Binance NFT, the first marketplace for crypto exchanges by market cap, today launched its first Initial Game Offering (IGO) to support future games with Non-Fungible Tokens and metaverse.
Binance NFT: What is Initial Game Offering (IGO)?
ICO, IEO, IDO …… and now the first IGO dedicated to the NFT world has arrived directly on the Binance platform.
According to the exchange, the initial game offering will provide the basis for connecting high-quality blockchain games with the NFT’s gaming meta-domain.
In essence, Binance NFT, after monitoring the gaming industry since June, saw how the 10 game NFT series launched were so appreciated by the community that they were sold in seconds and “resold” on the secondary market for up to 23 times their initial price.
The idea of launching the first initial game release therefore offers individuals the opportunity to invest in game projects at an early stage.
Thus, while the collection could be launched using an auction, fixed price or mystery box, IGO could be run in several rounds, each offering a different number of assets, using a tiered pricing structure.
IGO is purely in-game, with all drops consisting of in-game assets such as early access passes, weapons and items, Binance-exclusive cosmetics and skins, etc.
The first IGO on Binance NFT
The first DeRace IGO was launched today at Binance NFT.
DeRace is an NFT horse racing game ecosystem where players can enter races, or breed NFT horses with unique characteristics, or run races at their own NFT racetrack and make a profit in the process.
There are 10 types of NFTs placed by DeRace, including five regular horses and five Binancian horses. The NFTs for sale are DeRace NFT Horse Tickets, which can be redeemed for DeRace NFT Horses, a resource for making money in the game for use in the game.
With DeRace NFT Horse Tickets, users have the opportunity to acquire DeRace NFT horses before the game officially launches.
Binance NFT, digital and metadata
Binance NFT only launched last June 2021 and in just over a month has become one of the fastest growing NFT platforms in the world. It has reportedly generated 25 million BUSD in sales, sold over 300,000 mystery boxes, and recruited 400 creators worldwide in that time.
To date, the NFT marketplace has sold over 900,000 mystery boxes, with total sales of over 103 million BUSD since launch.
This is fast growth that won’t stop, but consider the potential of emerging market niches such as the new combination of NFT and blockchain gaming. What’s the goal? The now undisputed metaspace, which has become an increasingly real topic.
Just last week, social networking giant Facebook said it would hire 10,000 people in Europe over the next five years to work in the metaspace it created.
Not only that, but tech giants like Tencent and Alibaba are also grappling with the metaspace, to the point of describing it as a new frontier for online business.
Also expressing philosophical views on metaspace is John Hanke, CEO of Niantic and creator of Pokémon Go, who is said to have said in late August 2021 that “metaspace is a QR code nightmare.”
According to Hanke, the metaverse could be humanity’s worst nightmare, where our own heroes enter to save the world, but in a virtual version.