Yield Guild Games’ initial DEX offering (IDO) raised $12.5 million in 31 seconds with only 32 players.

Yield Guild Games’ IDO Raises $12.5 Million

Yield Guild Games (YGG), a group of gamers that play to make money, completed its first DEX offering on SushiSwap’s Miso platform in under a minute earlier today.

On July 27, Yield Guild Games raised around $12.5 million in a token sale that distributed 25 million tokens, or 2.5% of the project’s 1 billion token supply, via a Dutch auction. YGG tokens were sold for about $0.50 a piece.

Investors were dissatisfied with the offer when 32 wallets depleted the allotment in 31 seconds, even though YGG’s Discord membership reaches 47,000.

A single address appears to have obtained 4.5 million tokens, or 18% of the coins offered in the offering, however, observers believe the purchaser was most likely a pool.

Gabby Dizon, the co-founder of YGG, informed that the project has been in contact with some of the purchasers, adding that the purchasing addresses reflected groups of long-term community members who had “[pooled] cash together for a huge purchase.”

“So it wasn’t simply 32 whales that bought in; it was 32 wallets representing various groups of long-term believers in our vision.”

Dizon also mentioned that the token would begin trading on SushiSwap later today with high liquidity, giving investors more ways to access the YGG coin.

With Only 32 Players, Yield Guild Games’ IDO Raises $12.5 Million In 31 Seconds

Dizon thanked the project’s community for its support and participation in a blog post, writing, “We are looking forward to kicking off our community airdrop where YGG tokens will be given to the most active and engaged members of our guild, especially those who have been with us since the beginning.”

Moving forward, Yield Guild Games will shortly execute a community airdrop giving tokens to its most engaged members. The organization will also soon start a communal mining program.

YGG also plans to extend its sponsorship scheme, which allows Axie Infinity in-game money Small Love Potion (SLP) to be donated to YGG players in exchange for breeding Axie’s collectible fantasy creatures that inhabit the game.

YGG secured $4 million in a Series A investment round led by Mechanism Capital, ParaFi Capital, and lead investor Bitkraft Ventures last month.