Ignite Tournaments is probably one of the most ambitious e-sports companies on the market. The company is dedicated to mobile e-gaming to take tournaments to a new level.
Company with new capital of 10 million US dollars
The eSports organizer has just closed two rounds of funding. A total of 10 million US dollars was raised from investors. The money will be used to improve infrastructure for a brand new product portfolio. Ignite Tournaments has announced plans to build the first mobile play-to-earn tournament and streaming platform.
The funding round has consisted of two steps. The seed round closed in December 2021 with $3 million. In February this year, another 7 million euros were raised in the strategic round.
The concept of Ignite Tournaments
Ignite Tournaments’ business focus is fully concentrated on creating the first mobile play-to-earn form of competition. According to the company, it is capable of converting any mobile game into the play-to-earn format. Tournament formats are to be created, with plans to pay out winnings in cryptocurrencies and in NFTs.
High-profile partners alongside Ignite Tournaments.
The eSports provider recently partnered with Crypto Gaming United, a company specializing in the metaverse. The companies plan to establish player-owned tournaments in the market.
For the February funding round, Ignite Tournaments attracted one of the most prolific investors in the eSports blockchain industry – Animoca Brands. Also involved in the funding round were Infinity Ventures Crypto and Moon Funding Holds.
The statements about the deal and the project
One of the partners of Moon Fundings Holds is Thomas Vu, the former Head of Creative and Franchise at Riot Games. Vu commented on Ignite Tournaments’ future prospects as follows:
“We are optimistic about Ignite Tournaments. When I led several 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. I’m excited to see what Krystal and Tony have built and look forward to supporting them in play-to-earn and traditional gaming.”
Similarly positive tones come from Animoca Brands. “Animoca Brands has built its success by investing in and partnering with projects with strong fundamentals both inside and outside the gaming industry. In this exciting context, we are eager to both invest in Ignite Tournaments and explore integrating our games with Ignite Tournaments,” said Robby Yung, CEO often North America Operations.
Both investors have already announced through the grapevine that they are ready to add additional capital if needed in the coming months to build out the mobile platforms.
Conclusion: Play-to-earn eSports can become the new mainstream
It is by no means certain that Ignite Tournaments will be able to realize its plans in the planned form. However, should the company actually succeed in turning every title into a mobile play-to-earn game, this would more than revolutionize the current e-sports scene. A current niche product could become a mainstream offering in the foreseeable future.