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With over US$2 Million dollars raised at the private sale and pre-sale stage, Nitro is poised to fuel mass participation within the video-games economy.
The gaming industry is huge. Generating over US$100 Billion in revenue in 2016, this far outshines the movie industry. However, the video-games industry has a problem. It is an imperfect economy, which is reflected by the nature of the market that is currently controlled by oligopolistic large corporate actors. These actors include game studios, publishers and large marketing companies that control majority of the revenues.
These large corporations technically lockout a lot of key actors and stakeholders, thereby limiting the economical growth and market size of the entire industry. It means promising game studios struggle to get funding. To put it bluntly, developers can’t make a game without funding, and gamers can’t play a game if it can’t get made.
Creating an online collaboration
In order to address this issue, Nitro is creating a decentralized platform that will enable online collaboration to connect various stakeholders and remove the barriers for participation within the video-gaming ecosystem. This collaboration will benefit all participants in the ecosystem, and ensure the overall growth of the Nitro network and the industry at large.
To achieve this, Nitro is implementing its blockchain with an underlying token, NOX, that is being made available in an ICO that will commence December 1st, 2017.
“I am eager to see how NITRO would potentially change the face of gaming in a few years time.” – Igor Pesin, Partner of VC firm Life.sreda
How the ecosystem will work:
Curate: A panel of industry experts will shortlist games for potential funding.
Vote: NOX token holders will then be able to vote on which game projects they like. Projects that receive sufficient votes will get funded.
Funding: The funding by the Nitro project will be provided to the developers, for them to proceed and make the game.
Rewards: Gamers who are token holders will be rewarded for their participation in the community. As well as being rewarded for voting, this will potentially cover anything from, downloading games, playing games, reviewing games, posting on social media, purchasing in game content, and other gamification milestones.
In game payment: Gamers who use their tokens to pay for in game content, will pay a discounted amount compared to traditional payment methods.
Post funding: Once the games are made and released, Game studios that are funded via the voting system, will have to provide a portion of their revenues from these games, back to the Nitro project.
A real project with industry backing
Unlike many ICOs that are founded on an idea, but without a clear roadmap to deliver, the Nitro project is backed by a publicly listed company, iCandy Interactive Ltd, (ASX:ICI) that has an existing business with institutional shareholders. In addition, Nitro is backed by 3 established VC funds from Singapore: Fatfish Internet Fund, Incubatefund and BB fund (blockchain fund by Life.Sreda). iCandy’s shareholders also include industry giants such as Baidu e.g. Baidu (USD60 billion marketcap Chinese Internet company) and the Chinese Global Mobile Developer Confederation (GMGC), one of the most influential games developer network of China.
“A lot these ICOs are backed by developers who do not have any commercial track-record of success. Many of them of no business experience. If the digital currency is about a business application I definitely think past experience of success is very important.” – Kin Wai Lau, Chairman of iCandy and Director of Nitro Interactive
The Nitro economy is conceived and built by those with very successful business track records in the gaming, blockchain and general tech industries. This means the project is perfect marriage between a fantastic idea, a team that has the ability to deliver it, and a huge customer base to deploy to as soon as the project is ready to launch!
By adding the 23 million smartphone user base of iCandy to the recently acquired 325 million users from Animoca Brands, this amounts to an existing and ready market of 348 million users, creating an immediate demand for the tokens. Hence, Nitro funded games and other third-party games can use the Nitro Marketplace and its API to transact with gamers. iCandy as the publisher will market Nitro-funded games to its existing international community. That’s 348 Million gamers that will be incentivised to own tokens once the project is live.
Industry Experts. Backing from established companies. 348 Million gamers. Nitro is well placed to be a gamechanger.