More and more we see games that run on a blockchain. These games are part of the GameFi revolution. GameFi stands for Game and Finance, and uses the play-to-earn principle. This means that users can earn money by playing a game. Exactly how that works varies from game to game.
Seedify.fund is capitalizing on this trend with their own gaming platform. In this article we explain what Seedify.fund is, how it works and how you can participate in the IGO.
- 1 What is Seedify?
- 2 Is there a lot of money to be made with an IGO?
- 3 How does a video game work on the blockchain?
- 4 How does Seedify work?
- 5 The pros and cons of Seedify
- 6 How do I buy SFUND token?
- 7 How do I store SFUND tokens?
- 8 How can I join an IGO?
- 9 Is it smart to invest in Seedify?
- 10 Conclusion
What is Seedify?
Seedify is a platform on which IGOs are offered. IGO stands for Initial Game Offerings, and is very similar to an ICO , which stands for Initial Coin Offering. See below an image about the upcoming IGOs on Seedify’s platform.
The moment a new crypto project is going to be launched, money is needed for this. The team behind a project comes up with the idea, but has yet to get the resources to realize this idea. This requires materials and people that have to be paid.
Such teams can present their idea to the crypto community in order to raise money. When there are people who believe in the idea and trust the team, they can choose to invest in the project before it actually exists. With these investments, the team can realize the project.
You can perhaps imagine that this is risky, because as an investor you do not know whether a project will succeed. In exchange for your investment, you will often receive tokens later for a very favorable price. So there is a lot of money to be made when you participate in an ICO.
Because games are increasingly being developed on blockchains, there are also more and more teams that need money to develop their game. This money has to come from somewhere, so they can start an IGO to raise money. However, there is another problem: how do they make sure that people know about the IGO?
This is where Seedify comes to the rescue. They provide a platform on which software teams can post their projects to raise money. With this money, the team can realize their game. So if you want to participate in an IGO, you can quickly and easily find projects in which you can invest on Seedify.
Of course we have to tell you that this is not entirely without risk. Even when a platform guarantees success, there is always a risk that you will lose money. Therefore, always do good research into a project before investing money in it. See below an image of which IGOs have already raised money.
Is there a lot of money to be made with an IGO?
It is impossible to say in advance how much money you can earn with an IGO. There are plenty of IGOs that will guarantee a certain return. However, you only know afterwards how high this return will actually be.
It is certain that more than $ 159.3 billion was spent in games in 2020. There are more than 2.7 billion gamers worldwide, all of whom spend money on gaming. This indicates how large this market is, and how much money there is to earn.
At the same time, more and more large companies are deciding to release a game on the blockchain . GameFi is only in its infancy, so there is still a lot of room for growth. It can therefore be very attractive to participate in an IGO. The returns you can achieve are often much greater with an IGO than with the public sale of tokens. On the other hand, the risk is also many times greater. In this tweet, Seedify comes out as the most cost effective over other platforms.
How does a video game work on the blockchain?
Maybe you didn’t know that it is possible to play a game on the blockchain. It is still a fairly new technology that can be used for video games, although this way of gaming is becoming increasingly popular. Before you read further, watch this video below.
When you normally participate in an online game via a website or application, all data is stored in the server of the application. For example, think of the items that you have as a player, but also of your level, name, outfit , etc. As is always the case with a blockchain, data is still stored in a central place, but in a decentralized place. This decentralized place is the network of the blockchain.
This network consists of thousands that all contain a copy of the blockchain. This makes it virtually impossible to modify data on a blockchain. After all, this would be noticed by the entire network. The blockchain’s network also handles transaction processing. These do not always have to be payments. For example, these nodes also process smart contracts .
Games on the blockchain use these smart contracts. Various data can be stored here. For example, think of the items you have in your possession, as well as the level you are in.
Many of these games use non-fungible tokens (NFTs). An NFT is a token that is unique and separable from all other tokens. For example, a special item can be stored in such a token. Think of a special outfit or battle item.
When you own such an item, its value can increase enormously. This is the case when an item is very unique, or has been in the possession of a famous person. This data is always stored in the NFT. Because the blockchain is completely transparent, anyone can view this type of data.
The play-to-earn principle means that you can earn money by playing a game. You can collect certain items that you could later resell for a lot of money. There have been many games that have made players millionaires purely because they acquired valuable items while playing the video game.
There are an awful lot of video games that fall into this category these days. For example, think of Axie Infinity , CryptoKitties and Gods Unchained . These are games that are extremely popular and run on the blockchain. Also, Decentraland is a popular GameFi game.
Players have their own piece of land in Decentraland, which is saved as NFT. The game is quite similar to Minecraft. Players can therefore also place buildings on their own piece of land. It is also possible to sell a piece of land, including the creation on it, to others. In the past, plots of land have been sold for thousands of dollars. This indicates how much money is involved in these types of video games.
