Making Money with Gaming NFTs: An Introduction to IGOs
Primary Gaming Offering (IGO) is a brand-new crowdsourcing concept in the blockchain gaming space. It’s a project funding method that shares many similarities with the familiar ICO.
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IGOs (Initial Gaming Offerings) first appeared in 2021. This method of financing a gaming project was used by the Kaby Arena game development team, and participants in the presale received a 17-fold return on the price of Kaby tokens. After that, interest in IGO among blockchain gamers began to grow exponentially.
The fundamental difference between IGOs and ICOs is that any blockchain game launching an initial gaming offering is already in the final stages of development:
- The game lore has been created;
- The user-NPS interaction mechanics have been developed;
- Game location maps have been drawn;
- Combat mechanics have been calculated (if required);
- The algorithm for rewarding clients with gaming tokens has been created.
In other words, tokens of a virtually operational project are being offered for sale. In the case of initial coin offerings (ICOs), buyers are essentially purchasing a virtual cat in a virtual bag called the “Roadmap project” to prove their faith in the founders' integrity and future asset success.
The essence of an initial gaming offering is that investors are given the right to buy in-game tokens and items at a reduced price. Project founders, in turn, receive additional funding to pay developers and promote the game through marketing. Decentralized platforms called IGO Launchpads have been created for conducting initial gaming offerings and generating token profits:
Here, blockchain game developers can list their tokens for investors to purchase and lock in a pool. Prior to public trading, gaming assets are offered to program participants at the lowest price. Early buyer discounts in some cases can reach up to 80% of the value of the tokens, which will be used in the game process after the project's launch. Additionally, gamers who participated in the IGO can make a profit from reselling unique skins, weapons, or characters.
As these items exist on the blockchain as NFTs, a MetaMask format wallet is required for their purchase and sale.
To invest in blockchain games, three steps must be taken:
- Set up a virtual wallet by creating it on platforms such as MetaMask.io.
- Purchase the necessary cryptocurrency through any DEX exchange.
- Buy in-game NFTs.
Before investing in gaming tokens, it's worth checking the project using standard methods, such as reviewing the profiles of the founders, checking their social media presence, reading reviews, and analyzing the tokenomics.
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