What is Initial Game Offer (IGO)?

TL; DR

With the development of GameFi, Initial Game Offering (IGO) is gaining popularity among cryptocurrency investors. IGO allows you to pre-purchase NFT or game tokens in the early stages of development.

IGOs are usually organized through launchpad platforms. Typically, investing through the launch pad requires participants to lock the platform’s local token for a period of time. Depending on the project, participants may have early access to in-game or NFT tokens. In some cases, tokens and NFTs obtained through IGOs ​​can be sold outside the gaming ecosystem on decentralized NFT exchanges and markets.

Initial Game Offer (IGO) is a way to increase capital through blockchain-based gaming projects. This is similar to the Initial Coin Offer (ICO), but in addition to tokens, players can gain early access to in-game resources while supporting game development. Sources offered by IGOs ​​often include mystery boxes, characters, skins, accessories, weapons, and other items. Often these are the NFTs required to enter or play the game.
There are many IGO launching platforms on the market today, including Binance NFT, BSCPad, TrustSwap and EnjinStarter. Different starting blocks have different configurations for IGOs, but usually require investors to obtain a local launchpad badge to participate. Take IGO at Binance NFT as an example. Investors must have a certain amount of BNB in ​​their portfolios to participate in the sale.

After obtaining the required tokens, participants must lock them in a special pool for a certain period of time. Depending on the section algorithm, they will receive a project badge or NFT, depending on the amount of locked assets.

Binance uses a subscription mechanism to select NFT award winners so that everyone has a chance to acquire NFT assets from IGO. Sometimes participants are required to store or collect a game or NFT badge for a period of time before they can trade in the market.

There are several ways to raise funds in the cryptocurrency world. Some of the more popular ones are Initial Coin Offer (ICO), Initial Exchange Offer (IEO) and Initial DEX Offer (IDO). All of these are similar crowdfunding methods, but there are some differences in their performance.

The Initial Coin Offer (ICO) was the first way to raise funds in cryptocurrency. The method allows project teams to raise funds using cryptocurrencies. ICO was used by Ethereum in 2014 and was a very popular crowdfunding method until early 2018. ICO measures can be an effective way to obtain financial support for projects in the early stages of development. You can find more information about ICO in our article What is an ICO (Initial Coin Offer)?
The main difference between the Initial Exchange Proposal (IEO) and other methods is that the IEO is organized by the cryptocurrency exchange, not directly by the project team. Cooperation with reputable cryptocurrency exchanges can benefit both project participants and the IEO. In most cases, projects need to be seriously considered before the stock market decides to provide them with this service. The design team behind the IEO can increase the coverage of the exchange using the entire user base. Binance Launchpad is a popular example of an IEO platform.
The Initial Dex Offer (IDO) is an ICO placed on a decentralized exchange (DEX). IDOs are designed to address the shortcomings of ICO and IEO models. For example, because the project label is used in DEX, the list usually costs the project less than the IEO. IDOs also provide instant liquidity for tokens, meaning tokens can be exchanged immediately after the IDO expires.

However, because IDOs operate in DEXs, they do not always undergo a rigorous inspection process. This can increase the overall risk, as some IDO projects will potentially have a lower quality or a dubious reputation. Since many IDO projects turn out to be scams that steal investors’ money, you should also pay attention to carpet weaving.

As with any investment, there is no guarantee that IGOs ​​will pay off. Before participating in any IGO, you should always do your own research and consider the potential risks.

For example, you can check the game project website or related social media to find out if there is a clear plan or development path. You can also check if the project is supported by any reputable investor or partner.

You can participate in IGOs ​​at Binance NFT for exclusive in-game resources and NFT collections from many game projects.

Binance NFT uses a unique subscription mechanism to ensure that all users have equal opportunities to participate in IGO. The final distribution of NFT will be based on a fully transparent and verifiable selection algorithm.

1. Log in to your Binance account and go to the Binance NFT homepage. Click on the banner of the IGO project you want to participate in.

2. You will be redirected to a subscription page where you can see all the project details. You must maintain a minimum BNB level to be eligible to participate.

3. There are four stages in Binance IGO: Prepare, Subscribe, Accounts and Summer. See this FAQ article for details on what to do at each stage.

IGOs offer game developers an innovative way to finance their projects using blockchain technology. While IGOs ​​can be a good way for investors to support gaming projects at an early stage, they also carry significant financial risk. You should always do the necessary research before risking your money.

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