What Is Initial Game Offering (IGO)?

We shall be studying “what is Initial Game Offering (IGO)?”. Also, we will see how it relates to the benefits of IGO, how to participate in an IGO, cryptocurrency, blockchain technology, etc.

Initial game offerings (IGOs) basically deal with staking funds on game projects. Then, the investors receive rewards for contributing to the project.

Meaning Of Initial Game Offering (IGO)?

IGOs are new to the crypto space and backed by blockchain technology. Here, the project aims at attracting investors to invest in it. Basically, it is a crowdfunding scheme for new game projects. When the game project appreciates and they put out in the market, investors receive an equivalent reward. The IGO launchpad uses NFTs both for transactions and rewards.

This project keeps becoming scalable due to the development of blockchain. A whole lot of cryptocurrency games get a lot of engagements. With sales over $1.1 billion dollars, the Axie Infinity tops the gaming chart. When users perform specific actions, they earn their token ($SLP). So, when they swap it for fiat currencies, they make a fortune.

Developers are consistently in search of possible ways to maximize this project. So, they develop more IGO launchpads like GameFi, Enjinstarter, and co. IGOs were eminent in the GameFi launchpads. Consequently, $KABY Pool and Deathroad IGO are the current IGOs on GameFi. However, gamers obtain their tokens by winning tasks.

In Enjinstarter, yield farms, NFT projects, and Defi projects are predominant. The Enjin’s Jumpnet serves as a base for this project.

If you are on the IGO project, you are sure of having first-hand contact with gaming assets. When you get in touch with them, you can now quickly invest in them.

Requirements For IGO Investment

There are certain requirements that must be put in place before investing in IGOs. We shall look at them below.

  • Check the holder benefits of the native tokens. Compare the percentage of benefits with other IGOs.   
  • Make sure the IGO launchpad is giving promised allocation. This may be more expensive than IGO launchpads that use a lottery mechanism. However, in that case, allocation is not promised.  
  • There should be a constant review of the ROI of the present IGOs. A launchpad with a record of successful projects is likely to provide major returns on most of its future projects.  
  • It is important to scrutinize the value of the launchpad. This is because the value of the launchpad holder influences the token value.
  • Most importantly, verify the occurrence of token generation. More occurrence shows the high functionality of the platform.

To sum up, always DYOR to ascertain the prospective nature of any IGO launchpad before investing. Let us talk more about GameFi.

Meaning Of GameFi

The developer got the term “GameFi” from merging gaming and Defi. It is eminent in the crypto gaming space. It basically rewards gamers with tokens when they accomplish a task. The tokens are very prospective. They can generate income when users trade them in the crypto market.

We can’t talk about GameFi projects without mentioning Defi. They offer certain features like token swapping, yield farming, staking, and mining. The platform creates a reservation from the staked tokens, to satisfy these features.

Side Note

In the realm of cryptocurrency gaming space, each developer seeks to invent a better game than the last one. This way, users will be interested in participating in the project. Also, the scalability of blockchain games will keep growing. both blockchain games and cryptocurrency gaming projects have all earned a huge amount from crowdfunding.

With these statistics, it is only right for IGOs to adopt them. So, when investors and gamers engage in the presale, they contribute to its development. Thereby getting a reward at its launch. However, note that some IGOs are for underdeveloped games.

Relationship Between IGOs and NFTs

Any cryptocurrency gaming project always rewards the players with tokens after they complete a task. They can decide to trade them for fiat currencies. In IGOs, the tokens come in form of non-fungible tokens (NFTs).

NFTs offers a variety of in-game utilities. With it, one can save some items in the game still having real values. So, there is documentation of any assets one earns in the game. This documentation is done on the blockchain.

These assets taking the form of NFT prevent them from any alteration. Also, when the players earn their NFTs, they can exchange them for well-developed cryptocurrencies or stablecoins.

With GameFi, game players can easily earn money by swapping in-game assets. Similarly, they can use those tokens or assets to acquire more game facilities.

Meaning Of An IGO Launchpad

Launchpads provide an avenue for communication and relationship between investors and the project. Any gaming project that is yet to be set up is built on the IGO launchpad. It also facilitates the idea of funding IGO projects.

Different launchpads offer different functionality. GameFi, Seedify Fund, TrustPad, and BinanceNFT are some of the launchpads we have. In exchange for in-game tokens or NFTs, the players either stake their tokens or lock them in a pool. In any way it is, it still supports the project.

