Blockchain Game Guild YGG Releases Statement on Merit Circle Proposal

In response to a governance proposal initiated by a member of the Merit Circle community to publicly revoke YGG's seed round token allocation, Yield Guild Games (YGG) stated that in September 2021, YGG entered into a Simple Agreement for Future Tokens (SAFT) with Merit Circle Ltd to participate in their seed investment round to help get them off the ground. This seed funding was provided in exchange for future tokens to be deployed according to a pre-defined vesting schedule. There were no conditions in the SAFT that relate to “value-add” services. It only called for the investment of capital. On 20 May 2022, a member of Merit Circle’s community made a proposal to cancel YGG’s SAFT on the basis that we had not added enough value.