- Yield Guild Games (YGG) recorded a 34% price gain over the weekend.
- The play-to-earn gaming guild secured $13.8 million, resulting in a weekend pump.
Web3 investors are bullish on Yield Guild Games (YGG), with the Web3 platform’s token exhibiting a significant rise in price over the weekend. The GameFi platform, better known as “YGG,” recently generated $13.8 million in a private token sale led by DWF Labs, which could be connected to the weekend pump.
Web3 funds such as a16z and more participated in the token sale to help fund Yield Guild Games’ (YGG) proposed development of a decentralized network and global ecosystem. Following the official result announcement, the YGG token skyrocketed by 40%, piquing bull interest.
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Web3 #gaming just got a power-up with our $13.8m round led by @DwfLabs w/ participation from @a16zcrypto @SanctorCapital @SanghaCapital @glxydotgg
Join the community Update AMA with the YGG Core team tonight!
Check out the full article below!
https://t.co/DAqKG5rVeR
— Yield Guild Games (@YieldGuild) February 17, 2023
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Great Yields for Gamers and Investors?
The YGG token exchanged hands for $0.2878 before the web3 gaming platform shared the YGG Treasury token sale results. Following the positive news, the token pumped by 40% to $0.4035 before pulling back to the $0.38 to $0.36 range, according to CoinMarketCap data.
The trading volume for the token soared by a whopping 723% to $133 million from $16 million over the weekend. Additionally, the token showcased an 11% price volatility, trading between $0.36 and $0.40, keeping in line with the 30-day token price volatility, according to CoinCodex data.
The YGG token is performing exceptionally well this year, recording a 150% price gain since the start of the year when it was trading at $0.16. It’s no surprise that investors are getting greedier, according to the Fear & Greed Index and the frequent green days.
It’s safe to assume the YGG sale was vital to the weekend surge. YGG certainly rekindled investor confidence with the help of some of the biggest names in crypto.
YGG co-founder Gabby Dizon shared,
“The token purchase signals the confidence of our partners in YGG’s mission of empowering gamers through web3 gaming. The purchase will support the progress of the guild’s initiatives as it aims to provide the web3 community with valuable products and experiences. With the continued support of our partners, YGG remains confident in its ability to drive meaningful impact and shape the future of the web3 gaming industry.”
Thank you for the support Andrei – we’ve got plenty more planned for the year! https://t.co/1fmE0IQO0o
— Gabby Dizon | YGG
(@gabusch) February 18, 2023
Bullish on Web3 Gaming?
Yield Guild Games’ successful $13.8 million token sale on Friday, led by DWF Labs, featured Web3 venture capitalists, including a16z Crypto, Galaxy Interactive, Sangha Capital Fund, Sanctor Capital, and David Lee, backing Yield Guild Games’ decentralization initiatives.
Andrei Grachev, Managing Partner at DWF Labs, shared,
“We have committed to support YGG as part of our vision towards a blockchain-based economy through web3. We are confident that through this token purchase, YGG will continue to innovate and grow the blockchain gaming space as we provide support through this long-term partnership.”
DWF Labs shared that Web3 technology can potentially transform the gaming industry. Yield Guild Games is in pole position thanks to its partnership with leading Web3 titles like Axie Infinity, The Sandbox, and League of Kingdoms.
The trading platform looks to support the guild by helping it expand its offerings, such as the Guild Advancement Program, to connect players and provide them with better-yielding opportunities to participate.
On the Flipside
- a16z crypto, a venture capital firm led by Andreessen Horowitz, is one of the earliest supporters of Yield Guild Games. The firm previously led a $4.6 million financing round in August.
Why You Should Care
Yield Guild Games is at the forefront of the Web3 esports scene. The burgeoning platform is consistently working on bringing mainstream adoption into Web3 gaming tournaments with its network. The $13.8 million investment from established crypto VC firms helped it legitimize its initiatives and gain support from crypto investors.
Looking for Web3 games to play? Read our guide: