Initial Game Offering is the new trend of raising funds for blockchain gaming projects and another opportunity for crypto investors.
Initial game offerings (IGOs) are the new opportunity to invest in early-stage projects with great potential returns.
The market for games based on NFTs (non-fungible tokens) has been growing rapidly and has thousands of active users daily.
According to data from ActivePlayer.io, the world’s most popular blockchain-based game, Axie Infinity (AXS), reached 2.2 million users in October and hit the historic mark of over $2 billion in traffic on the platform.
This innovative gaming model is commonly referred to as “play-to-earn.
Due to this huge popularity of blockchain games several IGOs have emerged.
Binance, the world’s largest exchange, recently officially launched its ecosystem for NFT games and gaming.
Leveraging the Binance NFT infrastructure, the first Initial Game Offering (IGO) took place on October 26, 2021.
The first game was DeRace, an NFT horse racing ecosystem in which players can participate in competitions, create NFTs, host races, and profit in the process.
IGOs play an important role in accelerating the blockchain gaming industry in which projects can raise funds and investors and gamers generate profits.
Curious to discover this new trend in the crypto universe? Then read on and find out what is IGO at Binance NFT and how to participate.
What is IGO (Initial Game Offering)?
IGO is short for “Initial Gaming Offer” or “initial game offering,” an alternative way to raise funds for blockchain gaming projects, usually conducted through collective selling.
IGOs allow participants early access to gaming assets and other benefits, before the project goes live.
This can involve receiving discounts, free services, access to special and exclusive features, and more.
In addition to the right to use these tokens once the project is launched, it also allows these NFTs to be traded on crypto-active exchanges if there is demand.
For the investor, the main purpose of participating in offering IGOs is to bet on a game project first and expect a significant return on investment after it is launched and gains popularity in the community.
How an IGO works
Initial game offerings (IGOs) work similarly to initial cryptocurrency offerings (ICOs), except that IGOs platforms host NFTs game projects, their cryptocurrencies, and game rewards.
An IGO is a kind of crowdfunding that allows players and investors to buy game assets in advance while helping developers raise funds for the project.
Collections of tokens and assets can be launched by auction, fixed-rate sales, or mystery boxes on NFTs platforms.
IGO on the Binance NFT platform
Binance’s marketplace for non-fungible tokens (NFTs) has launched the Initial Game Offering (IGO) service, an ultimate launch platform for NFT games.
Binance IGO leverages the Binance NFT infrastructure, an open marketplace for artists, creators, crypto-active enthusiasts, NFT collectors and fans, with best-in-class liquidity and minimal fees.
This is an initiative by the world’s largest exchange to connect the crypto community to blockchain gaming and build the first and largest NFT asset trading platform for gaming.
On Binance NFT IGO one can find high-quality blockchain game projects and in-game NFT assets as well as exclusive NFT collections.
As is already the case, on the Binance NFT marketplace, all IGOs have a landing page where you can find a brief introduction to the game, development roadmaps, game visualizations, NFTs available for sale and other relevant information.
All of this is so that users can research each game asset in detail.
Collections of IGOs can be released by auction, fixed price or mystery boxes and conducted in multiple rounds.
Benefits of Binance NFT IGOs
Initial gaming offerings (IGOs) give first-hand access to project tokens and other benefits, allowing users to profit from blockchain gaming NFT assets.
The main benefits of an IGO is that it is open to everyone. You can invest in projects that interest you and get a return on those initial investments even with little money.
In addition, you have access to information about new ICOs on the page itself on the Binance NFT platform. This means that you can make more calculated investment decisions.
The launch of Binance NFT IGO provides the foundation for a gaming metaverse, connecting high-quality blockchain games and NFT assets to the global cryptoactive community.
Here are the key benefits of IGO on Binance NFT:
- Early access to game assets such as access passes, weapons, items and exclusive clothing;
- Collections of high quality and exclusive NFT game projects;
- Information and early access to NFTs before the official launch;
- Premium level NFTs at a lower cost;
- IGO releases at a lower price for Binance NFT users.
