Yield Guild Games (YGG), a decentralized gaming startup, recently made waves by launching its YGG token on the Ronin network, a move aimed at broadening its reach within the Web3 community and attracting a more extensive pool of gamers.
The decision to introduce the YGG token on the Ronin network was endorsed by Sky Mavis and the Ronin community, and the token officially went live on March 21st. This strategic initiative aligns with YGG’s overarching objective of expanding its ecosystem by enticing additional gamers and games to join its platform. As part of this endeavor, YGG tokens will be distributed to wallets staking “RON” on its YGG validator, thus incentivizing further participation and engagement within the ecosystem.
In a press release, Jeff Zirlin, the co-founder and chief growth officer at Sky Mavis, expressed enthusiasm for this milestone, stating, “Onboarding the YGG token to Ronin is the next natural step in our shared journey. Welcome to Katana, and Ronin, YGG.”
YGG operates on the “play-to-earn” model, allowing gamers to earn tokens through blockchain-based economies. On the other hand, Ronin serves as an Ethereum Virtual Machine (EVM) blockchain tailored specifically for developers seeking to create games with player-owned economies. This collaboration between YGG and Ronin represents a strategic alignment of interests, facilitating the growth and development of decentralized gaming ecosystems while empowering players to participate actively in these emerging digital economies.
There is a growing momentum observed among games operating within the Ronin Network.
As highlighted in the press release, games operating within the Ronin Network have been experiencing significant growth and adoption. Since migrating to Ronin, YGG has observed a notable uptick in engagement among its game partner, Pixels. Impressively, Pixels has swiftly surpassed 130,000 daily active users (DAU), establishing itself as the first web3 game on Ronin to achieve this milestone, rivalling the popularity of Axie Infinity.
Moreover, Pixels has exhibited remarkable engagement metrics, boasting a DAU surpassing 500,000 and reaching an impressive 1 million monthly active users. This surge in user activity underscores the growing appeal and success of the game within the Ronin ecosystem. Additionally, other games hosted on Ronin, such as Apeiron and Wild Forest, have garnered increased attention and interest from users.
Furthermore, the migration of prominent projects like CyberKongz further solidifies Ronin’s position as a dominant player in the web3 gaming landscape. These developments collectively signify the platform’s burgeoning influence and its pivotal role in shaping the future of decentralized gaming. According to YGG, these milestones exemplify Ronin’s expanding footprint in the web3 gaming sector, signaling a promising trajectory for the platform and its associated games.
Anticipated Growth in Gaming Revenue for 2024
On Wednesday, a significant collaboration emerged as the Australian venture capital firm King River Capital joined forces with blockchain gaming company Immutable and Polygon Labs to establish a substantial $100 million fund exclusively dedicated to gaming ventures.
The move comes at a time of remarkable growth and momentum within the blockchain gaming sector. In 2023 alone, investments in blockchain gaming-related ventures soared to an impressive $1.7 billion. Drawing from data provided by Messari, a renowned crypto market intelligence firm, it’s revealed that the combined market dominance of Immutable and Polygon Labs constitutes a staggering 70% of the total blockchain gaming development landscape. This substantial market share underscores their pivotal roles in propelling the industry forward, particularly following a year characterized by substantial growth across the board.
The collaboration between King River Capital, Immutable, and Polygon Labs signifies a strategic alignment aimed at fostering innovation and driving further expansion within the gaming sector. With substantial financial backing and industry expertise, this partnership is poised to catalyze the development of groundbreaking gaming projects while solidifying the position of Immutable and Polygon Labs as leaders within the thriving blockchain gaming ecosystem.
