Participating in Binance NFT IGO: Everything you need to know

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9 Jan 2024

What is Binance NFT IGO and how you can participate

Introducing Binance's NFT Initial Game Offering.
NFT gaming is becoming popular day by day. In spite of this trend which has contributed to over 50% of NFT trading volume, there are very few dedicated platforms aimed at developing gaming and the gaming community. Only of recent, Steam barred all Blockchain related games from its storefront. This action has resulted in a lack of reputable game distribution platforms to establish a flourishing game community.
Bridging the NFT distribution gap.
Binance IGO aims to bridge this obvious gap created by a lack of efficient game distribution hubs by providing the groundwork for a gaming Metaverse and to build publicity for games which are not contained on the Binance Smart Chain. Binance Account users can participate in Binance NFT IGOs by using the funds in their Binance NFT wallets while those who are interested in launching IGOs on Binance NFT, can complete the online application form provided by Binance and successful candidates would be contacted by Binance.
Popular NFTs protocols.
Majority of NFT games are executed on Ethereum and Binance smart chain. Binance advises its account users dealing with gaming NFTs to transfer to compatible wallets to avoid losing their NFTs. Binance NFT IGO is multi-chain, meaning it can operate on all available Blockchain protocols. Binance has been accoladed with the launching of several gaming NFTs including DeRace, Mobox, Axie Infinity and My Neighbours Alice.
Binance account users can get NFTs by utilizing play-to-earn games. Here players trade in-game NFT items with each other for a crypto or fiat currency or they are awarded in-game crypto assets that can traded for fiat or digital currencies of their choice.

NFT
NFT means Non-Fungible Tokens. They are digital collectibles on the Blockchain which gives them the flexibility to be used as characters, consumables, representations and tradable items in games. NFT games can give traders earnings during in-games play or play-to-earn models.
NFT mystery Boxes are offerings on Binance NFT that givers account users the privilege to own NFTs with different levels of rarity in partnership with NFT games.

What is IGO?
IGO stands for Initial Game Offering. IGOs are NFT assortments from top-level gaming projects accessible only on Binance NFT. These collections can dispatch either through closeout, fixed cost or secret boxes.
IGOs can be led more than a few rounds, offering an alternate number of resources to each round with a layered value structure.
IGOs are only for gaming and all drop content will comprise of in-game resources, for example, early-access passes, weapons and things, selective Binance beauty care products and skins and considerably more!

Binance NFT IGO
Binance NFT IGO is an ultimate Launchpad for NFT games and gamers. Top-notched NFT gaming projects are selected to launch and featured on Binance NFT and users would have vast NFT resources for reference. Binance NFT IGO was launched to the on October 2021 and gamers are excited about this initiative because of the potential for a good return-on-investment (ROI).
The essence of Binance NFT IGO is to establish a solid gaming Metaverse where Blockchain games and NFT assets are synchronize for the Binance community of gamers. Binance NFT has launched over 10 NFT games since June 2021 because gaming NFTs have swiftly become a fundamental attention of Binance NFT. Since the Binance NFT is still a relatively new place, it needs the rallying force of passionate Binance community to attain full potential in addition to the factors of time and resources.

How Does an IGO on Binance NFT Works
Binance NFT has a dedicated landing page for each IGO. This is to enable Binance users to meticulously study each gaming project. Users can navigate to each NFT game page just like any other page on Binance NFT. These pages will capture data like a concise overview of the game, advancement guides, in-game reviews, accessible NFTs available to be purchased and the sky is the limit from there. These landing pages would be a small gaming Metaverse for users on Binance.
Binance NFT games work by using NFTs in all their mechanisms, rules of the game and in player interactions. While playing a game, do not be surprise to know that some digital items you find could also be NFTs. NFTs could be swapped or traded with other players for profit. Smart contracts are the vehicles which users can utilize to create, implement and swap NFTs. In the smart contracts are immutable executable codes written as rules for NFTs used.

