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Daily Markup #677: ESPL launches Web3 tournament platform & utility token, raising US$1.4M in less than 2 hours

February 8, 2023 · 2 min read
Credit: PancakeSwap

Bringing simplicity to Web3 gaming

  • Congratulations are in order for 500-backed Esports Players League (ESPL), an integrated esports tournament and platform provider for gamer communities – the team just hit two new milestones!
  • Milestone #1: ESPL launched their utility token, ARENA, through an Initial Farm Offering (IFO) with collaborator PancakeSwap. The IFO was oversubscribed by 300% and raised US$1.4M in less than 2 hours.
  • What is an IFO? According to CoinMarketCap, an IFO is a fundraising model that helps new DeFi projects raise capital by participating in pre-sales events hosted after stern project vetting by decentralized exchanges.
  • Milestone #2: ESPL launched a Web3 User Generated Tournament (UGT) platform, ESPL Arena – the first host-to-earn esports platform that aims to enable the adoption of Web3 technology and business models in esports. Simply put, this feature will make organizing online esports tournaments easier, with a secure and transparent way to automatically disburse digital asset prizes to winners.
  • This will grant tournament organizers access to a powerful new economic model for gamer engagement and community building.
  • ESPL General Manager Ivy Fung said, “It is a defining moment to integrate blockchain into the traditional Web2 esports tournament model. With ESPL pushing the frontiers of innovation through the decentralization of tournament hosting and the automation of prize distribution (via the ARENA token), I am confident that we’ll foster a stronger esports gaming community than before.”
  • To date, ESPL has hosted over 2,000 tournaments reaching over 33 million users worldwide since 2019. The platform currently has over 280,000 active gamers globally, and presence across 17 countries in Southeast Asia and Latin America.
  • Read the full story here.
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