GameFi is a cryptocurrency trend that emerged at the intersection of DeFi and gaming with elements of metaverse, which allows to earn by playing in p2e games.
Despite the falling market, this cryptocurrency trend continues to grow. One of the most popular ways to raise money is IGO (Initial Game Offering). Over the past six months, total gaming NFT sales have exceeded total NFT sales in all other areas. Why this happened, we explained here.
No one wants to miss out on opportunities in a growing market. In this article, we'll explain how to join in the early stages of IGO through the eponymous Launchpad.
Founded in September 2021, GameFi is the largest blockchain-based lunchpad that brings together developers, investors and casual players from around the world.
The platform has its own ranking system based on their $GAFI staking. It includes several levels that give certain benefits.
On September 16, 2021, they announced a special grade system for the lunchpad, which is divided into 4 tiers:
You must have at least 20 $GAFI staked. Once you're a Rookie, you’ll be able to apply to the Whitelist of GameFi Launchpad.
Starting from this rank, everyone has a chance to receive a share of pool tokens by lottery method. The system randomly chooses the ticket numbers that receive the reward. To increase the chance of winning, you need to keep as many tokens in the staking as possible: every 20 staked coins is equal to 1 lottery ticket.
The highest possible allocation is $60.
The withdrawal delay is 5 days.
This is the second level rank, which also allows you to enter the whitelists and join pools on the Launchpad. You must stake at least 100 $GAFI or more to qualify for the Elite division.
By obtaining this status, your maximum allocation tokens increases up to $300 in equivalent. At the same time, the withdrawal delay increases to 8 days.
Pro status is assigned to players who staked at least 500 $GAFI. The Pro includes all the same benefits as the previous ones, increasing the maximum possible winnings of pool tokens and increasing the withdrawal delay.
The differences between the Pro and lower Elite:
This is a unique status, obtained only by 12 members. The main requirement is to own the legendary NFT.
You must own a legendary NFT, which is assigned to the top 12 stakers. Each member of this list receives the associated level, where Legend 1 -- the highest level. Each month, the Launchpad system re-auctions the last two places to update the list of leaders. In case they are taken by new players, their privilege will be lowered to the Pro level.
Note: If several people have the same number of coins staked, the level higher is assigned to the user who staked that amount earlier.
Accounts with this membership who decided to unstake or withdraw $GAFI (regardless of the quantity) from the staking instantly will be immediately downgraded to ro, and withdrawal delay now setted to a 30 days. Such a rule is in place to regulate the supply on the market, preventing it from a price collapse.
Let's say some pool has $100k worth. The share is 20% of the total volume = $20k.
Then, that $20k is distributed among Legends. The participant with the level of Legend-1 receives the highest reward. Each subsequent participant receives 5% less than the reward of the participant whose level is higher.
Example: The award was $20k. The first participant's award is calculated on the basis that the total value of awards should be $20,000, and each subsequent award be 5% lower than the previous award.
Allocation token formula:
A completed guide is posted on their official youtube channel:
Tutorial #1 | Beginner's Full Guide: 7 Steps To Join IGO On GameFi.org Launchpad
Go to the website.
Now you should add a sub-wallet for IGO. This is done through the account profile.
Moving into the profile, we see two optional sub-wallets. Press "Edit profile", and then there will be a field for entering the address.
Insert one or two addresses and click "Save".
Now you have to achieve a minimum required rank to take part in Initial Game Offering. Go to the "Staking" tab. Here we immediately see all grades we talked about above.
First we go through the pre-stake stage. It requires checking the following:
If all is well, agree to the rules and click "next".
You can now add coins to staking.
Enter the amount you want to add to the Staking and go through the 5 confirmation steps. In our case, you want to add at least 20 coins to become a Rookie.
Done. Now all that's left is to whitelist GameFi.
Before you apply for a whitelist, you must complete the KYC (Know Your Customer) procedure.It is a one-time routine. Click on the appropriate button in your profile and fill in all the necessary fields:
After that, you start to follow their social media and submit the form. Once submitted, the application receives a "Pending".
There are currently 30 people on the team. However, the starting lineup looked like this:
The’re also some famous advisors:
A complete guide to using the site is available as documentation on GitBook, which is analogous to Whitepaper. Link to documentation: https://faq.gamefi.org/
Yes. The platform is perfectly legal in the UK. The list of countries where it is banned includes the following: USA, China, Hong Kong, and other countries under regulatory sanctions.
Yes. The protocol has no direct access to your assets. All transactions are performed by the user himself, confirming all transactions by himself.
To engage in IGO, you must:
First, go to the website.
Next, we need to connect our wallet. To do this in the upper right corner, click on the appropriate button.
You’re able to buy it on the exchange or DEX. This coin is traded almost everywhere. Here is a list of popular exchanges where you can buy it:
You’ll see upcoming and community pools on the page.
By clicking on one of the pools, you’ll find all the necessary information, including the dates of the event, the minimum required rank, the accepted cryptocurrency for swap.
The explosive growth of the GameFi industry has spawned many promising projects – GameFi is one of them. It changed the rules of p2e fundraising with creating a unique ecosystem. Now you could get the necessary amount of money for your profect by selling NFTs. We described the best way to launch an NFT sale in a bear market here.
Today, Initial Game Offering has become one of the most popular ways to launch an NFT sale. The ranking system used on GameFi raises the entry threshold, allowing projects to choose which audience is available to join it.
Thus, despite the overall picture of a falling cryptocurrency market, there are promising areas that continue to develop.