YGG SEA, a sub-decentralized autonomous organization (subDAO) of Philippine blockchain gaming startup Yield Guild Games (YGG), recently announced an initial DEX offering (IDO) of its $SEA token on the Copper launchpad. The IDO will run from May 9 to 14, with a total of 75 million tokens available to stake starting at $0.50 each.
This represents 7.5 percent of the total supply of one billion $SEA tokens. As the governance token of YGG SEA, $SEA gives holders the right to vote on governance proposals, ecosystem reward allocations, features and rewards systems, as well as whitelist opportunities for both GameFi and non-GameFi NFTs.
The IDO marks a big achievement for YGG SEA, especially for a subDAO that has just been around for six months. As of today, YGG SEA has already invested in 76 projects, and has offered around 10,000 players scholarships since November 2021. So far, there are already ten games available for YGG SEA guild members, with many more planned to launch within this year.
For those unfamiliar, scholarships in the play-to-earn (P2E) gaming space usually refers to revenue-sharing program that let firm like YGG SEA lend its game assets to players who cannot afford them in order to start playing P2E games. In turn, players will share a fraction of their in-game rewards with the scholarship providers.
The IDO will also provide YGG SEA with more funds after it had earlier secured $15 million across two separate funding rounds — the first one led by YGG and Infinity Ventures Crypto (IVC), the second one led by Animoca Brands, Crypto.com Capital, Polygon, and United Overseas Bank (UOB) Venture Management.
In the past week, YGG SEA has also teamed up with Solana Ventures, the investment arm of Solana Labs, to give YGG SEA a boost in offering the best resources to players and developers in Southeast Asia. YGG SEA currently has offices in Vietnam, Thailand, Malaysia, and Indonesia. Following the IDO, it plans to expand into three additional countries within six months. Meanwhile, a complete coverage of the whole SEA region is targeted for 2024.
