Ftribe Fighters, a 3D MOBA game, announced on May 5, 2022, that it would be releasing an exclusive NFT collection on Binance. This collection, called the Mystery Box, will be held on the Binance NFT Marketplace and would offer 3,500 NFT for the price of $60 each. The NFTs are to be sold for 12 hours from 11:00 UTC – 23:00 UTC on May 9th and utility items that can be used within the game are available.
This announcement, while exciting, highlights a growing trend within the industry, which is Initial Gaming Offerings (IGOS). These offerings, while newer, are primed to become the next big fundraising method in the blockchain industry, especially with the rise of GameFi.
What are IGOs?
IGOs, as previously stated, stands for Initial Gaming Offering and is a situation in which a blockchain-based game offers NFTs, tokens, and other digital assets for sale to the public as a way of raising funds.
Now, most people in the industry are already familiar with the idea of buying digital assets in an initial funding round. After all, this was the entire basis of Initial Coin Offerings (ICO), Initial Decentralised Offerings (IDOs), and so on.
But IGOs are different because they are coinciding with the rise of GameFi, which is well on its way to becoming the next big thing in gaming. GameFi, essentially, is gaming that leverages blockchain and offers tangible financial benefits, whether for playing on its own or by achieving certain in-game criteria.
This is where you see things like receiving tradable cryptocurrency within a game or being able to trade your NFTs for spendable currency. Needless to say, this added financial incentive has made GameFi very popular among blockchain lovers and gamers in general.
This is where the IGOs come in because they offer a chance for investors to get invoiced in the latest GameFi offerings. This can be done by buying the NFTs, native tokens, skins, and so on of a game
Why Are They Significant?
IGOs are very significant because they represent a shift in the way that we interact with the games that we play. When most of us play games, we do so with the expectation that our only reward will be the gaming experience itself. While many games make millions of dollars, the expectation is that none of these profits will be given to the players.
But when an IGO is announced, it is signaling to players that they should buy into a game not only as an entertainment avenue but as an investment. By buying in-game tokens or NFTs, there is the implication that these will increase in value at some point and that they can be resold for a profit.
The importance of IGOs is not just within the blockchain sector but in gaming as a whole. Ultimately, IGOs are on track to change the way we interact with games, creating a more equitable and profitable landscape for the players.
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