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In the realm of modern technology, blockchain has emerged as a prominent innovation One of its latest iterations, the non-fungible token (NFT), has gained considerable traction.
Their impact spans various industries, notably revolutionizing the global video game sector. Many blockchain gaming companies have capitalized on the potential of NFTs to carve new paths, expand markets, engage more players, and entice additional investors.
So, how can NFT game firms achieve these aims? How does incorporating an offshore company in the British Virgin Islands (BVI) contribute to the success of a firm focusing on NFT games? You can find all your answers in this in-depth article. Our article allows you to
- Outline the advantages of setting up an NFT gaming company in BVI.
- Detail how our services can assist your goals in this domain.
1. An overview of NFT
1.1. What is a Non-fungible token (NFT)?
Non-fungible tokens (NFTs) are unique digital assets existing on the blockchain. Each NFT is distinctly coded and possesses exclusive information, setting it apart from other tokens. Unlike fungible cryptocurrencies like bitcoin which can be traded or exchanged on an equal basis, NFTs are indivisible and irreplaceable, giving them their distinctiveness.
The innovative aspect of NFTs lies in their uniqueness. Each token has a distinct quality that differentiates it from all others. Moreover, NFTs are expandable, allowing for the creation of a third unique token by merging two existing tokens.
NFTs serve to digitally authenticate various items, including artwork and in-game assets. They are commonly hosted on blockchain platforms like Ethereum and Flow, which enable this authentication process.
| Non-fungible token (NFT) | Cryptocurrency | ||
| Difference | Nature |
NFTs are digital representations of tangible or intangible items such as music, art, or collectibles, allowing unique ownership of these assets.
|
Cryptocurrencies are virtual currencies designed for use as a medium of exchange. Bitcoin, for instance, is a form of cryptocurrency. |
| Functionality | NFTs can represent a broad range of entities or assets, providing proof of ownership or uniqueness of a specific digital item. | Cryptocurrencies act a virtual currency in the same way physical currency works | |
| Control and Authority | NFTs are often part of a decentralized ecosystem and can be issued or managed by artists, creators, or their chosen platforms. | Cryptocurrencies are generally decentralized and managed by consensus protocols, separate from traditional financial systems. | |
| Similarity | Blockchain technology | Both NFTs and Cryptocurrencies operate on blockchain technology. They are created, verified, and stored using blockchain systems | |
| Private systems |
Both NFTs and Cryptocurrencies are managed by private systems within the decentralized blockchain environment. This decentralization distinguishes them from traditional financial systems governed by banks or other central |
||
The ongoing and prospective development trends of NFT
The ongoing and anticipated development trends surrounding Non-Fungible Tokens (NFTs) have brought significant innovations, particularly in the world of blockchain technology.
"NFT is fundamentally the mechanism that causes digital scarcity," says Arry Yu, the head of the Cascadia Blockchain Council of the Washington Technology Industry Association, highlighting that NFTs introduce digital scarcity, a stark contrast to most digital assets that tend to have an infinite supply.
NFT empowers numerous game developers who have created blockchain games - NFT and players to generate digital scarcity and operate as independent entrepreneurs by trading in-game assets.
- Players have permanent ownership and absolute control over their digital belongings such as cards, costumes, and characters;
- Gamers may transfer assets between games by tying in-game data and goods to NFTs
- This might enable gamers to reuse digital materials while experimenting with other games.
One of the pioneering blockchain games, CryptoKitties, is built on Ethereum and enables the collection, breeding, and trade of virtual cats, each with unique traits, making them irreplaceable.
Similarly, Decentraland is a decentralized virtual reality platform where users can own virtual lands and trade in-game NFT products.
The success and popularity of blockchain games and NFT games have become typical case studies for the growth of the NFT trend, demonstrating the emergence of blockchain games in the video game industry worldwide.
So, what can you do to improve company processes, quickly raise funds, and attract more overseas investors to your gaming company?
→ Opening an offshore company in BVI is the key secret to these benefits. The following section will give you detailed reasons why you should open a blockchain game company in BVI.
2. Top 4 benefits to open a blockchain game company in BVI
The British Virgin Islands (BVI) is a highly attractive offshore jurisdiction. Tax optimization is one of the greatest advantages of a company in the British Virgin Islands. The tax exemption applies to all types of income, including dividends, interest, rent, royalties, etc., and other payments.
