INO stands for Initial NFT Offering, granting investors early access to NFT purchases. Similar to issuance methods like IEO, IDO, and IGO, INO originated from Initial Coin Offering(ICO). Just as ICOs helped early blockchain investors participate in token projects, INOs aid early gamers in settling into the game's ecosystem. Users help finance early-stage projects and help game studios develop the game’s ecosystem to expand.
NFTs can be anything; game items, characters, profile pictures, and even real estate in the virtual world. But what is the hype about? Why do so many people believe NFTs could pave the way to the next stage of gaming? Why do so many crypto VCs want to take exposure to blockchain gaming?
Perhaps the most exciting change that NFTs will bring to the gaming landscape would be related to value retention. Game items are more than just a tool. It represents how much you have devoted your time(or money) to a certain game, and it is perhaps the biggest reason people have emotional attachments to the game. Now imagine the game company arbitrarily changing your item specs or even worse case, deleting the item from your inventory without your permission. Although this scenario seems far-fetched, it has happened in the past and will continue to happen simply because all the in-game items and characters belong to the game company, not you. Introducing NFTs to the gaming ecosystem will prevent this, as game companies will no longer hold possession thanks to the decentralized nature of blockchain. What is more exciting is people are coming up with new ideas to extend digital asset holders’ equity in the game.
You may still think, "Game companies still possess the power to devalue the items you own by flooding the game's ecosystem with better items. So what is the point of having complete ownership?" Here's where NFTs can get interesting. As long as it is within the same network, your NFTs can be used in different services. A notable example would be CryptoKitties, one of the earlier NFT projects which did not do much other than showcase the new technology that is NFT. However, a company that had nothing to do with the original creators developed a racing game called KittyRace allowing only NFT holders to participate. By decentralizing property rights and eliminating the need for permission to participate, NFTs allow organic expansion of the digital ecosystem.
Control over the value of digital assets is not a privilege confined to the original creators like in the past. It will be determined by how attractive the game is to pull various services and how much the creators are open to partnerships. Of course, it is difficult to tell which NFTs will be successful, which is why PlayOne Game offers you only the assets with the highest potential.
INO is carried out in the following steps.
- 1.KYC VerificationIn some cases, KYC verification is required to participate in INO. To obtain KYC verification, you need a camera to take real-time photos, your name, email address, and ID(Driver’s license, passport, National ID, etc).
- 2.Whitelist ParticipationA Whitelist mission is required to participate in INO. Common whitelist missions include adding social channel friends and KLAY staking but each project may have a different mission. For more information on the Whitelist mission by project, please check out the PlayOne Games social channel.
- 3.Phase 1: Whitelist Winners INO In this period, only the winners of the whitelist are eligible to participate in INO.
- 4.Phase 2: Whitelist Applicants INO In this period, anyone who participated in whitelisting can participate in INO.
- 5.Phase 3: NFT Public Sale (Coming Soon) In this period, anyone who has connected their wallet to the platform can participate.
INO participation schedule is a total of 7 days and will be as the following table below. Please note, that each project may have a different schedule.
WL Application begins
DAY 1 KST 09:00 ~ DAY 4 23:59 (87h)
WL Drawing Period
DAY 5 (24h)
WL Winners Announcement
DAY 6 12:00
NFT Buy - Phase 1
DAY 6 20:00 ~ 22:00 (2h) WL winners can purchase
NFT Buy - Phase 2
DAY 6 22:00 ~ DAY 7 24:00 WL Applicants (If sold out on Phase 1, INO will close without Phase 2)
INO participation conditions and schedules may vary depending on the event.
PlayOne Games hopes to provide users with the opportunity to participate in the growing blockchain gaming ecosystem through regular INOs.
INO projects and schedules are updated regularly, so please keep an eye on them. INO project announcements will be uploaded first on Twitter. Please follow Twitter and get INO news!