Thus has managed to raise more than 10 million euros in just 31 seconds this startup selling cryptocurrencies
At the end of July, the cryptographic video game platform Yield Guild Games (YGG) won 10.5 million euros in 31 seconds selling its cryptocurrencies.
It was supposed to be an opportunity for numerous investors to buy their tokens, but few could do it when they quickly exhausted themselves.YGG's Discord server flooded complaints from angry people because the auction ended in an instant.
YGG convened an emergency meeting that day and brought together members of his team around the world in a virtual way.
"We are very happy that they will run out," says one of his co -founders, Gabby Dizon, to Business Insider, who nevertheless recognizes that the attacks of the people who were unable to buy has caused a dent in the workers in the workers.
YGG published a message apologizing and, when the outrage decreased, the team finally had a time to celebrate its achievement.
The video game platform, launched in December, had already obtained almost 4 million euros of a round led by the famous risk capital firm Andreessen Horowitz before the sale of the tokens, and the auction was proof that they had a bulkycommunity of followers behind.
Dizon describes YGG as an "Uber for digital assets".YGG lends non -fungible tokens (NFT) to members of your community (calls "academics") around the world.These assets allow academics to participate in games, such as the popular Axie Infinity, where players use NFT characters in Pokémon -style games, and, thus, get tokens that can change for money.
During a year of mass confinements and dismissals, thousands of people in the Philippines played these games to make a living."Many people during the pandemic have been saved by these NFT games," says Dizon.
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However, as the popularity of these games shot, so did the cost of the NFT necessary to play.
When Alexei Udall, director of YGG Associations, played Axie Infinity for the first time, last summer, the initial price of the NFT was about 34, euros, but today they cost about 170."And I thought they were very expensive," he jokes.
Dizon and the rest of YGG co -founders, Beryl Li and Owl, began to provide NFT to people from their surroundings who later returned a part of their profits to the YGG community.
Until now the model has worked: YGG currently has 4.700 academics worldwide, development in many countries and the intention of reaching 15.000 users at the end of the year.
Udall has heard stories of academics who have been able to move from housing buildings to villas or pay the medications that they did not get financed.One of her favorite stories is that of a woman who could afford to have her baby in a hospital instead of at home thanks to the game.
For Arianna Simpson, Andreessen Horowitz (A16Z).
While Mark Zuckerberg flirts with a metaverso sponsored by Facebook, with virtual joint rooms and hirulus headphones, many people in the cryptographic world dream of a metaversa economy, where anyone with a computer and internet connection can make a living.
"You could be a player, a virtual blacksmith and a creator of avatars, a fashion designer, a level designer, an architect, etc.., contributing your skills in different games and virtual worlds, "Dizon ditch.A future in which Andreessen Horowitz goes with everything.
"They are creating incredible economic opportunities that simply did not exist for people," says Simpson, who adds that "what Gabby and YGG have allowed is basically that people have new forms of work".
As for the controversy around the sale of tokens, the founders point out that most complaints have blurred a long time ago."I guess it was another day in the cryptographic sector," Ironiza Leah Callon-Boutler, head of YGG communications.
This content was originally published in BI Prime.