Being A Part Of An IGO launchpads

There is no definite step to being a part of an IGO launchpad. Each respective launchpad has its own process. However, if one must join an IGO, the first conventional step is to create a wallet. Then, connect it to the launchpad. Lastly, the investor must choose a particular IGO to invest in. Also, a form that exhibits the investment’s worth.

There are unique blockchain networks that can host the IGO launchpad. They are Ethereuem, Cardano (ADA) or BNB Chain (BNB) blockchain. Each unique launchpad states its unique principles are functionality.

Finally, always do your own research(DYOR) before investing in any IGO or its launchpad. All the details you need are on their site. So, always access it to make appropriate decisions.

Joining The IGO on Binance NFT

Similarly, it shares the same idea of obtaining in-game assets and NFTs from a particular gaming project. There is no discrimination here, as everyone has an equal right to participate. How you contribute determines your reward.

  1. The steps are as follows: Log in to your Binance account and visit the Binance NFT homepage. Select the IGO project you desire.
  2. You will get to the part where the project’s details are made available. At this point, you ought to have a reasonable amount of BNB.
  3. One must encounter certain phases before the completion of joining the Binance IGO. The phases are Preparation, Subscription, Calculation, and Distribution.

IGO Against ICO

IGO focuses on crowdfunding a video game project. Game players obtain in-game assets which can yield money when they swap them. It offers a whole lot of prospective functionalities. Platforms like Kickstarter and Fig are eminent in it.

On the other hand, ICOs focus on crowdfunding to set up digital tokens. With it, one can make money from transacting the tokens. Although it operates freely, there are claims to regulate it. This is notable in the U.S and some other countries. Asides from their differences, both fundraising techs can work together. They just have to pull their resources together and achieve a great course.

Benefits Of IGOs

The main of IGOs is to enable game developers to gather money through crowdfunding. Other relative benefits of IGOs are:

  • Quick funding – With the appropriate facilities, IGO can achieve this. It basically needs the community of people and not venture capitalists.
  • Retainment of the company’s equity – Developers don’t need to give up their investments just to have a part of the company.
  • Full game custody– A player has full control of the game and its asset. The right of decision-making is with you.
  • Funding future games – With the way IGO functions, one can get to fund several game projects at once. Also, it encourages the use of IPOs(Initial Public Offerings).

Challenges Of IGOs

Its major challenge is, that it requires the total clearance of invested funds because of starting a new project. Here, there is no certainty of effective disbursement of funds. Also, operating an IGO is stressful and time-consuming.

It also has a high level of risk. There is a probability of the project to pull through or not. So, you ought to give in all your energy and resources. Lastly, IGOs are costly to operate.

Possible Innovations On IGO’s website

Developers on the IGO technology are consistently searching for an upgrade of game features. They seek to create unique games with specific attributes. Some of the possible upgrades are:

  • Possibility of using cryptocurrency in games,
  • Use of direct payment schemes like PayPal,
  • Ability to utilize real assets,
  • Cross-game compatibility.

Application Of IGO tokens

Players can vote and give their opinion with IGO. They will break the token into 100,000,000 IGO and each IGO will represent a vote for this DAO.

IGO is made up of two companies: Reality Reflection and ZenSoft. Reality Reflection is a company based in Korea. Its duty is to create virtual reality and augmented reality articles.

KlaytnOS ARK is a branch of AR which aims to speed up the creation of new AR apps and games. This is beneficial to the AR market. Geronimo and ZenSoft are also predominant here

IGOs can attain a who level of scalability, success, and solid user base if they can develop unique games with unique features.

Locations To Find IGOs

One can surf the internet to obtain available IGO projects. Also, use the appropriate hashtag on different social media platforms.

In the same vein, there are unique platforms that house IGOs. For instance, the Play2Earn Club and GameFi Hunters are a few of them.

Finally, one can find IGO projects on Launchpads. They are very prospective to developers of IGO projects. An example of the launchpad is Polkastarter.

Conclusion

I hope you now know what is Initial Game Offering (IGO)? Although IGOs are quite new, their scalability and that of the cryptocurrency and blockchain gaming industry aren’t surprising. Its high demand by game lovers places it in that strata. IGOs saw the need to utilize this opportunity and develop projects that are prospective. With it, game projects can be developed through crowdfunding. However, it is still important to do DYOR research before investing in any of the initial game offerings. The topic “What Is Initial Game Offering (IGO)?” was very interesting. I hope you enjoyed it.

See the List of things to learn.

  1. Blockchain Technology
  2. Defi
  3. NFTs
  4. DAOs
  5. Cryptocurrency
  6. Web 3.0
  7. Altcoin Tokenomics
  8. Metaverse
  9. Smart Contracts

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