5 年跌去 150 亿美元，链游龙头 YGG 投降了

Foresight News2026-07-07 tarihinde yayınlandı2026-07-07 tarihinde güncellendi

Özet

链游公会龙头Yield Guild Games（YGG）宣布关闭其游戏发行部门YGG Play，并计划于7月31日前逐步下线平台。该部门在2025年推出，专注于加密休闲游戏发行，曾累计产生超过900万美元收入，但受宏观经济环境影响，业务被认为不再具备商业可持续性。YGG将全面转型至AI数据经济领域。 YGG在2021年牛市期间凭借Axie Infinity的“边玩边赚”模式达到巅峰，但其发展轨迹也成为链游行业过去五年兴衰的缩影。报告指出，链游的衰退源于其投机性金融设计与真实娱乐需求的结构性错位，导致大量项目失败和资本毁灭。截至2026年4月，约93%的链游项目已“实际死亡”，整个板块代币价格较历史高点平均下跌95%。YGG Play的关闭标志着该领域一次重要的战略收缩，也预示着链游故事的式微。

撰文:马赫,Foresight News

7 月 6 日,Yield Guild Games(YGG)官方账号和联合创始人 Gabby Dizon 同步发布声明决定关闭其游戏发行部门 YGG Play。团队按计划于 7 月 31 日前逐步下线平台和部分游戏,35 名员工将获得额外 8 周薪酬补偿。部分游戏如 GIGACHADBAT 将移交开发者 Delabs 继续运营。LOL Land 和 Waifu Sweeper 等则将正式退役。YGG Play 发行的游戏累计产生超过 900 万美元收入,2026 年第一季度单季就贡献 87.6 万美元。

Gabby Dizon 在声明中称:这是一个市场决策,而非产品决策。虽然团队成功验证了休闲游戏这一赛道——短会话、高参与、加密原生用户的快速反馈循环——但宏观经济环境下的流动性不足和用户信心下降,让这一业务不再具备商业可持续性。

YGG 关停 YGG Play 的同时,还宣布全盘转型 AI 数据经济(AI Data Economy),去抢占数十亿美金的 AI 训练数据集市场,初的重点是围绕游戏数据集构建 B2B 管道。

链游发行平台 YGG Play

YGG Play 是 YGG 在 2025 年推出的 Web3 游戏发行臂膀,专注服务加密领域的休闲玩家群体。它瞄准手机端短平快、带点社交与奖励反馈,帮助独立工作室快速上链分发,并通过 YGG 的社区网络进行用户获取与运营。这些游戏在 2025-2026 年期间积累了可观收入,证明了即使在熊市尾声,特定垂直赛道仍能产生真实付费。

然而,收入峰值出现在 2025 年 10 月左右,10 月加密市场大规模清算事件进一步打击了目标用户的支付意愿和留存。YGG Play 的关闭,标志着 YGG 从「guild 运营 + 发行」双轮驱动的一次战略收缩。

要理解这一关闭的重量,必须回溯 YGG 的完整轨迹。

2020 年,菲律宾游戏行业资深人士 Gabby Dizon、Beryl Li 与匿名合伙人 Owl of Moistness 共同创立 YGG。彼时正值新冠疫情高峰,菲律宾大量服务业从业者失业。Axie Infinity 作为当时最火的 Play-to-Earn(P2E)游戏,正通过「scholarship」(奖学金)模式让玩家免费借用 Axie NFT 进行战斗,收入分成。

YGG 抓住这一窗口,从小规模公会起步,募集资金购买 Axie 资产,组织并培训玩家,迅速成为 Axie 生态中最大、最具规模效应的公会之一。

2021 年是 YGG 的巅峰之年。在牛市与 P2E 叙事双重推动下,代币价格一路飙升,最高超 10 美元。 YGG 从单一 Axie 公会扩展为全球网络,覆盖数十个区域公会,与 80 多个区块链游戏及基础设施项目建立合作。它不只提供资产借贷,还通过任务、活动和社区运营,帮助玩家最大化收益。菲律宾等地甚至出现「玩游戏即工作」的真实经济现象,YGG 被视为 P2E 模式的标杆。

高峰期,YGG 的模式被广泛复制:公会成为连接玩家、资产与游戏的重要中介,DAO 治理、代币激励让参与者共享增长红利。YGG 也从单纯的「资产管理者」演变为投资、内容与社区平台。

2022 年加密熊市到来,Axie Infinity 经济模型的脆弱性暴露无遗——新用户流入放缓、代币价格崩盘、玩家流失严重。公会和 P2E 项目直接消失,行业整体进入低谷。YGG 没有倒下,而是开始漫长的适应。2025 年,YGG 再次押注新方向:推出 YGG Play,正式进入游戏发行领域,因为重度 P2E 已难以为继,而加密用户天然偏好高频、即时反馈的休闲体验。

本次停止运营,距离上次转型也不过 1 年光景。

链游行业的缩影

YGG Play 的关闭,可以算得上是过去五年链游发展轨迹的集中体现。

加密量化交易与做市商机构 Caladan 今年 4 月就曾复盘 Web3 游戏领域从狂热爆发到全面崩塌的五年历程,核心结论在于:Web3 游戏的衰退并非一个正常的周期性低谷,而是由于其底层的投机性金融设计与玩家真实的娱乐需求存在根本性的「结构性错位」,从而导致了高达 150 亿美元的资本惨烈毁灭。

