Yield Guild Games’ Southeast Asia sub-decentralized autonomous organization (subDAO), YGG SEA, has announced an upcoming launch of the SEA token via an initial DEX offering (IDO).
The platform, which oversees the development of YGG gaming in the Southeast Asia region, with launch SEA on the Copper launchpad via an auction sale on 9 May, the startup said via a press announcement on Tuesday.
The public sale is expected to start at 15:00 UTC on the 9th and run through 14th May 14th, with 75 million $SEA tokens available and accounting for 7.5% of the token’s total supply of 1 billion.
According to YGG SEA, participants will pay $0.50 per token.
“The IDO is a once-in-a-lifetime opportunity to appreciate our community’s unconditional support,” said YGG SEA co-founder Irene Umar.
“We are where we are because of the community and we would like the community to own a piece of YGG SEA through the IDO. DYOR, all I can say: what you see today is just the beginning of what will unfold in the coming months.”
$SEA will function as the governance token of YGG SEA. With it, holders have the right to vote on various issues within the ecosystem, including governance proposals, and reward allocations among other things.
It also gives holders access to whitelist opportunities in NFTs- from both GameFi and non-GameFi offerings.
YGG SEA continues to lead the development of blockchain gaming in Southeast Asia, with the guild currently invested in 76 projects since last November.
In April, YGG SEA raised $15 million from investors, including Crypto.com Capital, Solana Ventures and Animoca Brands to boost the gaming ecosystem in the region.