Panama City, Panama, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Yield Guild Games (YGG) and Ascensive Assets co-led a $3 million seed funding round for mobile play-to-earn tournament infrastructure provider Ignite Tournaments, also attracting investment from Arca, Mechanism Capital, SkyVision Capital, Eden Holdings, D1 Ventures, Morningstar Ventures, Genblock Capital, Moonboots Capital, and Ghaf Capital.
Prominent angel investors such as Kieran Warwick (Co-Founder of Illuvium), Danish Chaudhry (CEO of Bitcoin.com exchange), and Richard Ma (CEO of Quantstamp) also participated in the round.
“Play-to-earn and NFTs will revolutionize traditional esports and define the future of gaming for many years to come,” predicts Ignite Tournaments CEO Krystal Yang. “We're grateful to our investors who believe in our vision of transforming mobile gaming with play-to-earn tournaments.’’
Yang said the successful funding round was a vote of confidence in Ignite Tournaments’ development plans, adding that the space is only poised to expand in the coming months and years. “We’re excited to introduce the world to a tournament platform that will enable mobile gamers around the world to play-to-earn while they compete in their favorite mobile games.”
Gabby Dizon of Yield Guild Games stated that the decentralized play-to-earn guild is excited to create a strong, fruitful partnership with Ignite Tournaments. “We are especially excited about partnering with Ignite Tournaments. Ignite’s platform enables YGG’s scholars, as well as all gamers around the world, to increase their earning potential for the games they are already playing. In doing so, we expect many more gamers in the future to have better paying jobs while playing games on their mobile devices.”
Oliver Blakey of Ascensive Assets added that the firm was delighted to partner with Ignite Tournaments in its pursuit of decentralized gaming. “As a tournament infrastructure provider, Ignite Tournaments is unlike most play-to-earn projects. They can function as an aggregator for all decentralized mobile games, and are uniquely positioned to become a leader in the play-to-earn space. Ascensive Assets looks forward to Ignite shepherding in a new era of gaming for all play-to-earn participants in the coming years.”
Ignite Tournaments is building the world’s first esports tournament organization and streaming app for mobile games that rewards gamers on its platform with cryptocurrency and non-fungible tokens (NFTs) in a play-to-earn model, incentivizing engagement and competition in mobile esports tournaments. Ignite Tournaments provides tournament infrastructure to mobile games that lack tournament functionality. In addition to directly integrating with other play-to-earn games, Ignite Tournaments has the unique ability to transform any pre-existing mobile game into a play-to-earn game via its patent-pending tournament layer.
The $3 million raised in Ignite Tournaments’ seed funding round will help fund the development of the Ignite Tournaments mobile app, an esports organization and streaming platform that enables users to organize play-to-earn mobile game tournaments with the click of a button. Users can accept payouts for winning and participating in the form of NFTs, as well as Ignite Tournaments’ platform token $TENKA which can be farmed via tournament participation. Built on Moonbeam in the Polkadot ecosystem, Ignite Tournaments also provides DeFi incentives such as staking rewards to ecosystem supporters.
Ignite Tournaments’ momentum in the blockchain gaming market signifies a natural evolution in the blockchain gaming space; as more firms service the estimated 2.7 billion strong population of dedicated gamers, all gamers will benefit from earning additional income from participation in esports. Ignite Tournaments is poised to service the ever growing gaming ecosystem, in the blockchain space and in traditional. Investments into the gaming ecosystem is expected to continue to increase in the coming years.
About Ignite Tournaments
Ignite Tournaments is a feature-rich play-to-earn tournament infrastructure provider and mobile gaming ecosystem built on Moonbeam. It serves all corners of the mobile esports gaming and streaming market, providing a play-to-earn model where users are rewarded for playing and winning games. Payouts come in the form of cryptocurrency and NFTs, and can be cashed out or staked in return for passive income.
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