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Initial Game Offering Debut on Binance NFT

Binance NFT, the NFT marketplace of Binance, recently announced the launch of its first-ever initial game offering (IGO). The IGO is part of Binance’s brand new initiative to build the ultimate launchpad for NFT games and gamers, the company said.

Initial game offerings provide individuals with an opportunity to invest in gaming projects at an early stage. The IGOs feature NFT collections from gaming projects that are available exclusively on the Binance NFT Marketplace. Drop contents will consist of in-game assets such as early-access passes, weapons and items, and exclusive Binance cosmetics and skins.

“Through the IGO drops, Binance NFT connects the global crypto community to high-quality blockchain games and high-quality in-game NFT assets,” Binance NFT head Helen Hai said. “Binance NFT is a dedicated hub where promising gaming projects can develop their games and build communities. Our goal is to help bolster the gaming industry and develop this sector to become more mainstream.”

The initial game offering drops are to provide the foundation for a planned metaverse. Binance NFT aims to increase exposure and hype for not only gaming projects built on Binance Smart chain (BSC) but also those not housed on the BSC blockchain.

Binance NFT’s very first IGO is by DeRace, and it launches today. DeRace is a complete NFT horse racing ecosystem where players are able to participate in horse races, breed NFT horses with unique characteristics, host races in their very own NFT hippodrome, and earn profits during the process. The DeRace drop featured 10 types of NFTs, with five regular horses and five Binancian horses. The NFTs on sale are exchangeable for a DeRace NFT horse, a play-to-earn asset that players are able to use in the game.

In just a little over a month after its debut, Binance NFT said it generated 25 million BUSD in sales, selling more than 300,000 mystery boxes and onboarding 400 creators globally. Today, Binance NFT has sold more than 900,000 mystery boxes and earned 103-plus million BUSD in sales in total since launch.

The Binance NFT Marketplace shares the same account system as Binance.com. Existing Binance users are able to access the NFT marketplace and trade with their current Binance accounts.

New users have to register on Binance.com to create or trade on the Binance NFT platform. Binance NFT has also added multi-chain support for NFT deposits and withdrawals. Users can now transfer their NFTs to and from Binance Smart Chain and Ethereum networks.

This post was originally published on Crowdfundinsider

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