The post Ignite Tournaments Raises $10 Million To Enhance Its Play-to-Earn Esports Gaming And Streaming Platform appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide
Ignite Tournaments, a blockchain-oriented esports gaming, and streaming platform has raised $10 million from strategic investors.
According to the announcement, the newly secured funds will be used to enhance Ignite’s play-to-earn (p2e) ecosystem, which is designed to cater to the growing needs of NFT gamers.
Notably, the $10 million was raised through two separate funding rounds, with the first one ($3 million) completed in December 2021.
This seed round was co-led by Ascensive Assets and Yield Guild Games, alongside other heavyweight investors such as Skyvision Capital, Arca Funds and Mechanism Capital.
The project has since raised an additional $7 million following a recently closed strategic round. Major investors in the latest funding round include Animoca Brands, Moon Holdings Fund and Infinity Ventures Crypto.
These new players will not only inject the much-needed capital for development but their long expertise in traditional and blockchain gaming.
Robby Yung, the CEO of Animoca Brands North America Operations, was particularly thrilled about the potential of Ignite Tournaments. He noted that they will also explore the integration of Animoca’s games with the Ignite Tournaments ecosystem,
“Animoca Brands has built its success by investing in and partnering with projects with strong fundamentals both in and out of the gaming industry,”
“It is under this exciting context that we are eager to both invest in as well as to explore integrating our games with Ignite Tournaments,” added Yung.
At the core, Ignite Tournaments will feature an esports gaming environment where users can participate in competitive plays by staking the native $TENKA token.
The platform will also enable innovators to bridge Web 2.0 games with its NFT infrastructure, introducing $TENKA and Gamer Token rewards. The latter is an NFT-built token tied to a gamer’s performance.
Players on the Ignite Tournament ecosystem will be able to monetize their rewards by using them as avatars, selling as fractionalized NFTs or interacting with other aspects of this decentralized gaming platform.
Additionally, one can farm more $TENKA tokens by staking their rewards as they continue to participate in a particular tournament.
Thomas Vu, a partner at Moon Holdings Fund, commented on funding milestone, noting the underlying potential in plug-and-play tournaments,
“We are bullish on Ignite Tournaments. When I led multiple strategic efforts at Riot Games, I always thought that a ‘plug-and-play’ tournament would benefit players. It was inevitable that someone would build such a platform.”
Similar sentiments were echoed by Brian Lu, Founding Partner at Infinity Ventures Crypto and long-time gamer. Lu emphasized the potential of Ignite Tournaments in transforming competitive mobile gaming,
“It’s clear to me as both a former competitive gamer and VC investor that Ignite Tournaments will completely transform competitive mobile gaming. I am co-leading this round because I want to see Ignite Tournaments add that immense value to all games worldwide; to both IVC’s game portfolio and beyond.”
Following the launch of an Alpha test on February 28, 2022, Ignite Tournaments has now embarked on designing a web application that will support PC games.
Written by: Mustafa Mulla