A Deep Dive into FTX's New IEO Project "C2X": A Gaming Platform Collaborated on by South Korean Listed Game Company Com2uS and Terra Blockchain Developer
TechFlow Selected TechFlow Selected
A Deep Dive into FTX's New IEO Project "C2X": A Gaming Platform Collaborated on by South Korean Listed Game Company Com2uS and Terra Blockchain Developer
C2X is a blockchain gaming platform that provides game developers with blockchain-based solutions such as token economy design and NFT secondary markets.
Navigating Web3 tides with focused insightsFTX will launch the C2X IEO project pre-sale this Friday at 21:00. C2X is a blockchain gaming platform providing blockchain solutions for game developers, including token economy design and NFT secondary markets. This article provides a detailed overview of the IEO auction rules and the C2X ecosystem—including its business model, tokenomics, and governance structure.
IEO Auction Details
According to the FTX subscription page, this IEO will begin at 21:00 on March 18, requiring users to stake at least 150 FTT tokens 24 hours prior and complete Level 2 KYC verification on FTX.
A total of 2,000 purchase vouchers will be available, each granting access to 6,700 CTX tokens, amounting to 13.4 million CTX tokens in total. The minimum bid per voucher is 480 USD(T), with a maximum bid of 502.5 USD(T) + 5 FTT. At the maximum bid price of 502.5 USD(T) + 5 FTT, the effective price per CTX token would be approximately $0.075 (plus the value of 5 FTT).
Participants must create a sub-account named "CTX-IEO" and deposit funds into it. If successful, the funds used for the IEO purchase will be converted into CTX tokens within a few hours. Unsuccessful participants will have their funds fully refunded. All FTT staked for successful bids will be entirely burned.
Summary of rules:
-
1. Stake at least 150 FTT (≥150 FTT) by 9:00 PM on March 17 and complete FTX Level 2 KYC
-
2. Create a sub-account named “CTX-IEO” and deposit funds
-
3. Minimum bid per voucher is 480 USD(T), maximum is 502.5 USD(T) + 5 FTT (the latter is recommended)
-
4. Staking more FTT increases eligibility for additional vouchers
Integrating 'Gaming' and 'Finance' Remains Challenging
The Play-to-Earn (P2E) model in GameFi has seen rapid growth as NFT applications mature. According to DappRadar’s September 2021 industry report, the NFT market size increased by 1,103% in August 2021 compared to the same period in 2020. In Q3 2021 alone, the gaming NFT market reached $2.23 billion, accounting for about 21.7% of the overall NFT market.
By the end of 2021, the global gaming industry exceeded $300 billion in market size, with most revenue generated from subscriptions and microtransactions.
Despite the appeal of blockchain gaming, integrating "gaming" with "finance" and migrating to blockchain remains highly challenging for traditional game developers.
On the other hand, the increasing number and market capitalization of blockchain games do not always indicate positive development. According to the C2X whitepaper, among a total of 3,800 Dapps, 25% have not been updated for over six months.
To address these challenges, South Korean listed game company Com2uS and Terra blockchain developer Terraform Labs have partnered to build the C2X platform, offering blockchain gaming solutions such as token economy design and NFT secondary markets for traditional game developers.
In addition, C2X aims to establish an ecosystem where assets and items from iterated or discontinued games may be transferred to other games, continuing to generate value.
Source: DappRadar Report
About C2X
C2X is a blockchain gaming platform jointly developed by South Korean game company Com2uS and Terra blockchain developer Terraform Labs, providing blockchain solutions for game developers. C2X aims to build an independent global blockchain gaming ecosystem. Its initial goal is to launch 10 blockchain games this year, with the ultimate vision of becoming an inclusive gaming platform that creates greater value for CTX holders, developers, and players, thereby enhancing the overall value of the C2X platform.
Com2uS is a South Korean publicly listed company that has developed numerous popular games, including Summoners War, Magic World, Mini Farm, MLB 9 Innings, Storypick, and Com2uS Pro Baseball Manager, among dozens of other hit titles.
