Only 2.5% Supply Auctioned, Big Chunk Reserved to Reward Users, Explains YGG on its MISO Sale
“While we achieved our funding goal, unfortunately, we also left a lot of people feeling disheartened,” reads the statement that came from Yield Guild Games as its dutch auction saw only 32 participants winning all the tokens for sale.
The founders of the DAO investing in yield generating NFT assets used in play-to-earn games released the statement on Wednesday sharing that the full allocation of 25 million tokens sold out in just 31 seconds.
“The MISO system had no restrictions on the minimum or maximum purchase size, and at its conclusion, only 32 wallets were able to acquire YGG tokens,” they wrote. “We realise this means that a lot of people missed out, and for this, we apologize.”
— Beyond🏛Mimesis (🍄,🍄) (@BeyondMimesis) July 27, 2021
Yield Guild is comprised of subDAO's for each game with a wallet containing the games’ assets and yield, where users buy the subDAO token to become part owners.
When raising a total of $12,496,000 in USDC on Tuesday, a single address appeared to get its hands on about 18% of the coins available for the sales.
“It’s difficult to avoid these issues as even a cap per wallet can be abused by bots,” said Yan Liberman, co-founder, and managing partner at Delphi Digital, that led YGG’s seed round in October, which “almost fell apart…because they couldn’t fill the round” as at the time “almost no one believed in Play-to-earn.”
It has been the immense traction seen by Axie Infinity during the past couple of months that have made play-to-earn NFT games popular.
For the auction of YGG tokens, Yield Guild Games partnered with SushiSwap and opted for Dutch Auction with a cap on the maximum valuation at $500 million in order to ensure the token price didn't get over-inflated.
Once these tokens become available on 28 July at 10 am EST / 10 pm SGT, they will be opened for trading at Sushi.com. “Our top priority is to ensure there is enough liquidity,” they added.
Didn't get into today's @YieldGuild offering? Good
Don't worry, I was annoyed too – but the reality is you are supposed to earn it in service to the Guild as a Player
You want some allocation? Go work for it
— Goltra (@Goltra) July 27, 2021
But the distribution of tokens isn’t over yet. The DAO will be having a community airdrop within the coming week, for which 45% of the token supplied is earmarked.
According to the founders’ statement, the idea was to reward users by providing ways for them to earn tokens rather than buy them.