- How to Buy NFTs on Binance NFT IGOs
- Buying NFTs on IGOs at Binance is very easy. Investors and players can trade their NFTs on the Binance NFT Marketplace at one of the lowest trading fees on the market.
If you are already a Binance customer, you can start your NFT journey using the same access.
If you are new to Binance, you must first register to open your account.
Both existing and new users need to have funds in their wallet before buying their first NFT.
Here is how to deposit money in your Binance account to start your NFT purchases.
NFT sales in Initial Match Offerings follow the Auction, Fixed Price or Mystery Box format.
To buy a game asset, log into the Binance marketplace under Games/IGO and search for the desired NFT.
There you will find the available IGO games, upcoming IGOs and other game offers.
Buying at an NFT auction
If you have found an NFT you want to buy that is listed for sale in an auction, you will first have to place a bid. The highest at the end of the deadline will be the buyer of the NFT.
Once you have found the NFT, click on its name to go to a page with detailed information about it, including its description, image, and bidding history.
To bid, click the [Place a bid] button
A new window will appear for you to enter your bid amount.
Check the minimum mark, this is the minimum amount you need to bid.
Once you have entered the desired value, click to confirm.
How to buy an NFT Fixed Price
Buying an NFT at a fixed price is simpler than bidding at an auction, and the sale is instantaneous.
Once you find the NFT you want to buy, click the [Buy Now] button to pay the full price.
Or try to buy at a lower price by clicking [Place an Offer]. The seller can accept or decline your offer.
On the Binance NFT marketplace you will also find the Mystery Box, a surprise NFT that will only be revealed after you buy and open the box.
There are four types of NFT you can find: super super rare (SSR), super rare (SR), rare (R) and normal (N), it will basically depend on your luck.
- To buy a Mystery Box, go to the Binance Mystery Box page and choose your box.
- By clicking on the name you will see more information, the number and the probability of the NFTs appearing in the Mystery Box.
- On the page, select the number of Mystery Boxes you wish to buy and click [Buy].
- A new window with the order details will appear asking you to confirm the purchase details.
- Click [Confirm] to complete the transaction.
Mystery Boxes are non-refundable, but can be sold again in the Marketplace if you wish.
How to withdraw NFTs from Binance NFT for other games
You can withdraw your NFT from Binance and transfer it to another location.
- To do so, enter the Binance NFT marketplace and log in to your account. Then click [User Center] and [Withdraw].
- Select the NFTs you wish to withdraw and click [Confirm].
- Unopened mystery boxes cannot be withdrawn. Once opened, if you have more than one NFT from the same series, choose the Token you wish to withdraw.
- To continue, make sure you have the native coins of the selected network in your wallet to pay the gas fee. This fee is subject to change depending on the status of the network.
- Select the address of the wallet you wish to withdraw to from [Destination Wallet Address].
- If you have not connected any wallets, click [Add a Wallet].
- Check the network and destination wallet address, and click [Confirm] to withdraw.
- Once the process is complete, you can find the NFT withdrawn in [History] – [Deposits and Withdrawals].
How to launch an IGO collection on Binance NFT
Binance NFT IGO is open to any high quality gaming project on all blockchain networks.
If you are interested in launching an IGO collection on Binance NFT, please enter the marketplace on the IGO page and fill out the application form.
The Binance NFT team will review and contact you if your submission is successful and approved.
Is IGO Worth the Money?
IGO is an important milestone for the development of the gaming industry based on blockchain technology.
In addition to helping fund the gaming project, the initial offering gives the investor the potential to make gains from that investment should the released game become popular.
Investing in IGOs is like any other investment decision.
Before putting your money in, evaluate the game projects, their developers, and whether the launch platform has a good reputation and aims to provide support for large projects.
Binance NFT’s IGO will provide the framework for a gaming metaverse that connects high-quality blockchain games and NFTs to the crypto community.
At Binance NFT, Binance’s official NFT marketplace, you find an open marketplace for artists, creators, cryptocurrency enthusiasts and NFT collectors worldwide with the best liquidity and minimal fees.