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YGG completes $518,000 token buyback, additionally launches $7.5 million ecosystem pool
With the worth of its YGG token near an all-time-low, Yield Guild Video games is preventing again, demonstrating it nonetheless sees loads of alternatives for progress.
One current success is its first “informal degen” recreation LOL Land, which has been producing quite a lot of income, partly due to its deployment on the Summary blockchain which means that gamers additionally earn XP for Summary’s forthcoming token launch.
Though the sport’s lifetime income hasn’t been disclosed, YGG claimed that the sport generated $176,000 on Sunday third August alone.
Certainly, YGG has already been utilizing a few of its income, spending 135 ETH to purchase again $518,000-worth of its personal YGG token, once more on the Summary blockchain, though this hasn’t but impacted the worth .
“There was quite a lot of negativity in Web3 gaming recently. However we consider it's right here to remain, and we are not any stranger to the ups and downs of every cycle. We're at a very good place proper now, and this buyback displays YGG’s continued deal with long-term ecosystem growth,” mentioned YGG co-founder Gabby Dizon.
“There’s much more coming for YGG in 2025 — from upcoming recreation launches to enhanced platform options and expanded use of the YGG token throughout the group.”
Along with the information that it’s launching its publishing arm YGG Play, Yield Guild Video games has additionally arrange a brand new ecosystem pool with 50 million YGG tokens, value round $7.5 million.
This shall be managed by a brand new group, which is considered one of YGG’s autonomous Onchain Guilds.
Co-led by YGG company growth supervisor Serge-Raymond Nzabandora and head of company growth Andy Chou, its mission is to “discover yield-generating methods” by the lively administration of treasury property.
To fulfil this mission, it may assist initiatives aligned with YGG’s gaming footprint, together with informal degen video games, however its foremost objective is to generate profits within the crypto economic system, with its income getting used to assist YGG’s long-term mission.