Nitro is designed to democratize the video-games economy by making it easy for lay-people to participate in and benefit, while bringing together all stakeholders of the industry onto an integrated platform and community.
September 28, 2017
Southeast Asia’s leading mobile entertainment group iCandy Interactive Limited (“iCandy Interactive”) announces that it is backing Nitro, an independent blockchain based cryptocurrency project. Nitro is designed to democratize the video-games economy by making it easy for lay-people to participate in and benefit, while bringing together all stakeholders of the industry onto an integrated platform and community.
Independent studies have estimated the global video-games industry is worth around US$90 billion for the year 2016 and this annual industry revenue is expected to grow 30% to US$130 billion by 2020. This will mean the video-games industry will generate almost nine times the revenue of Hollywood.
Even though the industry is booming, it faces a few key issues. The industry has started to become more and more of an oligopoly with the top 10 game companies dominating more than half of the global revenue. New game studios find it hard to access to funding and resources to launch their new games and compete against the large corporate incumbents. Given the right funding and access newcomer studios are capable of producing promising hits such as mobile game-title Subway Surfers.
Nitro: A global platform that empowers anyone to partake in the video-games economy
With the limitations of the industry in mind, iCandy Interactive is backing Nitro, a blockchain-based cryptocurrency project that is looking to address some of the inefficiencies in the video-games industry. Based on the blockchain technology and Ethereum network, Nitro is designed to democratize the economy of the video-games industry.
Nitro is largely made up of two parts, a new cryptocurrency called NOX and an online marketplace called Nitro Marketplace. iCandy Interactive’s subsidiary iCandy Ventures Ltd (“iCandy Ventures”), a British Virgin Island incorporation, is developing and managing NOX while iCandy Interactive is responsible for developing Nitro Marketplace and foster a community around it.