If you’ve been in the crypto and blockchain sector for a while, you probably remember all the phases of fundraising that the industry has gone through. There have been Initial Coin Offerings (ICOs), Initial Exchange Offerings (IEOs), Initial Decentralized Offerings (IDOs), and now, Initial NFT Offerings (INOs).
In a similar vein to the others, INOs involves a company offering a collection of NFTs for sale at their launch to raise funds for their project. This is very much representative of the changing landscape in the industry and all the focus on NFTs.
One of the latest of these comes from the Koi metaverse which launched its own INO on April 12, 2022.
Details About the INO
The INO was held on the Binance Smart Chain and was part of a collaboration with ChainGuardians and Chainboost. Overall, 700 NFTs of virtual koi fish were made available for sale on BSCStation and another 700 on ChainGuardians, with 1,400 for sale in total.
To participate in the sale, users had to follow a few guidelines set up by Chainboost. First, they had to visit the Chainboost website and connect their crypto wallets. Then, they had to complete Chainboost’s KYC requirements and after that was done, they needed to declare their interest on the Koi metaverse page.
Those who had Ethereum wallets that already had Koi NFTs of Phase 1 of the Genesis Collection Offering were able to access a KOI private round allocation and this was based on a random block snapshot.
The NFTs that were made available for sale will form part of the larger Koi GameFi universe as its business model relies heavily on NFTs. In fact, Koi metaverse’s goal is to help usher in the Next-Gen GameFi Metaverse Economies and this will be done by facilitating the creation of digital collectibles platforms.
This INO was a collaboration with BSCStation which acted as the strategic partner and had over 700 NFTs for sale. Users’ status on BSCStation also informed whether or not they could participate as only tier 1 and above members were able to join the INO. To become a tier 1 member, users needed to have at least 30,000 BSCS tokens.
To claim their spot, they also needed to buy a placeholder on BSCStation INO launchpad and then connect the same wallet to the KOI metaverse claiming page. On the day of the INO, they could discover the content of the mystery box and claim their NFT.
In all its efforts, Koi metaverse also emphasizes cross-chain interoperability. The GameFi NFTs that they create are compatible with several blockchains including the Binance Smart Chain and Ethereum.
Along with the INO, Koi metaverse will also be launching an NFT sale on its website on April 15, 2022, at 9 AM UTC. This particular sale will have 600 NFTs on offer as well as mystery boxes holding up to $150 worth of BNB each. Unlike the INO, this sale will not have any KYC requirements, though users are limited to buying a maximum of 20 items each.
The first phase of the Koi metaverse game will be going live on April 19, 2022. As part of this first phase, a mystery box will be released, as well as the option for users to breed their koi NFTs and mine shells.
Are NFTs the New ICO?
It is undeniable that NFTs are the darlings of the blockchain sector at the moment. Billions of dollars are being poured into the space and it seems everyone wants to get their hands on one.
Now, it seems they are the hottest new way to raise funds for promising blockchain and crypto projects. For projects like Koi metaverse, which have NFTs at the center of their operations, this fundraising method is even more appropriate.
For the consumers that buy into INOs, they are not only getting an investment vehicle but also practical items that they can use when they interact with metaverses and other blockchain-based ecosystems.
As the official Koi metaverse announcement explains, “NFTs are a huge part of the Koi Metaverse. It is the underlying assets that lay the foundation of its gaming, and it is driving the adoption of the overall GameFi concept.”
Needless to say, we will likely see more INOs coming to a blockchain-related project near you.