What Is an IGO in Crypto – All You Need to Know

There has been a recent surge in interest in creating and playing blockchain games. It’s not surprising since blockchain technology has a lot to offer in terms of benefits for both parties, such as tokenizing in-game assets, a decentralized gaming market, and new ways for developers to make money. Thousands upon thousands of blockchain-based video games have already been released. The GameFi industry saw tremendous growth in 2021.

However, significant resources are needed to create high-quality, detailed, engaging video game projects. Moreover, some worthwhile blockchain games are lost in the background of various emerging projects. The game’s success depends on its creators attracting investors, collaborators, and players. IGO launchpad was developed for this very reason.

What Is an IGO?

IGO is a method of raising funds that are win-win-win for the game developer, the investors, and the distribution platform. Both gaming projects and investors can secure much-needed funding for game creation and release by utilizing IGO.

Investors, meanwhile, gain access to a pool of early adopters who will have the most excellent chance of profiting from the game’s virtual goods and NFTs. Investors are usually among the first to receive NFTs, which can be anything from land to characters to skins to mystery boxes. A significant return on investment is possible if the game project becomes the industry standard. Just think about how well-known blockchain games like Axie Infinity and its tokens have done or how prominent Decentraland is.

Users who participate in the IGO and acquire tokens for the game project can immediately use the tokens to gain access to the game or wait for the game to gain popularity and then sell the tokens for thousands or millions of dollars.

How To Participate In an IGO?

Launchpads are commonly used for IGO, and a variety of them are available. GameFi, Enjin Starter, Binance NFT, Seedify.fund, and Gamestarter are IGO’s most widely used exchanges. To take part in IGO, each service has its own set of guidelines and prerequisites. IGO participation typically requires the purchase of a predetermined number of launchpad native tokens, but this is not always the case. Following are further, more specific instructions:

Choose the IGO launchpad: Any given launch site may have a different set of requirements or advantages. Users interested in IGO should research which games have been launched previously on a given platform and the results of any related crowdfunding campaigns. Launchpad selection is followed by the Know Your Customer (KYC) process.

Purchase launchpad tokens: Users must buy and stake a certain amount of native GAFI tokens, for instance, to participate in IGO on GameFi. In most cases, a launchpad will have a tiered system wherein the higher your token total, the better the rewards you will receive (allocation). Furthermore, your chances of winning increase the longer you stake the acquired tokens.

Pick the blockchain game development company wisely that puts its efforts into what you’re interested in. 

Your access to the Project Token Sale will begin once your whitelisting has been verified. You can get your tokens as soon as the IGO is done. In addition, you may be airdropped tokens to your wallet or required to claim tokens on a third-party platform, depending on the nature of the project.

Risks Associated with IGOs

Potential returns from investing in IGO could be enticing. There are a few things to think about before putting money into gaming projects that are still in the IGO phase.

Who exactly is funding this endeavor, anyway? Investigate the people working on the project; perhaps the developers have a track record of releasing successful games or have experience with similar initiatives.

Why is this game different from others? Think about how this project compares to others already out there and what it offers. You should also follow the road map.

Who is on board with this plan? Without the help of outside investors and the formation of strategic alliances, it is impossible to bring a worthwhile project to fruition. As a result, it is important to identify those who recognized the project’s potential and helped to advance it. Having well-known companies on board to help develop the game is a huge plus.

Look into the project’s official social media and chat channels. Through this method, you can count the number of people eagerly awaiting the game’s release. The more engaged the community is, the more likely the released project will be successful, sending token prices soaring.

Conclusion

While several blockchain-based game projects have already been implemented and are running smoothly, this exciting new field is rapidly growing in popularity. Developers have not fully explored the potential of blockchain technology to revolutionize the gaming industry. It follows that future projects will presumably be even more daring and fascinating. If you participate in IGO, you may gain early access to the game assets of promising projects. However, investors should be skeptical when selecting a project, as they stand to lose value if the game fails and their tokens and NFTs become worthless.

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