Place/Date: Melbourne, Australia - November 19th, 2017 at 9:51 am UTC · 6 min read
Contact: Gerald Tock, Source: Nitro
NITRO is an online cryptocurrency project which was created to solve many of the inherent problems of the videogames industry, and is the first cryptocurrency project in the world which is backed by a publicly listed company (independently verified by DealStreetAsia.com). NITRO was created by the founders and management of iCandy Interactive Limited, southeast Asia’s leading mobile entertainment group listed on the Australian Securities Exchange. NITRO involves the creation of an Ethereum-based cryptocurrency; NITRO Token, or NOX, and an integrated marketplace, the NITRO Marketplace.
NITRO has a compelling and unique proposition compared to many emerging cryptocurrencies which are often just concepts and prototypes with no existing business or track records. In contrast, NITRO is backed by iCandy Interactive, which is an existing award-winning game business with many prominent institutional shareholders. iCandy has been in the business of developing and publishing games for more than 6 years and it has an existing community of more than 348m million smartphone users (bolstered by its recent acquisition of Animoca Brands’ games portfolio). NITRO Token will be introduced into games developed and published by iCandy, potentially setting it up for early adoption within the 348-million strong gamers community on day one. This proposition significantly reduces the risk of business plan execution of NITRO, compared to other cryptocurrency projects.
The video-game industry is a US$100 billion industry annually and the nature of the industry is prone to disruption by cryptocurrency technology. There are a quite a few video-game related cryptocurrency projects that had garnered THE interest of the cryptocurrency community globally. However, NITRO is among the most credible and most extensive cryptocurrencies for the video-game industry to date.
NITRO seeks a holistic, end-to-end approach to solve the complex challenges of the video-game ecosystem with the blockchain technology. In its current form, NITRO has considered the interests of all stakeholders of the video-game industry, from gamers, game studios, publishers to financiers.
One of the key features of NITRO is that gamers and speculators can easily become holders of NITRO token to participate in the booming video-game economy. This is democratizing the participation of the video games economy as up until now it is almost impossible for an average person to participate and benefit from the video games economy. Gamers will be able to use one cryptocurrency in all games on NITRO Marketplace for in-game purchases, get incentive in engagement, participate in the game development process and ultimately get rewards from the industry economy as token holders. Publishers and game studios will get marketing access to the audience of gamers in an efficient and transparent manner.
NITRO is backed by 3 established venture capital funds from Singapore in the form of shareholders of iCandy Interactive, which includes Fatfish Internet Group, Incubate fund and BB fund (a dedicated blockchain fund by fintech VC Life.Sreda). iCandy’s other shareholders include internet conglomerate Baidu ($60 billion Chinese Internet company) and the Global Mobile Developer Confederation (GMGC), one of the most influential games developer networks in China. The NITRO project is conceived and built by video-games industry veterans with successful business track records in the video-game and venture capital industry. These track records will translate into know-how that will be invaluable in building a sustainable business model that will benefit all NOX token-holders.
NITRO funded games and other third-party games can use the Nitro Marketplace and its API to transact with gamers, especially those of the 348-million smartphone gamers base of iCandy Interactive. The efficiency of the blockchain technology will allow micropayment to happen efficiently in almost real-time in games and the marketplace. Gamers will be encouraged to utilise the NOX sub-token, NOD, to purchase virtual items and power-packs of games with added incentives such as lower pricing structure and unique offerings that are differentiated from fiat currency payment. This will drive considerable use of the NITRO token in the existing gamers community of iCandy Interactive.
On the development end of the proposition NITRO will fund the development of game titles from its token sale proceeds and funded games will share revenue up to 20-30% of their revenue with NITRO over a period of 5 years from the date of funding. 60% of the receipts will be used to replenish the funding pool for games, while the remaining 40% will be used for marketing and operating costs. To foster the adoption of NITRO, NITRO will distribute rewards in the form of NOX to holders based on their level of participation on games published on NITRO Marketplace. NITRO will buyback NOX from the market to replenish the Reward Pool from time to time; enhancing the value of NOX
With the increasing interest around ICO’s, it is becoming important for an ICO project to be supported by credible companies and individuals. In the rapidly-changing crypto-sphere, there is an emergence of an enhanced ICO model, where credible mainstream companies use ICO’s to launch new funding initiatives in a professionally managed framework. This is the first time a company listed on a major international stock exchange is actively backing a cryptocurrency project. It could pave the way for a new trend of mainstream public companies using ICO’s to launch new funding initiatives in parallel to the capital markets that they are trading in. The NITRO project could potentially be a test case for ICOs to disrupt the US$100 trillion per year capital markets.
NITRO Token, as a cryptocurrency, will be made available to interested contributors via an online sale. A pre-sale will be conducted from 19th November till 23rdNovember 2017 After the pre-sale the main ICO will begin on 1st December 2017. All sales will conducted online via NITRO’s website at www.nitro.live .There will be up to 60 million NOX available for sale, raising up to 75,000 Ethereum (ETH), carrying a value of approximately US$22 million at today’s prevailing Ethereum price.
Disclaimer iCandy Interactive LTD and NITRO is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. ROI cannot be guaranteed. Readers are urged to make investment decisions at their own discretion and the company will not be responsible for the outcome of such decisions. This press release may contain certain forward-looking statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations they are based on will occur.