Ignite Tournaments announced that it had raised $10 million for its mobile play-to-earn esports platform. The $10 million investment was made in two phases. After a seed investment of 3 million dollars in December 2021, another 7 million dollars investment came in February 2022.
Ignite Tournaments claims to be able to turn any mobile game into play-to-earn through tournaments. The company says it will use the $10 million investment to achieve this goal and improve its infrastructure and operations.
The funding round was jointly led by Animoca Brands, Infinity Ventures Crypto, and Moon Holdings Fund, whose names we often hear about in blockchain investments. Robby Yung, CEO of Animoca Brands North America, said:
“Animoca Brands has built its success by investing in and partnering with projects with strong fundamentals both in and out of the game 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.”
The realism of Ignite Tournaments’ goal of transforming existing mobile games into play-to-earn has yet to be tested. If the company is successful, new opportunities for mobile games may be at the door. On the other hand, Ignite Tournaments specializes in competitive mobile gaming esports and tournaments. The company aims to transform this industry by making payments in these tournaments with NFT and cryptocurrencies.