How does Seedify work?
The effect of Seedify is actually not that difficult to understand. Even if you have little understanding of blockchain and crypto, you can understand how Seedify works. It is important to know that Seedify is a decentralized platform and thus runs on a blockchain.
Seedify uses a special tier system to participate in an IGO. Not long ago there were only 3 tiers, while recently it has been using a 9 tier system. This system is a lot fairer than the 3-tier system.
Each user is assigned a certain tier, starting at 1 and going up to 9. Which tier you are dealt into depends on the amount of SFUND tokens you are willing to invest. The higher the tier, the higher the chance that you can participate in the IGO, and the higher the potential return you could achieve.
A lottery is usually used for the lowest tiers. So you are anything but sure about participating in the IGO. There are many users who end up in this tier, so it can just happen that you are not drawn.
By having more SFUND tokens, you will rank higher. This is the number of tokens you should have per tier:
- Tier 1 : 250 SFUND tokens (1.2 pool weight)
- Tier 2 : 1000 SFUND tokens (2 pool weight)
- Tier 3 : 2500 SFUND tokens (5.5 pool weight)
- Tier 4 : 5000 SFUND tokens (12 pool weight)
- Tier 5 : 7500 SFUND tokens (19 pool weight)
- Tier 6 : 10000 SFUND tokens (26 pool weight)
- Tier 7 : 25000 SFUND tokens (70 pool weight)
- Tier 8 : 50,000 SFUND tokens (150 pool weight)
- Tier 9 : 100000 SFUND tokens (325 pool weight)
With this new system there are still advantages for people who want to bet more, but the difference is less than with the old system where there were 3 tiers. When there are fewer tiers, the difference between all tiers is much greater, so that you also have more divisions.
Because there are 9 tiers within this system, everything can be divided and spread much better, so that the differences between the tiers are less large. So the people who invest more will still get benefits such as private investment rounds and access to the Seed Club (for those in tier 9).
To be classified in a tier, you first need SFUND tokens. You can buy these at a crypto exchange . We explain how you can do that exactly in this article.
The pros and cons of Seedify
Using Seedify can have several advantages and disadvantages. Before you decide to use the platform, it is wise to weigh up the pros and cons. We are happy to help you on your way.
- The gaming industry is growing very fast, so there is a lot of money to be made in this sector. This is especially true for GameFi, which is still in its infancy.
- With Seedify you no longer have to go to countless websites or to find IGOs. These are all on the Seedify platform.
- You can easily and quickly search between all IGOs displayed on the platform. It is also possible to filter between the IGOs.
- The returns you can earn with staking and farming are very high compared to other platforms that also offer this option.
- Because of the tier system, people who bet more are rewarded better than people who bet less.
- Participating in an ICO helps developers develop new games. This means that you contribute to the creation of new video games that might not have been developed otherwise.
- There are always risks associated with IGOs. There is always a chance that you will lose your bet. That’s why it’s important to properly research an IGO and the people behind it before you decide to invest.
- You need knowledge about crypto, gaming and blockchain before you can successfully participate in an IGO. This way you reduce the risk.
- At the moment there are very few exchanges where you can buy SFUND tokens. This is because the platform is not yet known. It may therefore take some time before these tokens are also for sale at a platform such as Bitvavo or Binance .
How do I buy SFUND token?
To participate in an IGO you need SFUND tokens. You can of course also sell SFUND tokens to make a profit from this. The value of these tokens could well increase in the future.
You can’t buy these tokens on every crypto exchange at the moment. They are only available on Pancakeswap and Kucoin. As you may know, Kucoin is a centralized exchange. So it is quite easy to buy SFUND tokens here. You will need to have or create an account to be able to buy the tokens.
Pancakeswap is a decentralized exchange (DEX). This means that it is often a bit more difficult to buy tokens. For example, you have to link an external wallet to the exchange. It is important that you have a wallet that supports BEP-20. Have you never used a DEX before? Then make sure you inform yourself well, so that it will not go wrong. Otherwise, it is better to use a centralized exchange, such as Kucoin.
How do I store SFUND tokens?
SFUND tokens can be stored in a wallet that supports BEP-20 tokens. These are tokens that run on the Binance Smart Chain (BSC). This could therefore be Binance’s web wallet, although it is also possible to store them in a Metamask wallet. Make sure you add the BSC network to your wallet.
When you buy your tokens from Kucoin, you can store them in the wallet of this exchange without any problems. This is not the safest option by the way. The safest way to store SFUND tokens is in a hardware wallet , also known as a cold wallet. This wallet can be disconnected from a machine, making it impossible for hackers to get tokens from this wallet when it is not linked to a machine. You must of course keep the wallet in a safe place, such as a safe.
