Binance launches its Initial Game Offering
For years, NFTs have been a direct gateway to monetisation for games.
Whether that’s through initial token or item offerings, these sales provide developers with a way to raise funds and get their games off the ground. And now, the digital asset exchange Binance has launched its new initiative – its Initial Game Offering service.
Much as the name suggests, the Initial Game Offering serves as an exclusive solution through the exchange’s NFT service. Indeed, it’s an outworking of Binance’s existing NFT marketplace.
For Binance, it’s a win-win situation. Having featured blockchain gaming tokens since 2020, including launching The Sandbox’s SAND and Axie Infinity’s AXS, it’s already demonstrated the sector’s financial potential.
“The majority of these [NFT] collections sold out in seconds, with some reaching up to 23x their initial price in the secondary market. However, the emerging sector is still young and underdeveloped, and gaming projects require time, resources and a passionate community to reach their full potential,” Binance noted of its previous game launches through its marketplace.
Binance users can invest in any listed projects by moving funds to their dedicated NFT wallet. You can read a step-by-step from Binance here.
To launch an NFT collection on IGO, developers need to submit an application directly to Binance.
For more information, read the announcement here.