Mobile entertainment group iCandy Interactive Limited has entered into a partnership with blockchain-based cryptocurrency project Nitro. Nitro has been embarking on an initiative to democratize and disrupt the video game industry, helping aggregate and empower stakeholders onto a fully integrated platform and community.
The endorsement from iCandy Interactive is important given the group’s clout in Southeast Asia and in the mobile entertainment industry. While not often thought of as an explosive area of growth, the video game industry is actually one of the fastest growing sectors.
With smart phone user penetration higher than ever before, the industry has healthy growth prospects. According to a recent Venturebeat study, industry revenue swelled north of $90 billion in 2016 with annual industry revenue expected to grow to $130 billion by 2020.
iCandy Interactive’s backing of Nitro represents a new angle for the group, which will now join forces with the blockchain project. Overall, the initiative is designed to address a number of inefficiencies across the industry and emphasize a more democratized framework.
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Based on blockchain technology and the Ethereum network, Nitro has to date been a disruptive force in the gaming industry. The group is composed of two parts – a nascent cryptocurrency NOX and an online marketplace called Nitro Marketplace. Per the arrangement, iCandy Ventures will help develop and manage NOX, while iCandy Interactive will be responsible for developing the Nitro Marketplace.
As a cryptocurrency token based on Ethereum, NOX is integral to the overall project, given its role in enabling token holders to fully participate in an integrated gaming economy. This includes voting for new games to get funding from Nitro as well as engaging with game producers and promoters in the games marketplace.
Individuals can utilize NOX tokens for in-game items and currency as well – one of the incentives is that game titles funded by Nitro are eligible to share a portion of their revenue with Nitro and NOX holders.
Overall, this project will create a stronger link between the industry and its stakeholders. As a further nod to its future, multiple other tech and games industry veterans are also backing the project, including Fatfish Internet Group CEO, Kin-Wai Lau, and iCandy’s COOs Gerald Tock and Desmond Lee, among others.
Looking ahead, NOX will also be made available for purchasers via an online crowdsale, managed by iCandy Ventures in a regulated setting. The crowdsale is set for October 25 – November 8, 2017. There will be a pre-sale prior to the actual event, with up to 60 million NOX available for purchase, raising up to 75,000 Ethereum, or $20 million.