Gaming is now a multi-million dollar industry. And GameFi has been taking finance to a whole new level, where playing and creating in virtual worlds is a viable way to invest, earn and contribute to popular culture. The new GameFi Planet of Avalanche is Roco Finance. Roco Finance will be one of the best GameFi projects as it is built for game developers, content creators and a community of players, with many upcoming IGOs coming this year.
In today’s post, join Avaxholic as we go through how to participate in the newest IGO events on Roco Finance.
What Is Roco Finance?
Roco Finance is a decentralized GameFi platform that includes blockchain services for game developers, content creators and a community of players through a blockchain network.
Roco Finance – Blockchain gaming platform is experimenting with unique solutions to solve the problems that are causing in the gaming sector. By combining blockchain technology infrastructure with its game solutions, the Roco Finance platform reduces barriers to entry for game developers, content creators and the player community.
Roco Finance plans to accelerate the growth of online games with centralized solutions with the goal of helping to support and realize their full potential.
They set out with the mission of a technological service provider on blockchain not only for their own games, but also for all games in the global market. Not only Roco Finance has now started to develop products that will integrate blockchain into the games. But they are also going to host many IGO products, one of the upcoming game is Talecraft, their first IGO.
What Is GameFi? How Does It Work?
GameFi refers to the financialization of video gaming. Similar to the popular crypto term DeFi, or decentralized finance, GameFi is a fusion of the words “game” and “finance.” GameFi comes in many different forms today. Many of the most popular blockchain games today use a combination of the following features to monetize the action.
In some blockchain games, players receive financial rewards for completing gameplay objectives. The funds awarded in these play-to-earn titles typically originate from a reserve of native tokens held within a smart contract. Player can be rewarded mostly through the following behaviors:
- Winning battles and tournaments
- Trading on the game marketplace
- Complete Mission/Quests
- Other Mechanisms
Metaverses are sprawling universes that users access via a computer or virtual reality headset, allowing you to work and play in a fictional, digital realm.
Metaverse cryptocurrencies can typically only be spent in the metaverse they’re tied to. You buy them through each virtual universe’s in-game store.
Asset Ownership & NFT
Central to many blockchain games today is the concept of ownership of scarce digital assets. Bitcoin introduced digital scarcity via the blockchain, and NFT technology expanded on it.
NFT stands for “non-fungible token”. NFTs can represent all manner of assets — both digital and physical — including in-game items. NFTs allow you to buy and sell ownership of unique digital items and keep track of who owns them using the blockchain. NFTs have been making headlines lately, some selling for millions of dollars, with high-profile memes. I fundamentally believe that NFTs and blockchain games are the future.
Roco Finance isn’t just another NFT gaming project, the protocol paves the way for decentralized games to enter the market with their developer tools that integrate the concept of NFTs and in-game item trading into gaming. For developers, the convenience of software development kits ease the incorporation of value-adding NFT capabilities into their projects
Security through DeGaming
Decentralized gaming (DeGaming) found security in the integration of blockchain technology and smart contracts. DeGaming became an industry upon itself, with a continuous improvement on data structures as blockchain technology continues to advance.
With decentralization in games, players enjoy an autonomous governance over the platform instead of relying on major gaming corporations to make decisions for the community. Decentralized platforms reward players with governance rights, and any player has the chance to make decisions for the better of the community.
Profitability In GameFi
Adding value to decentralized gaming is Game Finance, which brings together the fun of gaming with the profitability of investments and trade. GameFi isn’t a new concept, although it has only been acknowledged with the rise in blockchain gaming.
What Is IGO?
Initial Game Offering (IGO) has similar to Initial Coin Offering (ICO). The only difference is that in IGOs, the platform hosts gaming projects that are based on NFTs or tokens as their in-game currency and rewards.
Investors can put their funds into the gaming projects offered by IGO launchpads and expect significant ROI (Return on Investment) once that gaming project is launched on major crypto exchanges or gains popularity in the ever-increasing gaming community.
