Initial Game Offerings (IGOs) are pre-order options for purchasing NFTs associated with GameFi projects. Today we will talk about what is an initial game offering (IGO) crypto and how you can participate in IGO. Let’s take a look at the article below.
What is an Initial Game Offering (IGO) crypto?
In Initial Game Offerings (IGOs), blockchain gaming projects sell tokens used in video games during the development phase of the project. IGOs benefit game developers by allowing them to raise large amounts of capital at an early stage. At the same time, buyers can obtain the NFTs needed to participate in the project.
To understand IGO, you'll need some background on GameFi (a combination of the words "gaming" and "finance"). Financial gamification has become a core component of the crypto world. GameFi refers to blockchain gaming projects where participants receive tokens for actions they take in video games. Video game-specific tokens are like chips in poker, and you can't participate without them. This is why IGOs are such an important phenomenon.
IGOs are similar to Initial Coin Offerings (ICOs), which have been around for years and are familiar to most crypto investors. In an ICO, a project launches itself by selling tokens on the crypto market. This is the approach Ethereum took when it launched in 2014. IGO takes the same concept and applies it to the GameFi world.
What Is an IGO Launchpad?
A launchpad is a platform that helps investors discover and engage with (fundraising) projects at an early stage. IGO launchpads are often specific to early blockchain gaming projects. Some launchpads only focus on games, while others may have games along with other items.
How can I participate in IGO?
First, look for items on the Internet. Just check out the #IGO hashtag on Twitter and you'll find many emerging projects there.
Another option is to use a special service like Play2Earn Club or GameFi Hunters - they release very interesting items, maybe not as often, but the good thing about this option is that it's already picked up by the moderators.
In addition, you will find interesting projects on the so-called launchpad. These platforms facilitate IGOs for project developers. There are generic launchpads that facilitate the financing of various blockchain projects. An example of this is Polkastarter. In my next article, I'll go over the main IGO Launchpad in detail. Here is a shortlist of some of them:
- Gamefi
- Speedify
- Enjin starter
Hopefully, you will understand what is an initial game offering IGO crypto and how you can participate in IGO. Participating in an IGO involves identifying an IGO to invest in, connecting your wallet, purchasing game or platform tokens, and then staking the amount you want. The amount you stake usually determines which pool you belong to and your reward.
