DeRace Teases Initial Game Offering on Binance NFT Marketplace

DeRace races ahead into history as the first Initial Game Offering (IGO), a new concept introduced by Binance NFT, to launch and accelerate NFT games.

By
Chung Yee
on
August 27, 2021
Category:
BSC News

Binance NFT’s New Concept 

Binance NFT, a marketplace to mint, collect and trade Non Fungible Tokens (NFTs), is hosting an Initial Game Offering (IGO) with DeRace. DeRace is a virtual gaming platform that creates a GameFi ecosystem that mimics actual horse racing and gaming.

Participants can take part in horse races, breed NFT horses with unique characteristics, build their own NFT hippodrome and earn a profit at the same time.

Source : DeRace will be kicking off a completely new concept of Initial Game Offering (IGO) on Binance NFT


How DeRace Functions

DeRace’s platform is based on blockchain’s Random Number Generator (RNG) that is fair and transparent. They have partnered with Chainlink (LINK) to use Chainlink’s Verifiable Source of Randomness (VRF), a cryptographically secure randomness for blockchain-based gaming applications. 

Further details are expected to be released soon.

Source : Introducing the concept of fair randomness, bringing fairplay and unpredictability into horse racing



DeRace - NFTs with a Twist

DeRace infuses NFTs into its ecosystem in a rather unique manner. The NFT horses are unique and differ in both traits and visual appearance. The horses can be bred and there will be a genetic algorithm that will carry the DNA of the NFTs to the offspring. 

These horses can be used for racing and the winner will get all of the participants fees and a portion of the bettors’ stakes. The NFT horses can also be traded in DeRace marketplace or any other NFT marketplace. 

The hippodromes will be community-owned NFTs that players can interact with. The owner of the hippodromes will be entitled to the fees and bets made before the race. The bettings are transparent and fully automated by an algorithm. 

Source : Hippodromes will be community owned and will interact with the players 


A Dynamic Ecosystem

DeRace’s ecosystem is a unique blend of various interests by different segments in its community. There is the marketplace for traders and collectors and a hippodrome for the NFT holders and punters. The play-to-earn platform and its partnership with Chainlink gives it the much needed credibility as a gaming platform. 

There is some semblance to Axie Infinity (AXS), an existing platform where NFTs can breed to create new Axies and players can earn by battling each other. Axie Infinity currently has a market capitalization of $3.96 billion. 

Source: Axie Infinity is a popular play-to-earn platform based on NFTs that commands a huge following


Pushing Innovation 

DeRace has presented itself as a unique value proposition. A combination of 3 booming multi billion dollar markets, video gaming, gambling and horse racing valued more than $700 billion. 

It has a cash flow generating Exchange-Traded-Fund (ETF) that makes DeRace NFTs not only tradable on NFT marketplaces but also on exchanges or Automated Market Makers (AMMs). This allows for trading of the racehorses across liquidity pools and the transaction fees on these ETFs will be used to burn ETF tokens. 


What to Expect from DeRace

This project is a very interesting proposition to different participants. These participants include investors, traders, collectors, players, punters and bookmakers (hippodrome owner). There is a lot of interest generated in the gaming community. This project is merely at its initial stages and there are various stages in the project roadmap that will take place. There is a lot of upside for this project and it looks promising. But like all projects in its early stages, the risk of failure or exploitation will be higher compared to the tried and tested protocols.  

To learn more about DeRace, visit the following links:

Website | Twitter | Telegram | Medium

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Chung Yee

Chung Yee has a legal background and has been involved in research works for the legal and compliance industry. Writing is his passion, centered on topics such as the blockchain and finance. His largest crypto holdings are Solana, Ethereum, and BNB Token.

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