The investment is used to develop the game. Many IGOs run through a launchpad, a platform that facilitates the entire IGO. How the IGO is set up depends a bit on the platform. This can often be done by:
- Purchasing tokens from the launchpad first.
- Invest in the launch pool of a project. To participate, you lock the native tokens in this pool. After launch, tokens and winnings are often released in stages.
An important difference in the contribution of tokens is that some IGOs work with a fixed number of tokens (fixed tokens) that you have to buy or a system with tiers. You can enter with different numbers of tokens. There is a reward system attached to the tiers. The bigger the investment, the higher the reward.
It is often the intention that you hold the purchased tokens for a while, staked. Rewards are usually associated with the time you hold tokens. Holding the tokens keeps the price of the token stable.
The tokens can also sometimes be used to control the governance of the blockchain game. Furthermore, an IGO can proceed through a number of rounds. As an early adopter, joining the first round comes with many advantages and of course also more risks because this is at an earlier stage.
A stake in the game may be by means of a draw or guaranteed allocation (token allocations).
How To Join IGOs On Roco Launchpad (Roco Starter)
What is Roco Starter?
Roco Starter mediates the promotion of promising game projects in the seed and incubation stages. It organizes IDOs for partner companies to meet and invest with player communities. It provides technological opportunities for partner companies to use the blockchain infrastructure.
By maintaining their own launchpad, game devs can launch their game tokens with proper advertising and distribution to stabilize token price.
Roco Starter will also function as an Initial Dex Offering platform to join promising initial token offerings by holding Roco Finance (ROCO) tokens. ROCO token, its native token, is created and used to generate the game economy and allow players to earn while playing the game.
To get ROCO token. Read more:
Before we get started, you will need to have a wallet, like Metamask, to complete the KYC process and ROCO token before joining IGOs on Roco Starter.
To get Metamask wallet connected to Avalanche Network. Read more:
What Is KYC? How To KYC On Roco Finance?
KYC, which is short for “know your customer” as well as “know your client,” is the process of verifying a customer’s identity. The point of KYC is to confirm that a customer is who they claim to be.
- Step 1: From Roco Home Page, in the left cornner, select “Roco Starter” (a person with rocket icon), then “KYC” (a person with checkbox icon).
- Step 2: Choose your blockchain network at the top of website. For this example, I chose Avalanche Network.
- Step 3: Click Connect to your wallet in the top right corner. Your wallet informations will automatically filled in textboxes. And remember to have enough AVAX for KYC transaction fee.
In this case, the fee for KYC is 0.02218 AVAX. Then click “Start Verification“.
- Step 5: Prepare ID Document and do these steps as follow. After that, click “Sign In” both on Roco website and your wallet.
Now you are verified and one step closer to joining in IGOs on Roco Starter
Note: In case the verification fails, contact admins here
How To Join IGOs
- Step 1: From Home Screen, select Pool (The hand withdrawing money icon)
- Step 2: You will need to stake ROCO tokens at starter pool to participate IGOs. Input the specified minimum amount of ROCO tokens in the middle textbox. Then click Stake
You can now harvest earnings and join IGOs. You can click Unstake to withdraw from the pool anytime.
Note: There will be another pool which requires you to stake 400 $ROCO to join IGO
- Step 3: Go to IGOs page. Vote for Participating Upcoming IGOs
If you are eligible for participating IGOs, When IGO is live, join IGO by clicking “Join IGO” button
- Step 4: Swap your Avax coin for buying the new project’s token. Once you have swapped the new token will be sent to your wallet automatically.
- There will be another pool for staking your $Roco tokens. And this pool will require only 400 Roco tokens, no more or no less. Staking in the current pool will not help you participating in Talecraft IGO, but earning $Roco tokens. From their vision, it’s essential to find the optimum amount of tokens to be staked by investors, so 400 $Roco tokens are decided by going through due diligence.
- For all of this process to work out properly, we strongly recommend you to hold at least 10$ worth of AVAX tokens in your wallet, as the gas fee can not be calculated.
