The concept of Metaverse has become the trending topic after tech giants like Facebook and Microsoft announced their big moves into the Metaverse last year. As game being recognized as the prototype of the Metaverse, the blockchain games governed by the community attracts a large number of players and investors from all over the world through its fascinating Play-to-Earn model, and once became the most popular investment sector in the entire crypto asset field.
IGO (Initial Game Offering) similar to IEO and IDO, aims to broaden the financing channels of the GameFi market and reduce credit costs to a certain extent. It can be seen as a launchpad in the NFT field where game developers can obtain the initial funds by selling core NFT assets such as game characters, land and props, and investors will also be eligible to participate in Play-to-Earn after the game is officially launched. In general, investors can acquire NFT assets through IGO at a relatively low cost and have the opportunity to earn high returns in the secondary market. For example, game assets sold on Binance NFT platform have a secondary market premium ranging from several times to dozens of times, which greatly inspires the enthusiasm of blockchain game players to participate in IGOs. However, due to the nature of NFT and the lack of infrastructure, IGO platforms such as Binance NFT are more focused on their own ecosystem and have significant limitations.
AFKDAO is a decentralized NFT protocol, based on its ERC-4610 protocol, AFKDAO builds a complete set of DeFi solutions for utility NFTs such as GameFi assets, including NFT IGO, lending pools, aggregators and other financial derivatives. The aggregated NFT DeFi platform built by AFKDAO supports any ERC-4610 native or ERC-4610 wrapped NFT assets to realize the cross-chain of NFT assets. The vision of AFKDAO is to reduce the threshold for users to enter the Metaverse by gradually building a complete and mature DeFi infrastructure dedicated to NFT assets.
On February 23, AFKDAO held a five-day marketing activity, for users who hold NFT of 32 well-known blockchain games such as Aliens World, Bob Crypto and Mobox, they are able to mint and obtain the Warrior Badge NFT on AFKDAO’s official website for free. This event covered more than 2 million addresses, and successfully turned hundreds of thousands of experienced players into its potential users. Players holding the Warrior Badge NFT can not only get the follow-up AFKDAO governance token airdrop, but also the qualification to participate in the AFKDAO IGO. So is AFKDAO’s IGO worth participating in, and how does it differ from other IGO platforms?
AFKDAO is essentially a DAO project which means the GameFi assets that can be initially issued on the AFKDAO IGO platform shall be voted by the community in the future. However, in the early stage, AFKDAO will take the responsibility for the selection and assessment of GameFi projects. The standard of assessment has three aspects: the growth potential of projects, the continued attractiveness of the token economy, and the ability of the team to continue operating. Projects that have finally passed the assessment will be sold on the AFKDAO platform in various ways, including mystery boxes, auctions, market listing and so on. Different sales methods will generate different service fees and 50% of the service fees will go into the AFKDAO Treasury, while the other 50% will be swapped into AFKDAO governance tokens and burned.
The initial project of AFKDAO IGO is critical for the follow-up development of the platform. We believe that AFKDAO will put its all into the selection and assessment of the project that makes the first IGO of AFKDAO definitely worth looking forward to. Just as Andre Cronje, founder of Yearn Finance, advocates a stable and sustainable way of investment, so does AFKDAO. AFKDAO requires GameFi projects to announce their revenues in the form of opening a Vault in AFKDAO’s aggregator when they are in IGO. Therefore, investors participating in IGO can calculate reasonable price range of NFT assets through its utilization or Play-to-Earn returns. This brings many advantages: 1. It prevents NFT from being over-hyped and resulting in a high threshold for players to enter; 2. Effective price discovery provides support for loan interest rate discovery; 3. Stable value is more conducive for NFT assets to generating liquidity value in AKFDAO’s lending pool, aggregator and other financial instruments.
The purpose of AFKDAO’s IGO model is to promote the development of the NFT industry, not to create the so-called boom-in effect. NFT holders can participate in the game for an adventure or “rent” the use rights of NFT through lending pool or aggregator on AFKDAO platform. Either of these two methods will bring stable and lasting income, and at the same time form a long-term binding with GameFi projects. For GameFi projects, AFKDAO is a platform with huge development potential, with the help of all financial tools and community ecosystem provided by AFKDAO, projects can reduce the development cost and increase the continuous growth of player popularity.
The Metaverse is still in its early stage in both traditional technology and blockchain industry, and everything is still just beginning. If you don’t want to miss the dividend of Metaverse development, it may be a very good choice to participate in AFKDAO ecosystem and grow with it. Based on the roadmap published by AFKDAO, its first IGO is already in preparation and would be launched to the community soon. To participate in AFKDAO’s IGO, players must hold the upgradeable badge NFT representing the membership of AFKDAO community. So if you already have the badge, don’t miss the IGO. And those who failed to take advantage of free Warrior Badge should pay more attention to AFKDAO updates, as to get the badge through payment or other activities.