After a sharp decline in NFT art mania in early 2021, interest in in-game NFT has surged, such that this new interest has spurred $2 billion in NFT spending in the first three months of 2021 alone. As thousands of digital collectibles enter the market, new NFT marketplaces, dApps and the blockchain solutions that support them have been rolling out at an alarming rate.
If NFT artwork was the catalyst for the first half of DeFi’s cryptocurrency bull market in this market, then NFT gaming has certainly been the beneficiary of this market’s recent resurgence. For the first time, in-game NFTs are gaining demand and value not only in their respective gaming environments, but in the broader market as players can make money playing through an endless ecosystem of unique and interesting games.
The success of $GIF IDO and Tezotopia
Gif.games is an up-and-coming name in the NFT gaming space, fueled by the launch of its first major game Tezotopia and the rapid success of the recent pre-sale of the governance ($GIF) token IDO. At 14:00 on Saturday, February 28, 2021, IDO sold all 20 million $GIFs, raising 100,000 Tezos ($550,000), with 20% of the $GIFs being bought in the last 60 minutes.The $GIF token pre-sale on Rocket Launchpad sold out in just 8 hours, the first on Tezos from a native Launchpad and the first project to be launched separately from a sold-out launchpad.
Earlier in August, Gif.games launched an NFT marketplace and open-world game called Tezotopia with a cryptocurrency called Unobtainium (UNO) that can be used in-game and traded publicly on the marketplace.The Tezotopia marketplace sold out in just 20 minutes of launch, raising an initial $76,514 to purchase a variety of in-game assets and resources. Both launches sold out quickly, reinforcing the current strong appeal of the NFT gaming space and the broader market’s interest in being part of an interesting new gaming ecosystem, such as Tezotopia, that can provide users with monetary gains and unique experiences.
Gif.games says it will put 40% of the funds raised into a $GIF LP, which will be locked in for 1 year. The other 60% of the funds raised will be used for marketing, game development and the continued development of the Tezos NFT ecosystem.Gif.games said it will keep the project funding goal at a maximum of $300,000 to ensure a good pool of funds for the project while also maintaining enough room for price growth to attract buyers from outside of IDO.
Governance tokens and betting tiers
GIF tokens are a management agreement for gif.games and offer many benefits such as the right to vote on all things Gif.games related, marketplace discounts, a revenue sharing system, and early access to exclusive new titles and in-game benefits.
Governance rights are the first and perhaps most important tier, unlocking benefits through a 15-day lock-in period. This tier really allows for deep involvement in the development of the project, as investors will become decision influencers in the Gif.games ecosystem, having a choice in the outcome of proposals and changes to the game through a voting system.
The 30-day lock-in period opens up the discount tier, which offers a 3% discount on any and all Gif.games projects purchased through the Gif.games ecosystem. Finally, after 45 days of lock-in, lock-ins are entitled to a 3% share of the revenue pool from marketplace sales and early access to Beta testing, new titles and updates to current games.
NFT Games Industry
Blockchain gaming companies raised $476 million in the first half of 2021 as NFT took the digital art, gaming collectibles, and even music industries by storm.In May 2021, an NFT digital art collage fetched $69.3 million, a price usually reserved for a Van Gogh or Picasso masterpiece. Two months later, the market peaked, followed quickly by a familiar but serious correction. In the past two months, the market has seen a solid recovery, with NFT selling at the same pace again as it did back in May.
Games like Tezotopia, which are based on earning NFTs, are creating a whole new level of interest in the industry today, as in-game items that previously only applied to the gaming environment have now completely transcended the genre. Blockchain technology is providing a launch pad for the NFT space through transparency, being able to prove the authenticity of items while providing a way for users to make money from in-game currency and unique digital items.
The growth of Gif.games
Along with Tezotopia’s big marketplace sales, Gif.games has been accepted as a Silver member of the Blockchain Gaming Alliance. Since the $GIF Rocket Launchpad IDO was so successful, Gif.games has received a listing on Tezos’ DEX QuipuSwap for its governance token, so users can now trade the token freely.
Gif.games is now focused on using IDO’s funds to bring in more top developers and artists to expand its fast-growing gaming space.The upcoming launch of the Tezotopia dApp and the enticing benefits of the $GIF bet tier are just a few of the factors that have made Gif.games a big name in the space, with airdrops, upcoming artist collaborations, new battle engine testing and rumors of new games in the works, Tezotopia and Gif.games have really stamped their names on the wave of NFT games this year.