Kucoin is a cryptocurrency exchange founded in September 2017. It offers spot trading, margin trading, peer-to-peer fiat trading, futures trading, staking (and earn mechanisms) and lending to 10 million users in 207 countries. In an old article I had already talked about the basic functions of Kucoin: services offered, availability of almost all chains, listings of low market cap gems, utility tokens (KCS) for discounted trading fees, earn services, trading bot and a growing DeFi. You can learn more here: How To Find Crypto Gems On Kucoin
IGO: WHAT THEY ARE AND HOW THEY WORK
Today I would like to learn more about a product called IGO. Kucoin IGO was launched on 8 April. This acronym stands for "Initial Gaming Offerings". Pikaster was the first project to be incorporated into IGO.
The exchange would like to help and accelerate the development of NFT, gaming and metaversi (Web 3.0). Gamification and NFT will play key roles in future virtual worlds. What are NFT? They are "Non Fungible Token", assets registered on a blockchain and not alterable. When you interact in a metaverse or in a game that runs on blockchain you use NFT. All virtual world assets are NFT. What are they for? They could be a tool to mine a token, a spaceship to stake the game token, a character to move within a metaverse or even a billboard that refers to an Opensea page. They are all NFT!
Kucoin's IGO will allow users from all over the world to preview exclusive NFT: earning, playing and having fun.
This product is similar to the ICO (Initial Coin Offering). An ICO allows you to buy a token in pre-sale before listing on the exchange (these tokens allow 30-40-50-60x increases on the purchase price!). An IGO works the same way: you can buy a character, a card, a mystery box, etc
They offer teams the opportunity to raise funds to support their projects (gaming and NFT). In addition to the opportunity to obtain tokens, IGO participants benefit from other privileges such as exclusive access to game resources. But how does it work? Basically, a number of NFT are put up for sale. Users have the option to purchase them in multiple rounds, even with whitelist mechanisms (as in the case of Pikaster).
HOW TO TAKE PART IN AN IGO ON KUCOIN
1) You must register Kucoin (Sign Up)
2) Do the KYC if you want (it is not necessary to participate in IGO)
3) Buy crypto with Visa, Mastercard, P2P methods (also Paypal) or deposit crypto in main account (USDT). You could use the trc20 network to pay less network fees when moving from an exchange to Kucoin
4) Go to the IGO section: IGO (Kucoin)
5) In the last IGO you can choose to buy a Mystery Box directly (with random NFT) or to participate in an auction (where rarer NFT will be sold). In this case the holders will also receive tokens. You pay attention to the dates!
6) Once you have chosen the method, you can pay in USDT (buy). Obviously you will have great advantages if the game in question is successful. That's all? Of course, participating in the Kucoin IGO is very simple! As you can see in the description sheet you can read the name of the game (or of the collection), the category (in this case it is boxes that contain 1 NFT of variable value), blockchain (KCC...is that of Kucoin), address of the contract and NFT available.
7) Remember that you will not pay gas fees. You can check your purchased NFT on this page: NFT Collection (Kucoin)
IS IT CONVENIENT TO INVEST IN NFT AND IGO?
Kucoin selects the most interesting emerging projects (otherwise it wouldn't have been labeled people's exchange) but you should do your research before investing in the crypto world. This advice applies not only to NFT but also to cryptocurrencies in general. Nobody can know if a project will be successful or not. What I can recommend is to view their official pages and read the whitepaper of each project in which you are investing money. After you have done your research, if you find the project interesting, investing in an IGO is definitely the best thing to do. Basically you are buying a pre-sale NFT that you could resell at a much higher price if you want to speculate on it. Otherwise you could use it in the game as soon as it is launched. Obviously I am assuming that this game is successful. Remember that many NFT games have been a real blessing for those who believed in them at the beginning.
I could give the example of Axie Infinity, Sandbox, Decentraland, Splinterlands, Gods Unchained, Stepn, Genopets, etc But how do you make money with game and metaverse? You could buy a land and make money when people come to play your games. Or you could mine a token, move into a game and collect other NFT, participate in races, play fantasy football, etc. There are no limits of imagination. It depends on the game. You can also buy NFT without playing. For example, you could buy them for speculation. Buy at a low price (IGO) and sell at a higher price. Surely not all games and not all metaverses will make you rich for these reasons you have to do your research! However, if you consider an interesting project, the IGO is the best investment you can make!
Here you can find some contacts:
Kucoin (Twitter), Lyu Johnny (CEO)
Kucoin Mod (Twitter) & Kucoin Moderator (Twitter)
Kucoin (Telegram)
Kucoin (Youtube)
