What Is An IGO, And How To Get In On The Action
In the crypto industry, however, “IGO” stands for “Initial Game Offering.”
If you are familiar with the term “ICO,” or “Initial Coin Offering,” you will recognize this concept as identical, except that it applies only to NFT games and cryptocurrencies. In the world of blockchain and non-fungible token (NFT) video games, the initial game offering (IGO) is a form of crowdfunding. To put it simply, IGOs lower the bar for the entry for potential investors in the gaming sector.
They do this by letting them acquire game tokens and assets ahead of the general public. Further, investors put money into gaming initiatives at IGO launchpads, expecting a high return on the project’s listing on significant crypto exchanges or its success in the expanding gaming community. As a whole, IGOs represent a new field made possible by the efforts of the launchpad development company.
What is an IGO?
Blockchain gaming studios can crowdfund their early-stage games using the IGO method. Potentially lucrative in-game assets and tokens may be offered to early investors at a steep discount before they go on sale to the general public. A critical distinction between IGOs and ICOs is their exclusive focus on the gaming sector. As an alternative to traditional funding channels, game creators can approach their fans directly by offering their projects through an IGO.
The blockchain gaming industry has experienced a meteoric rise due to the widespread enthusiasm for this type of launchpad.
By 2022, the blockchain gaming industry is expected to have raised $4 billion in funding. According to the data, investors poured $1.1 billion into crypto gaming projects in January 2023. Thousands of people use leading GameFi projects every day, including Axie Infinity (AXS), Aavegotchi (GHST), and CryptoBlades (SKILL).
How Does an IGO Work?
It’s fair to compare IGOs to ICOs because both are methods of funding innovative endeavors. In exchange for their financial investment in the game’s early stages of development, IGO members gain special privileges and access to in-game content before the general public. The testers may get their hands on the game’s tokens before anyone else.
In-Game-Offering (IGO) assets can be anything from characters to skins to weapons to accessories to mystery boxes. NFTs, or “non-fungible tokens,” are a common form of storage for these assets on the blockchain. Some in-game items (IGOs) are essential to getting into or continuing a game.
The Fundraising Model for the Initial Gaming Offering
A new funding mechanism known as the initial gaming offering (IGO) has been created to fund unconventional gaming projects. It’s similar to other popular forms of cryptocurrency fundraising like ICOs, IEOs, IDOs, etc. Launching a game from an IGO launchpad is the basis of the new game funding concept known as IGO.
When a project seems promising, investors examine it and, if they like what they see, join the IGO in exchange for virtual goods. Early adopters or investors will eventually reap the rewards from their assets as the effort matures.
What is an IGO Launchpad?
Fundraising ideas and backers can meet and collaborate on launchpads. The IGO launchpad development allows for hosting multiple preliminary blockchain gaming projects. To support the selected IGOs, investors must first acquire the native token of the IGO launchpad.
To participate in a project on a launchpad platform, investors must either stake or lock their tokens in a pool. The next step is for the players to obtain the NFTs or in-game tokens they need to begin the experience. GameFi, Seedify Fund, TrustPad, and BinanceNFT are just a few of the popular IGO playgrounds.
IGO Launchpad’s Core Features
Access to Digital Wallets: Give recipients the freedom to select payment methods and the flexibility to make purchases in any currency from any location in the world.
Full Flow of Funds: Customers have faith in the company because of how open and convenient they make financial dealings. And that’s why everybody can look at the source code and ensure it’s legit.
Scam-Prevention Measures: Taking precautions to avoid scams will increase confidence in your IGO launchpad. Add anti-scam measures such as monitoring the actions of proxies and other indicators.
Flow Trading: In flow trading, the need for cooling periods is no longer an issue. On the launchpad, flow trading is used because there is no time wasted waiting for a transaction to be executed.
Different Staking Models: Our IGO launchpad generates a variety of staking modules, ensuring that all users can participate in IGOs and help foster an ecosystem for them.
Multi-Chain Assistance: Aid for multiple chains, or multi-chain support, facilitates increased connectivity and cross-chain transactions. Users gain the ability to transact tokens between different blockchains.
Automated Liquidity Pool: Your IGO launchpad will be linked to a computerized liquidity pool, enabling yield-seeking investors to contribute funds in exchange for a share of the pool’s returns.
Know Your Customer (KYC): Customers can feel safe and secure with the help of KYC, which facilitates fraud detection and protection and guarantees that their personal information will remain private.
IGOs in NFTs
Tokens can be earned in-game, like in any other video game, and used to purchase in-game power-ups and unique items. If you invest time and money into a blockchain game, you’ll be rewarded with tokens that can be used in the game or on a cryptocurrency exchange. Both existing and new blockchain gaming businesses can benefit significantly from using non-fungible tokens (NFTs). In-game assets can be more easily monitored with the help of NFTs.
The data for weapons and skins is stored on the blockchain as NFTs for perpetuity. In the GameFi project, both the in-game tokens and the NFTs can be traded on a decentralized exchange (DEX). Afterward, players can trade their game assets and currency for Bitcoin or Ethereum (ETH), two of the most popular cryptocurrencies (BTC).
Popular Crypto Gaming Launchpads
BinanceNFT
Cryptocurrency investors can buy, sell, and trade NFTs on Binance NFT. Binance NFT IGOs are virtual currencies that can be exchanged for rare in-game items. All users of Binance NFT have the same chance of taking part in its IGOs thanks to the subscription system.
GameFi
GameFi, a tech startup, typically handles all aspects of the IGO (initial game offering). Investors will get involved in cryptocurrency projects related to video games because the company is proactively facilitating the possibility of raising funds for prospective customers.
Seedify Fund
When talking about IGOs, everyone knows the name Seedify. A DAO controls the autonomous launch pad (DAO). The Seedify community can be used by crypto gaming projects to get feedback on their games. Seed money is available for projects that have received positive reviews.
GameStarter
It’s a tool for creating a scalable infrastructure for virtual reality games.
Trust Pad
Trust Pad is primarily an IDO launchpad, but it’s also known as one of the safest multi-chain launchpads. Trust Pad helps the crypto gaming ecosystem by providing a platform for organizations to use DeFi instruments to attract early-stage investors.
Enjinstarter
Expanding the Enjinstarter network’s crypto gaming ecosystem is the primary goal of the IGO launchpad known as Enjinstarter. One of Enjinstarter’s distinguishing features is its methodology. Seventy-five percent of IGO tokens are set aside for guaranteed allocations in the ecosystem, and these tokens are distributed across three tiers.
Final Words
Blockchain IGOs are an effective funding option for crypto gaming projects. In addition to generating interest in a game before it even launches, an IGO could potentially draw fans before it is made available to the public.
IGOs are a new service. Even though many blockchain gaming projects have been able to secure funding through an IGO, not all builders have lived up to their commitments. The investors are left holding the bag because the developers never release the finished game.
Investors, especially those funding speculative early-stage gaming projects, still face substantial danger by participating in an IGO. One must do homework and be vigilant to protect one’s money from falling into the wrong hands when investing in IGO projects.
Regardless, development in the IGO sector proceedspace. IGOs are becoming increasingly important in the blockchain gaming sector and the crypto industry at large, with more and more high-quality projects being released through them.
