Yield Guild Games buys back another $1 million-worth of its YGG token

Yield Guild Games is continuing to use the revenue from its casual degen game LOL Land to buy back its YGG token from the open market.

Following an initial $518,000 repurchase on 31st July, the organization has confirmed it spent a further $1 million buying back tokens on Friday 22nd August.

The 5.9 million tokens acquired have been stored in a fresh Ethereum multi-signature wallet, which is controlled by the YGG Treasury.

In total, YGG has now acquired 8.9 million YGG tokens, which is roughly 1.5% of the current circulating supply, although this hasn’t yet impacted the token’s price, which remains a mere 17% above its June 2023 all-time-high, and 81% down from its 52-week-high.

Nevertheless, YGG says it will continue to use profits from its game publishing business, including LOL Land, to further strengthen its community.

“YGG Play’s early success with LOL Land shows the strength of our publishing model and the power of our community. We intend to use these profits to fuel the growth of the entire YGG ecosystem. This is just one of many steps we’re taking to unlock more opportunities for players, builders, and partners as we continue scaling YGG Play and expanding our network of games,” commented co-founder Gabby Dizon.

The organization recently announced a new level in the game, created in conjunction with Pengu Asia.