How can I join an IGO?
It is not difficult to participate in an IGO when using Seedify. You can register yourself quickly and easily on the platform. However, you will have to go through a number of steps before you can do this.
You will first have to go through a KYC with the Blockpass app. Here you have to verify your details and identity, so that people know who is participating in the IGO. The advantage of Blockpass is that this app is used by multiple blockchain projects. When you register here, you can probably participate in a project more often by simply connecting the app to the project.
Also important to mention is that every country has its own rules for the KYC process that you have to go through. It is therefore possible that, when you participate in a country other than the Netherlands or Belgium, you have to go through extra steps.
As indicated earlier, Seedify has a tier system. The more SFUND tokens you have, the more tokens you get from the IGO. Some tiers also give you the right to participate in special private investment rounds. You can often earn extra tokens in these rounds.
So it is important that you have SFUND token in your possession. How to buy this is described earlier in this article. It is important that you use the same wallet for the IGO that you registered in the KYC process. You can only participate with an external wallet such as Metamask or Trustwallet. If you have bought your tokens on Kucoin, you must first send them to the external wallet.
When you have done this, you will have to stake your tokens. This is mandatory since the Staking and Farming Pools are available. Seedify staking uses 4 locking periods:
- 7 days strike: 5% APY
- 14 days strike: 11% APY
- 30 Day Strike: 25% APY
- 60 days discontinuation: 55% APY
So there is a nice return to be earned by staking SFUND tokens. In addition, you can also earn money with an increase in the price of SFUND tokens, as well as with the IGO itself. This makes it very beneficial to use Seedify, although you should of course always keep the risks in mind.
Liquidity providers can stake their tokens in the ‘Farm’ section of the platform. To get a better idea of the return you can achieve, it is also possible to use the special calculator within the dashboard. This gives a better overview of the returns that can be achieved in each period. This can always change, and therefore you cannot rely on the above figures with certainty.
Join the IGO
On the day the IGO starts, you need to perform a number of actions to be able to participate successfully. Firstly, it is important that you have completed all the previous steps, otherwise you will not be able to participate in the IGO.
- Go to https://launchpad.sedify.fund/ . This is the platform.
- Connects your wallet to the Seedify platform. This can be done with Metamask or WalletConnect. Test it out beforehand, so that it goes smoothly on the day of the IGO.
- Choose the pool of the project you would like to participate in the IGO. So you can find this project on the Seedify platform.
- When you have selected the project, click on ‘Buy Tokens’.
- Specify how many tokens you want to swap. Then you make sure that the swap is confirmed.
- You have subsequently successfully participated in the IGO. Then your tokens are automatically added to your external wallet. Make sure to add the contract address to the wallet so that you can see the tokens in the wallet.
You already notice that it is very easy to participate in an IGO on Seedify. It is especially important that you do preparatory work beforehand so that you can carry out the IGO without too much time. This is because an IGO always has a duration, and it is therefore important that you carry out the IGO on time. If you still have to make preparations, this can cause you to be late for the IGO.
Is it smart to invest in Seedify?
This is a question that only you can answer. This will depend on the one hand on the money you want and are able to invest, and on the other hand on your desire to invest in this sector. It is a sector that you need knowledge about.
If you believe in the expansion of video games on blockchains, you can invest in these platforms or just use them as advertisers. You can discover IGOs, but also games you want to play. Many games are new, which is why you can be one of the first players of the game, which can work in your favor. These games almost always use the play-to-earn principle, so you can earn money when you are good at the game you want to play.
Besides investing in play-to-earn games, you should know that investors are heavily focused on game launchpads. This is a big trend at the moment as they are proving to be important to the video game industry itself. After all, as you have seen, they are more than just investment platforms. There are additional features to make the gaming experience even more interesting.
In addition to Seedify, you could also look for other platforms and launchpads that offer these services. This way you can determine for yourself in which platform it is best to invest, and in which platforms it is better not to.
The gaming industry is growing every day. There is a lot of money involved, which means that there is also a lot of money to be made. Before a game can be launched, money is often needed first so that the idea can be realized. This is very difficult for developers of blockchain games (GameFi), because they are often just getting started. They can choose to launch an IGO. This stands for Initial Game Offering.
Seedify’s platform offers developers the opportunity to start an IGO on this platform. Users can then join an IGO with SFUND tokens. This benefits both the team behind the IGO and the people who want to participate in the IGO.
For example, the team can raise enough money to actually realize their idea. Subsequently, the participants receive special tokens that they can buy for a favorable price. If the project succeeds, there are nice profits to be made. As mentioned, it is necessary that the project will be successful. This will not always be the case, which is why it is important to always be aware of the risk you are taking.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com