Roco Starter’s First Ever IGO
Join Roco Starter on it’s first ever IGO project. Featuring TaleCraft, a minting NFTs, metaverse game built on Avalanche Network. And it’s public sale is coming on November 22nd, 2021.
TaleCraft is touted as the first crafting game on Avalanche and is a player versus player board game. Along with minting NFTs, there is a very inventive play-to-earn mechanism where players gain power through a gamified NFT “alchemy.” In this medieval metaverse, skill reigns supreme over luck.
It is transporting, ever-evolving but this is not what made Avalaunch take true note. It is a subtle evolution in gaming by virtue of its economic model. The payoff is not more from the game itself or an ethereal value which may or may not be realized in the future. Rewards are payable in none other than AVAX via some innovative tokenomics. This is something that is sustainable for both player and CRAFT token alike.
- Classic NFT minting have limited use cases and may come to bore.
- Crafting Technology can be used instead of classical NFT minting.
- Users can play games and make profit with Crafting Technology as well as with classic NFTs within the same game.
- Crafting Technology is more engaging as players make money with strategy and through competition.
- The ERC-1155 standard can be integrated into games, used in the metaverse, thus having great potential for the Avalanche Ecosystem.
TaleCraft’s mission is to popularize this technology but it is the token mechanics which represent an additional departure from standard issue as they are liquid and gamified.
Players must deposit 10 CRAFT and .1 AVAX in order to unlock a treasure chest and receive an NFT card.
Once the 10 CRAFT enter the game, users are granted an NFT card, which is assigned a “weight,” which determines status within the game. Opening more chests, grants additional cards which can be combined in order to ascend levels.
Combined cards used to achieve a higher level will be burnt but where things get more compelling, is how the deposited CRAFT and AVAX are deployed.
As the diagram illustrates, the 10 CRAFT and .1 AVAX are put to work. There is a potentially massive deflationary component to this token. Moreover, the continual feeding of Avax into the ecosystem should also have an interesting effect as many earning models are often more of the token one already holds. This is effectively the opposite.
Talecraft IGO Details:
- KYC for participation opens: 17th of November
- Registration (stake and vote) opens: 19th of November (or earlier)
- IGO will be held on 22nd of November 2021, in guaranteed allocation.
- Total Supply: 30M CRAFT
- Seed: 1,800,000 CRAFT at .20 USD — $360,000 USD
- Strategic: 1,800,000 CRAFT at .24 USD — $432,000
- Private: 2,850,000 CRAFT at .26 USD — $741,000
- Public: 3,750,000 CRAFT at .28 USD — $1,050,000
- Hard Cap: $2,583,000 USD
Details about vesting:
- Seed: 30-day cliff, 5%, 90-day cliff, linear for 18 months
- Strategic: 30-day cliff, 5%, 90-day cliff, linear for 15 months
- Private: 5% TGE, 90-day cliff, linear for 15 months
- Public: 35% TGE, weekly for 3 months
Public Sale :
- Avalaunch: 3.21M $CRAFT worth of 900.000$, at the price of 0.28$
- Roco Finance: 535.7K $CRAFT worth of 150.000$, at the price of 0.28$
FAQs About IGO Projects on Roco Finance
What happens if the IGO doesn’t raise all the funds targeted?
The sale will proceed as normal, and all funds contributed will be spent.
Want to launch your own IGO?
Launch your project with Roco Starter, Avalanche Chain’s most-used liquidity provider, to bring your token directly to the most active and rapidly growing community on Avax. Start applying to Launch here.
For more news on Roco Finance, check them out:
- Website: roco.finance
- Telegram: t.me/rocofinance
- Whitepaper: docs.roco.finance/rocofinance
The blockchain game industry is developing at a rapid pace in 2021 and IGOs are a new opportunity to benefit for both game developers and game lovers. Despite the fact that Initial Game Offerings on Roco Finanance can be a great way to get into a promising project early on, it’s still important to analyze projects and remember about risks. The phenomenon is still very young and risks are quite high.
All information on the article is for reference only, this is not investment advice. Hopefully, the information that Avaxholic has gathered in the article will be useful to you.
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