募资 7000 万美金 4 年都没出公测的 Pixelmon、烧光 1800 万直接清算的 Ember Sword,以及 6 个月内流失 96% 用户的 Hamster Kombat 的例子比比皆是。

截至 2026 年 4 月,在报告追踪的约 3200 个链游项目中, 93% 的项目已被归类为「实际死亡」或完全失去活跃度。整个游戏板块的加密代币价格较 2022 年的历史高点平均跌幅达 95%。

链游的繁荣完全建立在「边玩边赚」的庞氏分红逻辑之上。这种模型本质上是一个不可持续的投机性金融闭环:早期玩家的收益和代币价格完全依赖于新玩家不断涌入购买代币或 NFT 来维持。一旦新用户增速放缓、外部资金流入减少,代币的剧烈通胀就会迅速击穿经济平衡,引发代币暴跌、收益缩水、用户集体出逃的「死亡螺旋」。

YGG Play 在产品交付和收入数字上并不失败,却在「市场时机」上败北。

链游的故事,或许已经接近终结。

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İlgili Sorular

Q链游龙头YGG Play部门为何决定关闭？

A这是基于市场环境的决策。YGG联合创始人Gabby Dizon表示，虽然团队成功验证了休闲游戏赛道，但由于宏观经济环境下的流动性不足和用户信心下降，导致该业务不再具备商业可持续性，因此决定关闭YGG Play部门，进行战略收缩。

QYGG公司在2021年的巅峰时期主要依靠什么模式取得成功？

A2021年，YGG主要依靠“Play-to-Earn”（边玩边赚）模式和“奖学金”制度取得成功。该模式允许玩家通过玩游戏获得经济收益，尤其是在菲律宾等地区，形成了“玩游戏即工作”的现象。在牛市和P2E叙事的双重推动下，YGG代币价格飙升，成为当时链游生态中最具规模效应的公会之一。

Q文章中提到链游行业存在什么根本性问题？

A文章指出链游行业存在根本性的“结构性错位”。其核心在于，链游的繁荣过度依赖“边玩边赚”的投机性金融设计，而非满足玩家的真实娱乐需求。这种模式本质上是一个靠新用户资金维持的庞氏分红闭环，一旦新用户流入放缓或外部资金减少，极易引发代币暴跌、用户流失的“死亡螺旋”，导致项目难以持续。

Q根据文章数据，链游板块的整体现状如何？

A根据文章引用的机构报告数据，链游板块现状非常严峻。截至2026年4月，在追踪的约3200个链游项目中，高达93%的项目已被归类为“实际死亡”或完全失去活跃度。整个游戏板块的加密代币价格，相较2022年的历史高点平均跌幅高达95%，显示出该领域经历了大规模的资本毁灭和项目淘汰。

Q关闭YGG Play部门后，YGG公司宣布将向哪个新领域转型？

A在关闭YGG Play游戏发行部门的同时，YGG公司宣布将进行全盘转型，专注于AI数据经济（AI Data Economy）。公司计划去抢占数十亿美金的AI训练数据集市场，初期的业务重点将围绕游戏数据集构建B2B（企业对企业）销售渠道。

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HTX.com’a hoş geldiniz! Yield Guild Games (YGG) satın alma işlemlerini basit ve kullanışlı bir hâle getirdik. Adım adım açıkladığımız rehberimizi takip ederek kripto yolculuğunuza başlayın. 1. Adım: HTX Hesabınızı OluşturunHTX'te ücretsiz bir hesap açmak için e-posta adresinizi veya telefon numaranızı kullanın. Sorunsuzca kaydolun ve tüm özelliklerin kilidini açın. Hesabımı Aç2. Adım: Kripto Satın Al Bölümüne Gidin ve Ödeme Yönteminizi SeçinKredi/Banka Kartı: Visa veya Mastercard'ınızı kullanarak anında Yield Guild Games (YGG) satın alın.Bakiye: Sorunsuz bir şekilde işlem yapmak için HTX hesap bakiyenizdeki fonları kullanın.Üçüncü Taraflar: Kullanımı kolaylaştırmak için Google Pay ve Apple Pay gibi popüler ödeme yöntemlerini ekledik.P2P: HTX'teki diğer kullanıcılarla doğrudan işlem yapın.Borsa Dışı (OTC): Yatırımcılar için kişiye özel hizmetler ve rekabetçi döviz kurları sunuyoruz.3. Adım: Yield Guild Games (YGG) Varlıklarınızı SaklayınYield Guild Games (YGG) satın aldıktan sonra HTX hesabınızda saklayın. Alternatif olarak, blok zinciri transferi yoluyla başka bir yere gönderebilir veya diğer kripto para birimlerini takas etmek için kullanabilirsiniz.4. Adım: Yield Guild Games (YGG) Varlıklarınızla İşlem YapınHTX'in spot piyasasında Yield Guild Games (YGG) ile kolayca işlemler yapın.Hesabınıza erişin, işlem çiftinizi seçin, işlemlerinizi gerçekleştirin ve gerçek zamanlı olarak izleyin. Hem yeni başlayanlar hem de deneyimli yatırımcılar için kullanıcı dostu bir deneyim sunuyoruz.

142 Toplam GörüntülenmeYayınlanma 2024.12.11Güncellenme 2026.06.02

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HTX Topluluğuna hoş geldiniz. Burada, en son platform gelişmeleri hakkında bilgi sahibi olabilir ve profesyonel piyasa görüşlerine erişebilirsiniz. Kullanıcıların YGG (YGG) fiyatı hakkındaki görüşleri aşağıda sunulmaktadır.