Bittime –Yield Guild Games (YGG), a decentralized autonomous organization (DAO)focused on investing in non-fungible token (NFT)crypto assets in the realm of blockchain and virtual worlds, officially launched their native token, YGG, on thionin.
This step aims to encourage growth and innovation in the web3 gaming ecosystem, by attracting the interest of gamers and game developers. At launch, the YGG token saw a 2.79% increase in the last 24 hours and was trading at $0.807.
YGG has a mission to build the largest virtual world economy. They achieve this by optimizing community-owned assets to achieve maximum utility and sharing profits with YGG token holders.
Collaboration to Advance the Web3 Game
The launch of the YGG token on the Ronin network is based on a community-supported governance proposal approved by Sky Mavis, developer Axie Infinity, as well as the Ronin community as a whole.
The collaboration between YGG and Sky Mavis marks a continued commitment to advancing the web3 gaming space.
The presence of YGG tokens on the Ronin network will make it easier for the community to move between Ronin-based games and the YGG platform seamlessly, without the need for bridging tokens.
This is expected to create easy access for players to enjoy these games. The YGG token was officially launched on Thursday, March 21, 2024.
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How to Get YGG Tokens
Users who have staked RON tokens via the YGG validator before March 11, 2024, are entitled to receive YGG tokens via airdrop. The number of tokens distributed will be determined by the duration and number of RON tokens staked, with additional bonuses for long-term staking.
For example, crypto wallets that stake RON tokens before January 1, 2024, will receive a 10% Loyalty Bonus, while wallets that stake before June 1, 2023, will receive a 20% True Believer Bonus.
In addition, YGG tokens will also be listed on Katana, the Ronin network's native decentralized exchange (DEX). This allows liquidity pairing with other ecosystem tokens such as WETH/RON and USDC/RON.
“As Ronin continues to solidify its position as a leader in web3 gaming, YGG looks forward to further supporting the ecosystem and community by increasing our ownership and participation in the network. "The presence of YGG tokens in Ronin opens up opportunities to give more players access to more profitable quests and various other benefits," said Gabby Dizon, one of the founders of YGG.
Impact of YGG Token Launch on Ronin Network
The launch of the YGG token on the Ronin network has several potential impacts on the web3 gaming ecosystem:
1. Growth of the Web3 Gaming Ecosystem
The presence of the YGG token could attract more blockchain game developers to build on the Ronin network. This is driven by potential access to YGG's large player pool and active user base.
Thus, the launch of the YGG token could fuel growth and innovation in the web3 gaming ecosystem as a whole.
2. Increased Liquidity and Utility
Listing YGG tokens on DEX Katana will increase token liquidity and open up new usage opportunities. Players can use YGG tokens to participate in the governance of the YGG DAO, access exclusive features and services on the YGG platform, and purchase valuable NFT assets in the game.
3. Easier Accessibility
With the need for bridging tokens removed, it will be easier for players to move between Ronin-based games and the YGG platform. This could encourage wider player participation and increase the overall adoption of both platforms.
4. Strengthening Collaboration
The collaboration between YGG and Sky Mavis, developer of Axie Infinity, signals a broader trend toward collaboration between entities in the web3 gaming ecosystem. This can advance overall industry growth by encouraging synergy and resource sharing.
Also Read: Yield Guild Games (YGG) Guide for Beginners
General Factors to Note about YGG Token
However, it should be noted that the YGG token launch is still relatively new. Several factors need to be monitored to see its long-term success:
1. Adoption by Community
Will the web3 gaming community widely accept and use YGG tokens? The utility and value of the token will depend largely on the level of adoption by the community.
2. YGG Ecosystem Performance
YGG's success in investing in valuable NFT crypto assets and building a strong economy on its platform will also influence the appeal of the YGG token.
3. Regulatory Development
The crypto and web3 gaming industries still face regulatory uncertainty in various countries. Future regulatory developments could impact the sustainability of YGG's business model.
The launch of the YGG token on the Ronin network is a strategic step that has the potential to have a positive impact on the development of web3 games. With strong collaboration, continuous innovation, and adoption from the community, the YGG token has the potential to become a key driver in the future growth of the web3 gaming ecosystem.
Also read How to Buy Crypto:
How to Buy Yield Guild Games (YGG) on Bittime
You can buy and sell Yield Guild Games (YGG) easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti.
Yield Guild Games (YGG) is available on Bittime with the market pair YGG/IDR. To be able to buy YGG IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Yield Guild Games (YGG) on Bittime.
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DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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