WHAT IS AN INITIAL NFT OFFERING (INO)? FEATURES & DEFINITION
There are various fundraising techniques embraced by arising projects to upgrade their business. Initial NFT offering is an as of late started raising money procedure, fundamentally intended for decentralized platforms.
However, INO still seems a bit strange to most of us. Therefore, the ByteNext team is glad to give you guys a guide to dive deeper and comprehend this term better before starting participating in any INOs via our ByteNext Launchpad.
The Concept of INO
🔖 INO (or Initial Non-Fungible Token Offering) is a new type of crowdfunding platform in which the NFTs are sold at the project’s early stage.
A non-fungible token (NFT) is a collectible digital asset that holds value in the form of cryptocurrency as well as in forms of digital representation of artwork collectibles, files, music files, audio, etc.
🔖 The appeal for decentralized platforms has made cryptocurrencies significantly increase its popularity as digital assets have earned recognition in almost all parts of the world. This has brought about the rise of NFTs. Hence calling for the need for INO, a digital currency crowdfunding innovation that depends on the idea of Initial Coin Offering (ICO).
What makes INO different?
In an ICO, developers create a huge number of coins or tokens, blow up their worth with guarantees, sell them in mass at a modest cost to “whales” trading out very well. They allow the whales to dump their coin at a benefit at a profit at the expense of small faithful supporters that are not even involved with the improvement cycle and running of the network.
Apart from Initial Coin Offering (ICO), INO does not focus on tokens or coins. It relies more on technology, which means an INO has no means to exist without a real project. Those that have purchased the NFTs, are directly involved in running the network, while contributing actively to the development through their participation in the project.
The Advantages of participating in an INO on ByteNext launchpad
✅Lower transaction costs
Running on the Flow blockchain, INO via ByteNext launchpad minimizes the transaction fees that both creators and investors are charged.
✅Higher Investment Returns
An INO enables participating investors to profit from the intrinsic inventory shortage of the NFTs. ByteNext Launchpad has native social platform capabilities to increase visibility of the projects, and thus expanding the worth of their NFTs.
Combined with the limited transaction fees is the higher investment returns INOs give as investors take advantage of the inborn stockpile shortage of the NFTs.
✅Easy-to-launch NFT Projects
With the features that come with INOs, anyone with little expertise in the NFT space can be exposed to a more extensive scope of crowds by means of the help of INO. As such, artists, who plan to build NFT projects but are financially challenged to fund them, can raise needed funds through INOs.
✅Early community participation
With ByteNext Launchpad, creators and projects can build early communities through an Initial NFT Offering (INO). For creators and projects, this is a unique chance to lower the risk of entry for creating resource intensive NFT projects. For fans, investors and collectors, this is such a great opportunity to join these above communities as the first ones to the projects and get their own privileges.
✅Access to limited edition NFTs that are guaranteed
ByteNext Launchpad promotes highly potential blockchain & NFT startups seeking to engage with their core business. To be more specific, selectively rigorous review by a team of evaluation experts will ensure the quality of INO launch projects on ByteNext Launchpad. Therefore, people can access to limited edition NFTs that are unique, non-fungible and of course, qualified.
🔗LEARN MORE: How to participate in an INO via ByteNext Launchpad
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About ByteNext
ByteNext is a blockchain incubation hub that fosters a network of NFT DAOs, connected through an ecosystem that provides Openness, Sustainability, Immersion.
Our ecosystem consists of AvatarArt | NFT Metaverse Marketplace, DEX, Launchpad that supports both INO and IGO & futuristic features like Extended Reality Metaverse, enabling creators, hobbyists, collectors and investors to Defi every single activity or creation they can imagine of.
👉 Visit ByteNext Launchpad at https://app.bytenext.io
⚡Stay tuned with our official channels here: https://linktr.ee/bytenextio
ByteNext Ecosystem — making Metaverse Economy a reality 🚀
