Select your language

  • Country: BVI
  • Services: Company formation
  • Rating Count: 14
  • Rating Value: 4.9

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

Tax optimization with offshore companies in BVI (0% Corporate Income Tax - No Auditing)

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.

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

4. FAQs about  NFT gaming company registration in BVI

What are the steps to register an NFT gaming company in the 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

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:

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.

Over 700 valued customers
+700
Customers
Ten year experience
+10 years
Cross-disciplinary experience
Valued awards during the years
Top 10
Leading Asian Brand
Collapse Expand


Global Link Asia Consulting Pte. Ltd. is pleased to announce the publication of the above insightful and informative article on our official website, Global Link Asia Consulting on 16th June 2019. The copyright for this article is exclusively held by Global Link Asia Consulting Pte. Ltd. Any unauthorized reproduction or distribution of this content without our express written permission is strictly prohibited. We value the protection of our intellectual property and appreciate your cooperation in adhering to these guidelines. Thank you for your continued support of Global Link Asia Consulting Pte. Ltd.

Bài viết liên quan EN

Related Articles