What is Initial NFT Offering (INO)?
Let's find out Initial NFT Offering (INO) meaning, definition in crypto, what is Initial NFT Offering (INO), and all other detailed facts.
An Initial NFT Offering (INO) is a new way to raise funds for crypto projects by selling a set of non-fungible tokens (NFTs). It’s usually done through launchpads or other trading platforms.
Initial Coin Offering (ICO) introduced this type of crowdfunding in 2013. Its success prompted the creation of other crowdfunding solutions within the crypto sector such as the Initial Exchange Offering (IEO), Initial Dex Offering (IDO), and Security Token Offering (STO).
NFTs are slowly becoming appealing to the masses, therefore, it is also attracting many digital artists, basketball players, and other athletes. Even famous musicians such as Steve Aoki and Grimes have been participating in the market of NFTs. The appeal is that investors aren’t the only ones that benefit from NFTs. Content creators are well compensated as well.
As the popularity of NFTs grows, so do the opportunities related to them. And, as a result, initial NFT offerings are experiencing an increase in usage.
The main advantages of an initial NFT offering are:
- Low barrier of entry. Since it’s easy to launch an INO, many smaller projects can present their ideas to a bigger audience, while also raising the funds they need to continue the development of their project. The process of fundraising is facilitated by decreased listing fees as well as accessibility to instant liquidity even while the project is still in the works;
- Public recommendations. In general, NFT owners like to show off their holdings by using them as a profile picture that is visible to everyone;
- Strong sense of community. A lot of NFTs are considered to be collector’s items since they are a part of an exclusive collection. People who hold limited-edition NFTs are easily recognized and automatically put in a close circle.