Binance NFT, the NFT marketplace recently unveiled by cryptocurrency exchange Binance, has just launched its first-ever Initial Game Offering (IGO), according to the press release seen by iHodl.
Per the document, this IGO is part of Binance’s new initiative aimed at building the ultimate launchpad for NFT games and gamers.
IGOs, or Initial Game Offerings, allow users to invest in gaming projects at an early stage. The IGOs feature NFT collections from top-tier gaming projects that are only available on the Binance NFT Marketplace.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
The IGO drops, which will consist of in-game assets such as early-access passes, weapons and items, exclusive Binance cosmetics and skins, and much more, are to provide the foundation for a thriving metaverse.
It must be noted that Binance NFT wants to increase the exposure and hype for not only gaming projects based on the company's native blockchain Binance Smart chain (BSC) but also on other blockchains.
Helen Hai, head of Binance NFT, said on the IGO:
"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 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 first IGO launched on the market place is DeRace's, which is expected to launch on October 26. DeRace is a complete NFT horse racing ecosystem where players are able to take part 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 included 10 types of NFTs, with five regular horses and five Binancian horses. The NFTs on sale can be changed for a DeRace NFT horse, a play-to-earn asset that players are able to use in the game.
Regarding the platform, it must be noted that Binance NFT has become one of the fastest growing NFT platforms in the world, generating 25 million BUSD in sales, selling over 300,000 mystery boxes and onboarding 400 creators globally.