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TCM PRODUCT UPDATES

Beth T

29 Apr 2022

Announcements

TCM May UpdatesTCM May Updates

We are excited to bring you this very significant TCM product update!

This coming Tuesday (03.05.22) we will be introducing service fees into the TCM.

Within the TCM you will now be shown a service fee as part of the calculated section of the prize pool. Service fees are non-refundable and are applicable to all tokens currently supported by the TCM.

A base rate of 5% of the pool will be allocated to IGGalaxy as a service fee and is applicable to all tournament organisers excluding the following:

  • ORB holders with a minimum balance of 205k ORB will incur a 2.5% service fee
  • GFT holders, minimum balance 1 GFT: 0% service fee (Please read on for further news on the GFT token)

This service fee is paid as part of the pool payment and requires no additional transactions.

Please note that the service fee is only deducted from the remaining prize pool after 1st, 2nd and 3rd place prizes have been allocated.

You are free to pay from any wallet when it comes to paying for the tournament after creation is complete, however your GFT/ORB must be in your prize wallet to be accounted for.

GFT ERC20 TOKEN SWAP

On Tuesday 3rd of May those who hold the GFT ERC20 token will be eligible to swap them for the ERC1155, our latest IGGalaxy NFT.

This NFT marks the beginning of a collection that will creatively embody the journey of IGGalaxy as we continue on our mission of expansion and embracing new technologies that we believe will revolutionise the world, both in gaming and outside of it!

GFT NFT Utilities will include:

  • The removal of service fees within the TCM
  • You will be given an OG role within the IGGalaxy discord
  • You will have access to the OG channel within the IGGalaxy discord which will feature exclusive content created by the IGGalaxy team on the behind the scenes of the project.

Additional utilities for the GFT NFT will become available as we continue to expand the functionalities within the platform.

These utilities will only apply to the ERC1155 token and not the original ERC20.

Want a sneak peak? Here is a work in progress video that includes a few different creative directions considered by the artist.

The final article will not be shown to you until Tuesday!

Relevant News

A Beginner's Guide to IGGalaxy Tournaments

7/7/2022

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