Advantages of Binance NFT IGOs
The advantages of Binance NFT IGOs can be extracted from how NFT IGOs work. The following are few of such benefits
A. For each IGO, Binance will feature VIP sneak peeks and limited early access to NFTs before the game is launched to the public.
B. Binance NFT users can also access high quality NFTs at a lower cost. Future Binance IGOs will promote selling at much lower prices to Binance NFT users.
C. Binance NFT IGO is being established to support innovative projects with enhanced use-cases.
D. It is open to all Binance NFT users who meet the IGO requirements.
E. Gaming project developers are assisted by Binance NFT IGO which provides fast and additional funds through the participation of early investors.
F. NFT collections are only from top-notch gaming projects made available exclusively on Binance NFT
G. In-game assets will be the constituent of all drop content
H. NFT IGO will attract crypto enthusiasts and translate them into NFT gamers once they enter the NFT gaming Space

How to Buy NFTs from Binance NFT IGOs
Binance NFT marketplace allows account users to buy minted and deposited NFTs. Users can choose between using an Auction or Fixed Price sale method and users can buy NFTs using different crypto-currencies when they decide to buy.
Creators of NFTs as well as those who deposited NFTs into Binance NFTs marketplace from sources other than Binance, receive 1% royalty from all successive trading.
To buy an NFT, Binance account users should follow the following steps:
1. Open a Binance account and verify to an intermediate level, if you don’t already have an account
2. Log in to your Binance account using your secured login details
3. Fund your Binance Spot wallet with BNB,BUSD or ETH
4. Locate the Binance NFT market place
5. Scan through the NFTs available for sale, note the NFT image and description, bidding history and prices
6. A. Select NFT Auction if this is your choice. B. Place a bid by clicking the ‘Place a Bid’ button to enhance your chance to win the bid. C. Place your bid amount in the pop-up box for the NFT of your choice by increasing the current bid amount. At the end of the NFT Auction, the highest bidder wins the NFT D. Click on ‘confirm’ and a successfully bidding will be confirmed. A successfully bided amount will be locked and cannot be recalled until a higher bid from another bidder is placed or when the auction terminates
7. A. Select the fixed Price method if you need an instant buy. B. Select the NFT of your choice, and then click on ‘Buy Now button’. The amount for the NFT would be deducted from your Binance wallet
8. A. If you want to buy an NFT via the Mystery Box method, just head to the mystery box page on the Binance NFT. A fixed price and adjustable quantity of the NFT are attached to each box. B. Adjust the quantity of mystery boxes you want to buy. C. Click on ‘Buy’ button D. Confirm your purchase details on the pop-up box E. Click on ‘Confirm’ Button.
9. Notes: A. Mystery Boxes are of 4 kinds according to the rarity of the NFTs they contained: N (Normal), R (Rare), SR (Super rare) and SSR (Super Super rare). B. Mystery boxes can be sold on the Binance NFT marketplace as a whole or each of the NFTs inside it sold separately.

How to Sell an NFT on Binance NFT Marketplace
For your sale, you can choose from an Auction or Fixed Price format and take payment in several different crypto-currencies.
The steps to selling an NFT on Binance NFT Marketplace are almost similar to those involved in the buying process. You are either a selected minter of NFT or you have an NFT from an external source other than Binance.
As a seller, you are regarded as a creator or depositor of NFT and you will enjoy 1% royalty imbursement for any successive sale of NFT on Binance NFT marketplace
1. Locate the NFT Asset page
2. Collections page
3. Click on the NFT you will like to list
4. Binance will review your submission before your NFT is listed on Binance NFT Marketplace.

How to withdraw NFTs from Binance NFT to other games
1. Log into your account
2. Find Binance NFT
3. Connect your wallet: Metamask, wallet connect
4. Click on ‘user center
5. Click on ‘Withdrawal’
6. Select the NFT that you wish to withdraw from NFT Asset or Mystery Boxes
7. Click ‘confirm’
8. Pay withdrawal fees using the native tokens of the protocol on which your NFT was minted
9. Select your destination wallet address from under ‘destination wallet address’
10. Click on confirm button
11. Notes: A. you cannot withdraw Mystery Boxes because they are not NFTs but they contain NFTs. They need to be opened first
B. Use the Token ID of the NFT to be withdrawn by clicking on the NFT if there are multiple NFTs from similar series
C. Withdraw fees are prone to fluctuation
D. Chose a compatible wallet for your withdrawal
E. Enter the correct address to avoid losing your NFTs.
F. A successful withdrawal will appear in the withdrawal history
G. NFTs withdrawal completion is done every 4 hours on a batch-by-batch basis. six batches are completed each day
H. Transaction fees are incurred for the withdrawals of NFTs to Non-Binance wallet address and are paid to miners or validators on various Blockchain protocols

Conclusion
Binance Non-Fungible Token initial game offering has the capacity to build a robust foundation and in no time, a gaming Metaverse which connects high-quality games and NFTs for the global crypto-community
1. Binance account sign up: https://accounts.binance.com/en/register?ref=1115767
References and further resources
A.https://www.binance.com/en/nft /?ref=11515767
B.https://www.binance.com/en/nft/blindBox/?ref=11515767
C.https://www.binance.com/en/nft/market/?ref=11515767