If you’ve been in the crypto and blockchain industry for a while, you probably recall all of the fundraising phases the industry has gone through. There had previously been Preliminary Coin Options (ICOs), Preliminary Trade Options (IEOs), and Preliminary Decentralized Options (IDOs), and now there are Preliminary NFT Options (INOs).
In the same line as the others, INOs include a group selling a collection of NFTs at their issuance to raise revenue for their cause. This is highly representative of the industry’s shifting landscape and the emphasis on NFTs.
One of the most recent is from the Koi metaverse, which debuted its own INO on 12 April 2022.
Particulars In regards to the INO
The INO was conducted on the Binance Good Chain in conjunction with ChainGuardians and Chainboost. 700 NFTs of digital koi fish were made available for purchase on BSCStation and another 700 on ChainGuardians, for a total of 1,400 available.
To participate in the offer, buyers were required to follow a few Chainboost-established guidelines. First, customers had to register their crypto wallets on the Chainboost website. Then, they had to complete Chainboost’s KYC requirements, following which they had to register their interest on the Koi metaverse website.
Those using Ethereum wallets that already included Koi NFTs of Section 1 of the Genesis Assortment Offering got access to a KOI personal spherical allocation primarily based on a random block snapshot.
The NFTs that had been made accessible on the market will be included into the greater Koi GameFi environment, as its business model relies heavily on NFTs. In reality, the purpose of the Koi metaverse is to help usher in the Next-Generation GameFi Metaverse Economies, which may be achieved by supporting the construction of digital collectibles platforms.
This INO was a collaboration with BSCStation, who served as the strategic partner and offered over 700 NFTs. Customers’ standing on BSCStation additionally determined whether or not they might participate, as only tier 1 and higher members had been allowed to join the INO. Customers required a minimum of 30,000 BSCS tokens in order to qualify for tier 1 membership.
To claim their location, they also needed to purchase a placeholder on the BSCStation INO launchpad and then connect the same pockets to the KOI metaverse claiming page. On the day of the INO, they can reveal the contents of the mystery box and claim their NFT.
In addition to its other endeavors, Koi metaverse stresses cross-chain interoperability. The NFTs created by GameFi are compatible with other blockchains, including the Binance Good Chain and Ethereum.
In addition to the INO, Koi metaverse may offer NFTs for sale on its website on April 15, 2022, at 9:00 AM UTC. This particular deal will feature 600 NFTs in addition to mystery containers containing as much as $150 worth of BNB each. In contrast to the INO, there will be no KYC requirements for this sale, although purchasers will be limited to twenty items each.
The core portion of the metaverse game Koi will go live on April 19, 2022. As part of this initial segment, a mystery box will be included, as well as the option for players to breed their koi NFTs and mine shells.
NFTs as the New ICO?
NFTs are currently the darlings of the blockchain industry for obvious reasons. Billions of dollars are being put into the mansion, and it seems that everyone wants to get one.
Now, they look to be the most popular new alternative for raising capital for promising blockchain and cryptocurrency projects. This type of fundraising is significantly more acceptable for projects like Koi metaverse that have NFTs at the center of their operations.
Customers who purchase INOs not solely obtain an investment vehicle, but moreover smart items that might be utilized for collaborating with metaverses and various blockchain-based ecosystems.
Because the official Koi metaverse announcement states, “NFTs constitute a substantial portion of the Koi Metaverse.” It is the underlying assets that provide the gaming’s inspiration, and it is driving the acceptance of the broader GameFi concept.”
Certainly, additional INOs will likely join a blockchain-related project near you.