TLDR; An IGO is a method for blockchain gaming projects to raise funds and acquire resources to launch successfully.
If you’re a gamer trying to understand how to participate in an IGO, this is an all you need to know guide. Our goal is to build a series of articles on IGO so that you understand what you need to do to be involved.
If you’re a blockchain gaming project or game developer trying to understand more about how to launch your game through Initial Game Offerings (IGO), you can refer to our guide for developers here.
What is an IGO?
An Initial Game Offering (IGO) is a process by which blockchain gaming projects acquire capital, added distribution modes, advisory resources and early gamers before a public release. By announcing an IGO, gaming projects encourage gamers to participate in the early development of their game, either through purchasing pre-release tokens to fund the development, or through beta testing to offer feedback. In return, these gamers get rewarded with in-game assets that are only exclusive to pre-release investors and/or beta test participants.
Why should I participate in an IGO?
As a gamer, you get to purchase in-game tokens and assets early and at a discounted rate. These tokens can be traded on marketplaces or exchanges. Depending on the scale of the gaming project, you also stand to receive early access characters, skills, weapons and other items via auctions, fixed price or mystery boxes. These are often exclusive to pre-release investors like yourself, and can be traded with other players later on.
As a gamer with pre-release tokens, you also become a ‘part-owner’ and you get to participate in the early to late development of the game. This allows you to have a say in how the game turns out.
Benefits of participating in an IGO launched by BinaryX:
BinaryX lets gamers like yourself purchase $BNX, our platform’s native token, to participate. Your assets are locked in a liquidity pool for a fixed period, and during this period, you stand to receive the gaming project’s token and NFTs as a reward for making an early investment.
At BinaryX, we assess each project on a case-by-case basis to determine the amount of funds they would require. Larger projects tend to have a larger liquidity pool, and a longer development period. To reward participants, we allow you to stake the game’s tokens or NFTs that you have received and trade it on the marketplace after the fixed period.
How to participate in an IGO on BinaryX?
- Purchase and Hold $BNX, our platform token.
- Follow our social media and community. Wait for the IGO announcement which is usually published a couple of weeks before the official launch.
- After the announcement, visit our IGO website to check the mode of participation. The details to participate will vary for different IGO projects.
- Follow the instructions and take note of the deadline.
Case study — SHIT Labs IGO by BinaryX
To help you visualize the IGO process, we will use an example of an IGO that was launched by us in mid 2022.
SHIT Labs approached us to help launch their game through an IGO by reaching out via contacting our team directly. We provided the following services:
- Infrastructural Support
We provided support in terms of connecting with side chains, auditing the smart contract functionality of the game’s blockchain, and validating the network.
2. Tokenomics Design
Our team of developers evaluated the tokenomics model proposed by the project team, and provided adjustments to the design to maximize the value to gamers.
3. Token Distribution (Exposure Campaign)
We announced the launch of SHIT Labs IGO via our social media channels, including Twitter, Discord and Telegram, garnering over 172109 views and 17181 engagements that really drove the hype of the launch.
With our help, SHIT Labs IGO achieved the following results:
- 3786 BNX was raised (≈ $550,000 USD)
- Price of $POOP rose 3.2 times within 9hrs
- 1,380 token holders (11 Oct, 2022)
If you would like to participate in an IGO on BinaryX, please follow us on Twitter for the newest updates or DM our admins on Telegram or Discord to find out more (PS we will never DM you first!)
About BinaryX
BinaryX is the GameFi platform behind play-to-earn games CyberDragon and CyberChess, both of which run on the BNB chain.
BinaryX began as a decentralised derivative trading system. The team gradually evolved into developing decentralised video games, and is now transitioning to becoming a GameFi platform offering IGO services to bridge Web2 developers to Web3.
As one of the top 10 projects on the BNB Chain, BinaryX has a vast community of more than 100k coin holders and 15K monthly active wallets. It is also one of the largest metaverse projects by trading volume on the BNB chain, with more than 260 million in market cap. BinaryX also has a token, $BNX, that has consistently demonstrated strong performance despite the bear market.
For more details and information about BinaryX, please visit www.binaryx.pro
