Blockchain-based social gaming platform OneTo11 is ready to launch its governance tokens in partnership with Firestarter, an initial metaverse offering (IMO) that incubates promising metaverse crypto projects, the company said in a statement. The launch date, however, will be declared in the first week of December through company’s official Twitter and Telegram handles.
Coined ‘1TO11’ after the name of the gaming platform, the new tokens will be released at the same time while governance rights will be passed on to the community over the next five years. The governance tokens are tokens that are created specifically to involve the community in the future management and development of the gaming ecosystem.
According to the company, gamers will have to lock $FLAME tokens before applying to the Whitelist for the governance tokens. Whitelist spots will be selected by a lottery. Also, the company will integrate a KYC process in the app wallet to make the process more secure for participants.
“With the 1TO11 tokens, users can get access to multiple streams of earning such as NFT creation, trading and staking on the platform itself that will generate real monetary value for gamers,” Ravindra Kumar, CEO of OneTo11 said in a statement.
“We plan to utilise all the revenue collected from the sale of the governance tokens for further game development and community rewards,” he added.
Owners can also exchange their tokens for NFTs and even sell them on crypto exchanges in exchange for other currencies.
Governance tokens will play a key role in facilitating the shift from centralised gaming platforms controlled by a single corporation to a decentralised platform that is autonomous and governed through protocols.
Founded in September 2020, OneTo11 is a Noida-based company and a subsidiary of Intigate Technologies Pvt Ltd. The platform currently has over 1.5 million users and has seen over 16 million transactions.
Unlike traditional social gaming platforms, its goal is to promote a gaming economy driven by cryptos and which is designed to benefit gamers and give them a say in the development and management of the platform.