Blockchain gaming platform OneTo11 partners with FireStarter to launch governance token
The dates and other details of the launch will be announced on the official Telegram and Twitter handles of the company in the first week of December 2021, OneTo11 said in a statement on Wednesday.
All 1To11 tokens will be released and complete governance rights will be transferred to the community over the next five years.
Business Today Desk
- Nov 24, 2021,
- Updated Nov 24, 2021, 6:26 PM IST
OneTo11, world’s first blockchain-based gaming eco-system, has announced an exclusive partnership with FireStarter, an IMO launchpad that incubates metaverse crypto projects, to release the platform’s governance token — 1TO11.
The dates and other details of the launch will be announced on the official Telegram and Twitter handles of the company in the first week of December 2021, it said in a statement on Wednesday.
OneTo11 leverages the new possibilities of cryptocurrency and NFT trading to generate value in next-gen gaming applications that are built on the blockchain framework.
All 1To11 tokens will be released and complete governance rights will be transferred to the community over the next five years. The governance given to the token holders will allow them to vote on major decisions related to the future development and management of the OneTo11 ecosystem, the statement added.
Commenting on the strategic move, Ravindra Kumar — CEO of OneTo11 said, “OneTo11 is driven by innovation. We are the world’s first blockchain-based gaming ecosystem that is aimed at creating avenues of consistent income for gamers. 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.”
“Being an exclusive blockchain gaming community in the world, we plan to utilise all the revenue collected from the sale of the 1TO11 governance tokens for further game development and community rewards,” he added.
The entire OneTo11 ecosystem is based on the Play-To-Earn model to enable gamers of varied interests to use their time and skills to earn money. Each of the platform’s format — Gameplay, NFT creation and Token governance is optimised for gamers to earn from the get-go.
The tokens released by OneTo11 will provide discounted access to the holders in the contests along with exclusive game privileges and prize loots. The utility of the tokens can also be used on casual digital games with discounted access to its contests.
Additionally, the users can earn 1TO11 tokens and participate in the ecosystem by playing games at a beginner level. They can play different games of the OneTO11 ecosystem — Fantasy Sports, Casual Games and Learning Games, etc.
Furthermore, with 1TO11 tokens, the users can play RPG games of the ecosystem namely, CricketX and EvolutionX which have NFT creation feature and sell NFTs in exchange for 1To11 tokens. Apart from this, the tokens can be traded on crypto exchanges to allow gamers to convert 1To11 tokens to other currencies in a seamless manner.
“The users interested to participate must lock $FLAME tokens before applying to the Whitelist. To make it more secure for all users, OneTo11 will also integrate the KYC process into the application’s wallet. Furthermore, Whitelist spots will be selected by a lottery, not FCFS,” the company noted in its statement.
Incepted in September 2020, OneTo11 had launched a myriad of applications for gaming enthusiasts. In a short span of time, it has acquired 1.5+ million users and over 16+ million transactions on the platform. In the near future, the company will also be adding football, basketball, baseball and field hockey as fantasy sports with plans to expand to the Middle East, Europe, and American markets.
“The ecosystem is taking gaming to the next level by making it an income opportunity rather than just an entertainment activity. The first public sale on Firestarter is the very first step from the OneTo11 team to create a holistic platform to develop a gaming economy for gamers around the world to Play & Earn for a lifetime,” said Ravindra Kumar, CEO and co-founder, OneTo11.