After the hype of ICO (Initial Coin Offering) in 2017, there have been many more forms of fundraising for crypto projects, including IEO (Initial Exchange Offering), IDO (Initial Dex Offering), and most recently, INO and IGO. As a gaming project, we took a special interest in IGO (Initial Game Offering), and in today’s post, we would like to illustrate what IGO is and how a WidiLand’s IGO will benefit the players.
What is IGO?
IGO is the abbreviation for Initial Gaming Offering that is used by gaming projects for raising funds in the crypto world.
The main purpose behind offering IGOs is to provide early access to gaming assets that early investors can expect a significant return on investment when the game is released. Popular games such as Star Atlas, Radio Caca, Thetan Arena, … all had ROI of their IGO in the range of 20 - 50x, even 100x if you are lucky.
With the rise of blockchain gaming and NFT, IGOs are becoming the next big thing in the crypto space. Games like Axie Infinity, CryptoBlades, and Alien World have thousands of daily active users and millions of dollars of assets traded every day.
Source: The Block Crypto
Owing to this huge popularity, several IGO launchpads have been created, namely Gamefi, Enjinstarter, Gamestarter, Seedify.fund, among others. For CEXs, the most popular is Binance NFT Marketplace.
Most notably, GameFi is one of the first launchpads to feature IGO. Started by a Vietnamese team that previously founded the Red Kite launchpad, it has successfully incubated about 20 gaming projects that reached the fund target.
WidiLand IGO
With the game launching just around the corner (in January 2022), we would like to offer players a glimpse into the design and gameplay by opening an IGO for characters and land. Moreover, this will allow early supporters to stock up on powerful farmers and rare lands so that they can gain an advantage when the game is released.
Of course, in a farming game, land is a valuable asset so we have decided to sell it at a smaller number than characters’ boxes. Therefore, combined with the stunning design that has taken our team day and night to finalize, you can be sure of the financial value and in-game perks that these lands will provide.
Finally, in the crypto industry, there are many game projects that do an IDO and IGO but fail to deliver the final product or delay the launch date so long that frustrates the community. Understanding this worry, we will also launch a marketplace so that buyers in December and players will be able to trade these in-game items in anticipation of our final game (which is also not too long into the future so as not to keep players agitated)
Expect more news and sneak peeks of our marketplace in the coming weeks.
Final thought
We can see that the crypto industry is always rapidly innovating with new mechanisms to reward early adopters and raise funds for the project.
However, far too often we see this mechanism abused just for the sake of the team and private investors, while the community is left with holding valueless NFT and in-game items with no clear deadline on when they will be able to use them. Many projects are even outright scams that make buyers lose thousands of dollars.
Here at WidiLand, we value our community, our players more than anything, and we promise to follow our specified roadmap as well as implement appropriate measures to protect you.
Thank you for your support, Widians, and don’t forget to participate in our IDO!
This is definitely going to be HUGE!as the team has been an inspiration in their innovative approaches towards achieving the project goals and visions,I am so glad to be part of this.
Widiland go to moon 🚀🚀🚀🥰