A new blockchain-based gaming altcoin is surging after being listed by the cryptocurrency exchange Binance.
Launched in July, Yield Guild Games (YGG) is a play-to-earn decentralized autonomous organization (DAO) designed to allow users to invest in non-fungible tokens (NFT) in virtual worlds.
DAOs are governance systems that rely on computer code to control and execute actions rather than humans.
Yield Guild Games rallied 36% from $6.01 to $8.22 following the announcement, according to CoinGecko.
The platform’s native token allows players to earn liquidity mining rewards, participate in the network’s governance, and pay for the service’s transaction fees, according to Binance.
Users can also stake coins into YGG’s vaults to earn gaming token rewards, or possibly other forms of altcoins.
“Each ‘vault’ represents the token rewards from one or all guild games earning sources.
Users can stake YGG tokens into the YGG vault [and] in return receive token rewards from games in the vault. Depending on how the vault is constructed, token rewards can vary from YGG tokens to Ethereum [ETH] or stablecoins.”
YGG trading on Binance is set to begin September 25th. Its price has stabilized at $6.98 at time of writing.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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Featured Image: Pixabay/tombud