokens to community members who have demonstrated some involvement in the guild. This should start to take place in the upcoming week or so. If it doesn't, I think a lot of people are going to have serious concerns, wondering what they've been grinding away this whole time for.

What do you think? If you have an original thought on this topic, I welcome it.

[JaanusRaim]

Hi!

Seems interesting.
How I can demonstrate involvement in the guild?

Jaanus
 

[cryptoaddictchie]

Hi!

Seems interesting.
How I can demonstrate involvement in the guild?

Jaanus
 

I think the best start is to have their token YGG then from there, I think it will be easier to connect with them since their project is all about dao, means they are prioritizing their token as form of entry on their guild. Or yet, have some axie and tie up with them. Not really sure how YGG works but Im sure that its all about the community. They will definitely find a way to reward their loyal ones.

[nutildah]

Hi!

Seems interesting.
How I can demonstrate involvement in the guild?

Jaanus
 

The quickest way to do that is to join their Discord channel, read a bit and take a look around, and try to find a place to fit in. They have guilds in a few different blockchain games now. I personally think the space is totally oversaturated. Most regular people are priced out of doing anything ETH-related.

The concept is great (earning money by playing video games) but I have my reservations about the token. Less than 7% of the total token supply is currently in circulation and it seems to be a toy for the already very wealthy (as are a lot of crypto projects)... kind of the antithesis of the whole "community-first" ethos they supposedly have.

They were supposed to have given away millions of tokens to their community by now but instead it seems to be all about keeping the price propped up.

[bitgolden]

I assume that 32 participants part could have been avoided very easily if it was just limited. I mean there are so many places that does 10k NFT collection sales and they say "one account, one NFT" and limits that.

You could technically still open up multiple accounts and get whitelisted multiple times and even do KYC from your family members if it comes to that and then get a few NFT instead of just one, but it makes it a bit slower and it would give people some time to buy something. With this method, they clearly didn't think it through and they have caused a lot of controversy, it was easily avoidable and if they didn't, they planned it to be like this from the start.