Decentralized gaming startup Yield Guild Games (YGG) announced it has launched the YGG token on the Ronin network, reaching more gamers in the Web3 community.
Sky Mavis and the Ronin community approved the launch of the YGG token on the network. The token went live on the Ronin network March 21.
YGG said the aim is to attract more gamers and games into its ecosystem and inline with this, the YGG tokens will be airdropped to wallets staking “RON” on its YGG validator.
“Onboarding the YGG token to Ronin is the next natural step in our shared journey. Welcome to Katana, and Ronin, YGG.” said Jeff Zirlin, co-founder and chief growth officer at Sky Mavis in a press release.
YGG is a “play-to-earn” gaming build which allows gamers to earn tokens through blockchain-based economies. Ronin is an Ethereum Virtual Machine (EVM) blockchain crafted for developers building games with player-owned economies.
Games in the Ronin Network Gain Traction
According to the press release, games in the Ronin have continued to gain traction and following its migration to Ronin, YGG said game partner Pixels saw its daily active users (DAU) quickly soar to over 130,000, making it the first web3 game on Ronin to achieve this goal Axie Infinity.
The game Pixels has seen a higher engagement rate, surpassing 500,000 DAU and reaching 1 million monthly active users. Other games on Ronin, including Apeiron and Wild Forest, have seen more interest. Combined with the migration of other major projects like CyberKongz, these developments signal the platform’s increasing influence in web3 gaming, said YGG.
Gaming Revenue to Grow in 2024
On Wednesday, the Australian venture capital firm King River Capital, blockchain gaming firm Immutable and Polygon Labs teamed up to launch a $100 million fund dedicated to gaming.
In 2023, it is estimated that the blockchain gaming related rounds reached $1.7 billion. Citing data from Messari, a crypto market intelligence firm, it is estimated that the combined market share of Immutable and Polygon Labs is to be 70% of total blockchain gaming development, following a significant growth year for the entire industry.