Binance NFT, the marketplace of the first crypto-exchange by market capitalization, today launches its first Initial Game Offering (IGO), to support the future of gaming with Non-Fungible Tokens and the metaverse.
Binance NFT: what is the Initial Game Offering (IGO)?
ICOs, IEOs, IDOs… and now the first IGO dedicated to the world of NFTs has arrived directly on the Binance platform.
— Binance (@binance) October 25, 2021
In essence, Binance NFT, after monitoring the gaming industry since June, has seen how the 10 gaming NFT collections launched have been appreciated by the community, to the point of being sold in seconds and “resold” for up to 23 times their initial price on the secondary market.
Hence, the idea to launch the first Initial Game Offering that provides individuals with the opportunity to invest in gaming projects at an early stage.
So, while collections can be launched using an auction, fixed price or mystery box, IGOs can be conducted in several rounds, offering a different number of assets each round with a tiered pricing structure.
IGOs are purely for gameplay and all drop content consists of in-game assets such as early access passes, weapons and items, cosmetics and skins exclusive to Binance and much more.
The first IGO on Binance NFT
Today, the first DeRace IGO is launched on Binance NFT.
DeRace is an NFT horse racing game ecosystem, where players can participate in races, or breed NFT horses with unique characteristics, or host races at their own NFT racetrack and earn profits in the process.
The DeRace drop features 10 types of NFTs, including five regular horses and five Binancian horses. The NFTs on sale are DeRace NFT Horse tickets that can be exchanged for a DeRace NFT Horse, a play-to-earn resource for use in the game.
With the DeRace NFT Horse Ticket, the user has the opportunity to receive a DeRace NFT Horse before the official launch of the game.
Binance NFT, the numbers and the metaverse
Binance NFT, which only launched last June 2021, has become one of the fastest-growing NFT platforms in the world in just over a month. It reportedly generated 25 million BUSD in sales in that time, selling over 300,000 mystery boxes and recruiting 400 creators globally.
To date, the NFT marketplace has sold over 900,000 mystery boxes and earned over 103 million BUSD in total sales since launch.
It’s rapid growth that doesn’t stop, but considers the potential of emerging market niches, such as the new combination of NFT and blockchain games. The target? The now undisputed metaverse which has become an increasingly real topic.
Not only that, tech giants like Tencent and Alibaba are also grappling with the metaverse, to the point of describing it as the new frontier of online business.
Also expressing his philosophical views on the metaverse is John Hanke, CEO of Niantic and creator of Pokémon Go, who is reported to have said “Metaverse as Dystopian Nightmare” in late August 2021.
According to Hanke, the metaverse could become the worst human nightmare, into which our own heroes would go to save the world, but in the virtual version.
For this reason, Hanke stresses the importance of using this dimension as a technological development, and not as a refuge for humanity. Hanke, together with Niantic, has already announced the use of AR augmented reality in the Pokémon Go game.