YGG SEA, a sub-decentralized autonomous organization (subDAO) of Philippine blockchain gaming firm Yield Guild Games, said it will conduct an initial DEX offering from May 9 to 14.
Yield Guild Games founders Beryl Li (left) and Gabby Dizon / Photo credit: Yield Guild Games
The subDAO will initially offer 75 million SEA tokens – 7.5% of the 1 billion available tokens – worth US$0.50 each, which will be available on the Copper launchpad. The deal can net YGG SEA US$37.5 million.
SEA token ownership will give its community members voting rights on proposals, ecosystem reward allocations, features, and rewards systems. It also lets them push for NFT opportunities in gaming and non-gaming spaces.
YGG SEA also teamed up with Solana Ventures, Solana Labs’ investment arm, to give the Philippine firm “a boost in offering the best resources to players and developers in Southeast Asia,” said Evan Spytma, CEO and co-founder of YGG SEA.
This development comes after the subDAO raised a total of US$15 million in two separate funding rounds: first with YGG and Infinity Ventures Crypto, and another one with Animoca Brands and Crypto.com Capital.
YGG SEA also recently opened an office in Vietnam and is already present in Malaysia, Indonesia, and Thailand. It plans to expand into three additional countries within six months, aiming to complete Southeast Asia coverage by 2024.
See also: A16z’s first Philippine bet is shaking up blockchain gaming
Earlier this year, its parent firm YGG signed a memorandum of association with Philippine digibank Union Digital to expand financial services in the local Web3 space. The guild has US$25.5 million worth of digital assets in play-to-earn game Axie Infinity as of the fourth quarter of 2021. It has also entered Japan by teaming up with numerous local firms.
YGG SEA recently joined the US$750,000 round of Foonie Magus, which runs play-to-earn game Apeiron. The subDAO also teamed up with Esports Players League to help the tournament platform attract 300,000 gamers, launch NFTs, and embark on cryptocurrency projects.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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