Yield Guild Games (YGG) has announced the launch of its YGG token on the Ronin network, expanding its reach within the Web3 community. The token went live on March 21, after receiving approval from Sky Mavis and the Ronin community. The aim of this launch is to attract more gamers and games into the YGG ecosystem. As part of this effort, YGG tokens will be airdropped to wallets staking “RON” on the YGG validator. This move to onboard the YGG token to Ronin is seen as the next natural step in the shared journey between YGG and Ronin.
YGG is a decentralized gaming startup that focuses on “play-to-earn” gaming, enabling players to earn tokens through blockchain-based economies. Ronin, on the other hand, is an Ethereum Virtual Machine (EVM) blockchain designed for developers building games with player-owned economies.
The Ronin network has seen increasing traction, with Pixels, a game partner of YGG, garnering over 130,000 daily active users (DAU) after migrating to Ronin. Pixels has also achieved a higher engagement rate, surpassing 500,000 DAU and reaching 1 million monthly active users. Other games on Ronin, such as Apeiron and Wild Forest, have also gained more interest. YGG believes that these developments, along with the migration of other major projects like CyberKongz, reflect the platform’s growing influence in web3 gaming.
In related news, Australian venture capital firm King River Capital, blockchain gaming firm Immutable, and Polygon Labs recently launched a $100 million fund dedicated to gaming. This partnership is a response to the projected growth of gaming revenue, with blockchain gaming-related funding reaching $1.7 billion in 2023. Immutable and Polygon Labs are expected to hold a combined market share of 70% in total blockchain gaming development, indicating a significant growth year for the industry as a whole, based on data from crypto market intelligence firm Messari.