A Southeast Asian mobile entertainment group, iCandy Interactive Limited has 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 benefitfrom, whilst bringing together stakeholders of the industry onto an integrated platform and community.
Nitro is mostly made up of two parts: a new cryptocurrency called NOX and an online marketplace called Nitro Marketplace. iCandy Interactive’s subsidiary, iCandy Ventures Ltd, a British Virgin Island incorporation, is developing and managing NOX, whilst iCandy Interactive is responsible for developing Nitro Marketplace and fostering a community around it.
The NOX cryptocurrency token is based on the Ethereum platform and will enable token-holders to participate in the video game economy by voting for the new games they want to receive funding from Nitro. They will also be used for engaging with game producers and promoters in the games marketplace and using NOX tokens for in-game items/currency. Finally, game-titles funded by Nitro will share a portion of their revenue with Nitro and NOX holders stand to receive rewards for participation and contribution to the Nitro network from time to time.
The Nitro Marketplace will empower interaction and transactions between stakeholders across the video-games industry; for example, it will allow gamers to discover and play new games promoted by game studios and, in turn, gamers will be incentivized directly by game studios to try out the new games. This will avoid companies having to pay high fees to marketing platforms. Besides this, it can also be worked into the games as rewards or credits, hopefully driving engagement.
NOX will be made available via an online crowdsale which will be managed by iCandy Ventures in compliance with the business and investment laws of the British Virgin Island, where iCandy Ventures is incorporated. The crowdsale will offer 60 million NOX available and is set to begin on the 25th of October, 2017 and will end on the 8th of November, 2017.