Another outstanding benefit when forming a company at BVI is that when the business conducts any transaction of exchange/transfer of any type of property related to shares, debt, etc., stamp duty is exempted, except for transactions related to the ownership of land in the BVI.
The entry barrier in the blockchain game industry is higher than that in traditional games given it is relatively new in the market and given the efforts, with the extensive effort you have to put in to make the blockchain game successful.
In short, for blockchain game companies, incorporating in the BVI provides significant benefits such as
- Cost savings;
- Better allocation of financial resources;
- Focus on critical aspects like developing gameplay mechanisms, hiring blockchain developers, and more.
Incorporating your NFT gaming company in BVI allows you to conduct your business worldwide easily without operating in the BVI territory. This approach can help you attract diverse investment funds with ease.
Besides, the flexibility in BVI's company structure allows for holding companies to own subsidiaries across countries, enhancing access to global capital markets, and enabling share transfer a lot more accessible.
As the blockchain game market continues to grow, new players entering the scene are faced with many challenges: The majority of blockchain games are developed by small, independent teams of developers, making it difficult for them to compete with traditional game companies when entering the new player market or attracting investment capital in the world.
→ The purpose of this holding company is to optimize the multinational business model to create integrated human and financial resources for businesses. This will allow more investment capital in the blockchain game industry and contribute to strengthening financial resources for business development.
The modern business framework in the BVI presents an attractive environment for businesses, requiring minimal operational requirements:
- A single director and shareholder are sufficient for company incorporation;
- You do not need a company secretary, to prepare for annual meetings or financial statements;
- The incorporation process takes only about 24 hours or a maximum of 3-4 days if all necessary documents are provided. With the FAST-EASY offshore company opening procedure, you do not need to be present at BVI to complete the company registration process.
Registering a company in the BVI ensures a high level of information security, allowing you to shield sensitive information about directors, shareholders, or the company's assets. BVI's approach is an attractive option for protecting critical assets, like game development ideas and intellectual property rights.
3. How can we help you register your NFT gaming company in BVI
Global Link Asia Consulting, as your trusted one-stop corporate service provider helping hundreds of business owners start their businesses overseas and manage their companies with success, can help you
- Register an offshore company in BVI;
- Open a corporate bank account for BVI company with a 99% success rate;
- Choose the right company types for tax optimization;
- Apply for BVI business licenses;
- Get an affordable, professional registered office address for business;
- Support to open, authenticate, and manage Stripe Paypal Business in Singapore, Hong Kong, and the U.S;
- Handle all your tax accounting needs, timely annual filings, auditing, and more.
4. FAQs about NFT gaming company registration in BVI
To register a company in the BVI, you would typically need to engage a registered agent, select a unique company name, submit incorporation documents, and pay the required fees.
For more information, please refer to this link about our incorporation process
The BVI offers tax advantages such as no corporate income tax, no capital gains tax, and no withholding tax. These benefits can be advantageous for NFT gaming businesses.
To fully enjoy these benefits, you must take a look and follow the guidance of Economic Substance requirements for BVI companies.
Yes, non-residents can own and operate companies in the BVI. The country encourages foreign investment and does not require physical presence for company owners.
With over a decade of experience serving as a trusted partner to more than 750 business owners seeking professional development and breakthroughs in the international market, we are an expert strategic corporate service provider helping you incorporate and operate successfully in 10 different countries
Our areas of expertise include:
- Strategic Consulting and Company formation in over 10 different countries worldwide such as Singapore, Hong Kong, the U.S., Australia, Thailand, Malaysia, and offshore destinations like BVI, Belize, Seychelles, and more.
- Account opening for personal and corporate bank accounts, as well as setting up PayPal and Stripe gateqays in countries like Singapore, Hong Kong, and the U.S..
- Tax Consulting and Preparation for SFRS IFRS financial reports, corporate income tax returns, VAT/GST (Value Added Tax/Goods and Services Tax), and more.
- Opreation support:
- Registered adress;
- Foreign consular legalization;
- Trademark and patent protection registration in Singapore and the US;
- Employment Pass application in Singapore and Hong Kong;
- Website design, international SIM number provision;
- DUNS registration.
With over 10 years of experience and a team of experts with 5 to 25 years of experience (international standard certifications) as well as direct partnerships with institutions such as OCBC, UOB, DBS, PayPal, and Stripe, we are proud to offer professional, legal, transparent, sustainable services with no hidden costs.
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