While most people relate online gaming to teenagers sitting behind desktop monitors, eSports has ranked among the fastest-growing industries over the last few years. The global eSports market is valued at more than a billion dollars, and is expected to cross $1.62 billion by 2024.
That said, the traditional eSports industry has a few drawbacks. For instance, most eSports tournaments aren’t mobile-optimized — a major problem considering the growing user base of mobile gamers.
Moreover, these tournaments are highly centralized, leading to setbacks like a lack of transparency and delayed payments.
To address these challenges, Ignite Tournaments is developing the world’s first mobile eSports tournament and streaming platform, which pays out in cryptocurrencies and non-fungible tokens (NFTs).
Built on the Moonbeam network, Ignite Tournaments plans to offer many features, including built-in streaming and live chat, ad revenue sharing, fair prize pools, payouts in both fiat and crypto, and speedy payouts.
The infrastructure provided by Ignite Tournaments will make it possible for any mobile game to transition into a play-to-earn (P2E) game.
Ignite Tournament has already received support and backing from investors alongside the crypto and gaming communities due to its promising features.
To that extent, the Ignite Tournament team unveiled $10 million in funding from a consortium of investors and venture capital firms to accelerate the platform’s development.
The $10-million total is the product of two successive fundraising rounds. In December 2021, Ignite Tournaments first closed a seed round led by Ascensive Assets and Yield Guild Games, with Arca Funds, Mechanism Capital, and Skyvision Capital also participating in the $3-million raise.
In February, the Ignite Tournaments team added $7 million from a strategic round led by Animoca Brands, Infinity Ventures Crypto, and Moon Holdings Fund.
Other strategic investors included Akatsuki, D1 Ventures, Genesis Block Ventures, Ghaf Capital, Huobi Labs, Longhash Ventures, MH Carnegie, Morningstar Ventures, SevenX Ventures, ROK Capital, Axie Infinity co-founder Jeffrey Zirlin, and Looren Roosendaal, co-founder of Ember Sword and PlanetQuest.
Through its capacity to convert any pre-existing mobile gaming platform into a play-to-earn game, Ignite Tournaments platform connects traditional gaming with Web 3.0.
Furthermore, by supporting access to P2E tournament organization tools and infrastructure for gamers worldwide, Ignite Tournaments is not only lowering tournament entry barriers, but is also poised to change the traditional eSports industry dynamically.
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