Terraform Labs is the development team behind the competing public blockchain Terra.
Source: qoo-app
C2X is an open gaming platform designed to provide blockchain solutions for game developers, including token economy design, NFT secondary markets, wallets, and other technical infrastructure, enabling seamless integration of games into blockchain systems.
It utilizes a highly modular software development kit (SDK), allowing game developers to easily integrate blockchain technology into their games. Through C2X, developers can update game designs in real time and mint NFTs; users can conveniently manage their digital assets on the C2X platform, while CTX token holders can vote on product launches and platform policies, guiding the platform’s future development.
C2X Governance Mechanism
As an open gaming platform, C2X needs clear rules to define the rights of game developers and users, establishing a positively reinforcing ecosystem. Developers and users holding CTX tokens can submit proposals and vote to collectively govern and improve the C2X platform.
Unlike typical governance models, C2X’s governance consists of two components: 1) the C2X Committee; and 2) CTX token holders.
Initially, the C2X Committee will consist of founding game creators. New committee members must be approved by the current committee. The committee reviews agendas and proposals related to the ecosystem. It can also initiate new proposals to ensure continuous optimization of the C2X ecosystem. The committee structure is designed to prevent ecosystem control by a small group of large token holders.
CTX holders possess proposal and voting rights, enabling them to decide whether to accept new games into the ecosystem.
Governance rights and asset ownership on C2X are completely separated. Users have full ownership over their digital assets, while individual game operations remain fully under the control of their respective developers. Initial developers will assist in launching early games and ensuring SDK stability, gradually improving the ecosystem.
Source: C2X Whitepaper
C2X Ecosystem and Tokenomics Model
The C2X ecosystem features two types of tokens: the governance token CTX and individual game tokens used within specific games.
Game tokens are defined by developers in terms of supply, pricing, and circulation mechanisms, and are used to purchase in-game assets, goods, and resources.
CTX is the top-tier token in the ecosystem, with a total supply of 2 billion. It serves two primary functions: first, CTX holders have proposal and voting rights over key platform decisions, including which games are listed on C2X. Second, CTX acts as the platform’s primary medium of exchange, enabling free purchases of NFTs and various game tokens within the ecosystem.
Below is an illustration of token allocation and usage:
C2X will establish a “Treasury Pool,” functioning as a funding reserve. A portion of transaction fees generated on the platform will accumulate in this pool. C2X will use these funds to support early ecosystem development. Additionally, the Treasury Pool will serve as the initial liquidity source for trading various game tokens.
To facilitate asset management and transactions within the ecosystem, C2X has developed a complete open-source wallet called C2X Station. Users can trade, send, and manage all types of tokens and game assets through C2X Station.
Source: C2X Whitepaper
Conclusion: C2X Aims to Build a Web3 Gaming Platform
P2E is not a new concept. Early online games such as Lineage, Ragnarok Online, and World of Warcraft already had players profiting from selling in-game items via off-platform trades. Blockchain gaming enhances the P2E model by incorporating cryptocurrencies, NFTs, and token economies.
By the end of 2021, nearly 2.4 million players had joined play-to-earn game economies, generating over $9.2 billion in economic output. The NFT market grew 176-fold during this period. Combined with the rising popularity of the Metaverse concept, GameFi is poised for explosive growth in the future.
Demand for high-quality P2E games is increasing, yet many traditional game developers face technical barriers preventing entry into the P2E space. This underscores the need for Web3 gaming platforms like C2X.
With C2X’s modular SDK, more high-quality P2E games can continuously be integrated into the ecosystem. Through its trading and governance systems, the ecosystem can expand progressively. Developers optimize their games; the C2X Committee brings more quality games into the ecosystem, reviews proposals, and improves economic models through governance voting—increasing both user base and developer participation, leading to more P2E economic opportunities.
C2X aims to build an independent global blockchain gaming ecosystem, with an initial target of launching 10 blockchain games this year.The ultimate goal is to become an inclusive gaming platform that fosters a larger ecosystem for CTX holders, game developers, and players, thereby enhancing the overall value of the C2X platform.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
