Yield Guild Games is the newest income stream for gaming enthusiasts. For posterity, the technology is built around the blockchain. In a bid to achieve complete decentralization, the guild allows members to rent and trade NFTs. As a result, members can exercise freedoms granted to them in the virtual economies.
The basic idea behind YGG is establishing virtual economies with sustainable structures. With that in mind, members can mingle and prosper in a simulated economy. In the same way, people create assets in the real world, participants of the metaverse can find value in their virtual assets. The creators created such structures in the hope that virtual economies are bound to become very useful in the future.
What is the Primary Source of Income in YGG?
You can trade in-game assets in YGG, rent the assets, or hold new and rare assets. The unique model in YGG games closely resembles real-world economies.
How do Virtual Assets in YGG Get Value in the Real World?
The assets used in YGG find value in the real world through NFTs. Since every asset is unique, the value increases and decreases in line with the laws of supply and demand. That is to say, when many players seek to own a particular asset, its value in the NFT market increases.
How Does Yield Guild Games Implement Decentralization?
Participants in YGG can farm or rent assets. Therefore, full decentralization is possible. However, the ERC-721 framework upon which YGG games are based limits this functionality. In effect, farming and renting NFTs in the current day follows a centralized economy. On the positive side, YGG’s efforts in cost reduction are very effective. They comprise a gas-free process that allows the exchange of assets through monitored smart contacts.
What Features Do Play-to-Earn Games Need to Have to Qualify for Yield Guild Games?
For any games to qualify for YGG, they must meet the following requirements:
- Gameplay must have a virtual economy based on a native token.
- An in-game reward system for players.
- Collectibles that members can acquire in the virtual land-based economy
How Big Can Yield Guild Games Grow?
The gaming community has a worldwide presence. Coupled with the growing popularity of NFTs, projections estimate the value of YGG to be close to $2 Billion.
Are there Any Successful YGG Projects?
An excellent example of how lucrative YGG can become is the Axie Infinity. Up to the present time, the NFT based game has a rising market capitalization of more than $4 Billion. In addition, the game has an average daily trading volume of more than $1Billion. Other noteworthy games with NFT collectibles include The Sandbox, Gods Unchained, Sorare, Evolution Land, and Splinterlands.
Can Members in Yield Guild Games Projects Vote?
Being a guild member allows you to vote and present proposals for ideas that other members can vote for or against. In the YGG Decentralized Autonomous Organization (DAO), decision-making is influenced by the number of votes cast in support of particular proposals. In a bid to encourage guild members to formulate winning proposals, rewards will be awarded.