Developing a blockchain game can be an expensive process. To alleviate the financial burden, developers can employ an effective strategy: inviting potential users to invest in exchange for a stake in the game. This practice is known as an Initial Game Offering (IGO), and is gaining popularity day by day. Many blockchain games have already reaped the benefits of this approach. What is interesting is that it is not only beneficial for developers but also for users.
Blockchain games use blockchain technology.GameFi mixes gaming with finance on blockchain.IGOs and ICOs are similar in character; both fund projects.IGO launchpads connect investors to early-stage blockchain gaming for assets or tokens.Top IGO launchpads include Binance NFT, Gamestarter, Speedify and GameFi.The process to join IGO launchpads varies but is easy.
1. What is Blockchain Games: All You Should Know
Blockchain games are a category of video games that use the potential of blockchain technology. One of the key elements they introduce is tokenisation, which involves representing in-game assets, characters or items as unique digital tokens on a blockchain. As this allows players to have true ownership of their in-game possessions, this enables them to transfer and trade off these assets in the form of NFTs across different games and platforms.
1.1. What is GameFi: A Short Definition
It is an advanced phase of blockchain-based gaming. It combines traditional gaming with decentralised finance principles. Initially, basic blockchain games introduced NFTs for asset ownership. GameFi expanded on this by integrating DeFi features like staking, yielded farming and real-world value rewards for in-game activities. This change allows players to invest in virtual assets, and participate in a financial ecosystem within the gaming world.
|What? Is It True?
A staggering 44% of gamers have dabbled in the world of blockchain technology, as per a statistics published in Statista. They have brought or traded in-game items using this technological advancement.
2. IGO in Crypto: What’s It
An Initial Game Offering (IGO) is an innovative strategy used by blockchain game developers to raise funds for their early-stage games. In exchange, early backers may acquire valuable in-game assets and tokens at a significant discount compared to the public sale.
2.1. The Working of Initial Game Offering: Explained
IGOs are similar to ICOs. Both are project fundraising methods. The key difference between the two is that IGOs focus solely on the sector of gaming. What an IGO participant does is he contributes to his chosen game’s early development and , in exchange, gains access to its in-game assets, which often comprise valuable items such as characters, accessories and weapons, in the form of NFTs. In this way, he receives a chance to invest both in the game’s success and its in-game experiences.
2.2. IGOs vs. ICOs: Five Key Differences
The below given table provides a concise comparison of the key differences between Initial Game Offerings and Initial Coin Offerings.
|Supports game development
|Funds project development
|Involvement of NFTs
|Typically not involved
|Nature of Investment
|Enhances gaming experience
|Investment in digital currency
3. IGO Launchpads in Crypto
An IGO launchpad functions as a centralised hub where potential investors can explore, participate in and support early-stage blockchain graming projects in return for early access to in-game assets or tokens.
3.1. Types of IGO Launchpads
Primarily, there are two main types of IGO launchpads: Gaming-Exclusive IGO Launchpads and Diverse Portfolio IGO Launchpads.
3.1.1. Gaming-Exclusive IGO Launchpads
These launchpads exclusively support early-stage blockchain gaming projects. BDCPad, which is focused on launching and supporting blockchain gaming projects on the Binance Smart Chain is the prime example.
3.1.2. Diverse Portfolio IGO Launchpads
Some launchpads support a variety of projects, including games, alongside other blockchain-based initiatives. Polkastarter, which supports a wide range of blockchain projects including gaming, is the best example.
3.2. Four Best Initial Game Offering Launchpads
The four top Initial Game Offering Launchpads include Binance NFT, Gamestarter, Speedify and GameFi.
3.2.1. Binance NFT
It is a platform, which allows users to invest in in-game assets and NFTs across diverse gaming projects. It features a unique subscription system, which ensures fairness among all users during Initial Game Offerings. It employs a transparent algorithmic selection process, which is a fair and open method for choosing who gets to participate in investment opportunities.
It is an all-encompassing platform, which redefines game funding. It offers an IGO launchpad and an NFT-based marketplace. It also develops top-tier blockchain games. Notably, it guarantees IGOs with 300k USDT to safeguard against failed launches.
It is not just a fundraising platform. With its marketing and community development services, it is beyond a mere fundraiser. Users can invest in gaming projects using SFUND, the community token of Speedify, where larger investments hold more weight.
It serves as a central hub of blockchain games and Meteverse projects. It offers comprehensive solutions covering the entire lifecycle of game projects. Users’ ranking, such as Legend, Pro, Elite, and Rookie, is based on their $GAFI staking. To participate in IGO pools, GameFi members must attain at least the Rookie rank.
4. Steps to Participate in IGO Launchpads
The process involved in participating in an IGO launchpad varies for different IGO launchpads, but is simple. Generally, the process involves research, wallet setup, token purchase, staking and vigilant security awareness.
- Step 1: Research & Analysis
Check project credibility, roadmap, and partnerships to avoid scams.
Select a suitable Initial Game Offering.
- Step 3: Connect Your Wallet
Set up a compatible cryptocurrency wallet.
- Step 4: Buy Platform Tokens
Purchase the platform’s native tokens.
- Step 5: Stake Your Amount
Invest your desired amount to join a reward pool.
Keep updating on IGO progress.
Beware of scams.
Some IGOs may require identity verification.
Understand IGO and platform terms.
4.1. Ways to Analyse IGO Platforms
The prime ways to analyse IGO platforms include:
Understand how many tokens are needed for IGO participation and how it impacts your purchase options.
Compare lottery and guaranteed allocation systems to choose the right IGO platform for you.
Explore benefits like token locking and staking that can help you profit from your locked tokens.
Investigate the platform’s fundraising history and token generation events to ensure that it is legitimate.
Assess the launchpad’s Holder Value metric; higher values indicate more profitable IGO opportunities but consider market cap size.
The IGO represents a novel approach to funding and launching games in the ever-evolving gaming industry. Similar to Initial Coin Offerings, IGOs provide game developers with a unique avenue for raising capital and engaging with their community. As the gaming landscape continues to change, IGOs have the potential to reshape how games are financed and introduced to the world, fostering innovation and inclusivity in the process.
An IGO is a fundraising method used by game developers to raise capital for their projects by selling in-game assets or tokens to investors and players.
To participate in an IGO, you typically need to visit the developer’s website, create an account, and follow their instructions for purchasing tokens or assets.
IGOs often operate in a regulatory grey area, so it is important to research the project and understand the associated risks before participating.
In return for your investment in an IGO, you usually receive in-game assets, tokens or virtual items that can be used within the game or traded on relevant platforms.
Risks include project failure, loss of investment, regulatory changes, and the potential for scams, so due diligence is crucial before getting involved in an IGO.
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