Source : NITRO Token – NOX ICO Tokenizing Live Video Games Blockchain?
Nitro aims to tokenize video games using a global blockchain-based platform. Find out everything you need to know about Nitro and the NOX token ICO today in our review.
What Is Nitro?
Nitro, found online at Nitro.live, is a blockchain-based platform catered towards the global video games industry. Nitro aims to democratize and revolutionize the video games industry through a cryptocurrency called NOX. That currency will be usable at an integrated online marketplace called the Nitro Marketplace.
The Nitro ICO began in November with a pre-sale, with a general crowdsale taking place until December 26, 2017.
One of the unique things about Nitro is that the company’s NOX token is the first cryptocurrency in the world backed by a publicly listed company. That company is iCandy Interactive Ltd (ASX:ICI).
What Problems Does Nitro Seek To Solve?
Nitro’s whitepaper identifies several major problems with today’s video game industry. The over-arching problem is that there’s no easy way to participate and benefit from the video games economy. There are too many barriers to entry, and those barriers are costly to overcome. Some of the specific identified problems listed by Nitro include:
Limited Number Of Companies:
Only a handful of video game companies are publicly traded.
Mostly Private Companies:
Many promising early stage video game companies do not have the resources to qualify for publicly traded capital markets.
A typical video game company tends to focus on a particular genre. This gives additional risk to investors seeking diversification.
Even when investors can make angel investments in a company, their assets are illiquid because these companies are mostly private. Investors’ funds are locked up for a multi-year period.
Selection And Diversification:
Diversification is important for investors, but it’s hard to diversify across the gaming industry. As the Nitro whitepaper explains, “it’s not easy to pick and configure a diversified portfolio of investments into the industry.”
It’s not easy to invest cross-border into public or private video game companies.
Overall, this leads to a crucial problem in the gaming industry: it’s hard for promising game companies to raise funds. Even if these developers have a good concept, a rock-solid team, and a strong business model, there are too many barriers blocking them from the marketplace. There’s an overall difficulty for accessing funding from the gaming industry.
How Does Nitro Work?
Nitro is a blockchain-based online collaboration platform. The platform uses the Nitro token (NOX) to fund the development of video games. The goal is to democratize the economy of the video games industry and bring together all stakeholders into an integrated platform and community.
The video game industry is booming. The Nitro whitepaper mentions that video games make 9 times more than Hollywood, and almost 3 times more than the entire movie industry. It’s a worldwide industry worth $100 billion USD per year. However, it’s difficult to participate in the video games economy. It’s difficult for gamers and developers to benefit from this economy. Nitro plans to solve this problem by democratizing the industry using blockchain.
Nitro sees an opportunity to solve the problems mentioned above using blockchain technology. Here are the three core functions of the platform:
The “Participate” section of Nitro involves curating, voting, and funding new game development projects. Games will be selected, then token holders will vote on which game deserves funding.
The team will curate Promising Game Studios (PGS) and New Games to be funded by Nitro
Nitro allows the layman to partake in the video game economy easily by purchasing NOX
NOX is a club card granting holders a privileged status and right to vote on games to be funded
NOX enables a discount when purchasing NOD, the USD-pegged sub-token to be used as a form of in-game currency
NOX enables holders to receive bonuses for activities taken within the network
The value of the network lies in the number of nodes on the network. The Nitro marketplace brings all industry stakeholders together in one spot.
Nitro Marketplace will connect gamers, game studios, and other stakeholders to facilitate efficient communication and transactions between all parties
Gamers can discover and play new games while receiving incentives directly from promoters
NOX can be exchanged to the USD-pegged sub-token NOD, and that can be used in-game to exchange for virtual items
Funds collected by the Nitro platform will be invested into future game development. Nitro receives a percentage of revenue from games developed through the platform, and that revenue is used to continue funding in Nitro.
Funded games will share revenue with Nitro. Any revenue received by Nitro will go to replenishing the funding pool for new games, and for operating and marketing the platform.
Nitro will receive 20 to 30% of the revenue received from funded games in the form of NOX purchased on exchanges.
NOX will then be sold on exchanges by Nitro to replenish the funding pool for games.
Nitro will also buy additional NOX from exchanges in order to maintain reward pools. The reward pools will be used to pay bonuses to token holders for in-platform activities.
The Nitro Token Sale
The Nitro token sale began with a pre-sale from November 19 to 23, 2017. During the pre-sale, tokens were set at an exchange rate of 1 ETH = 1040 NOX, with a minimum purchase requirement of 5 ETH.
The general ICO, meanwhile, is scheduled for December 1 to December 26, 2017. During the crowdsale, the price is set at 1 ETH = 800 NOX.
As a NOX token holder, you can vote in the funding campaigns of new video games being developed through the platform. You can also receive bonuses when engaging in activities within the Nitro network. Plus, NOX token holders get a 10% discount when purchasing NOD, the USD-pegged subtoken that will be used as a type of in-game currency.
60% of the revenue share received by Nitro in NOX will be purchased on exchanges and converted into BTC, ETH, or fiat currencies in order to fund new games.
There’s a total token supply of 120,000,000 NOX, with 60 million (50% of the total supply) allocated to the public.
Who’s Behind Nitro?
Nitro is led by Kin-Wai Lau (Director), the CEO of Fatfish Internet Group and Chairman of iCandy Interactive. Other key members of the team include Gerald Tock (Director), Phillip Lord (Director), Yelena V. Sedykh (Director of Partnership), and Jason Giambona (CTO).
Nitro is an independent online platform built on blockchain technology. The project is led by two corporate entities, including Nitro Interactive Ltd and iCandy Ventures Ltd. Nitro Interactive Ltd. will develop the economy of NOX, manage the sale and distribution of NOX, bring the management team together, and provide ongoing development of Nitro and the Nitro Marketplace. iCandy Ventures, meanwhile, will publish games funded by Nitro and provide marketing services to those games.
The whitepaper is careful to note that NOX is not linked to securities of iCandy Interactive Limited. iCandy Interactive Limited is a mobile game development company publicly listed on the Australian Securities Exchange, although NOX are not linked to the company’s shares in any way.
The crowdsale for Nitros’x NOX tokens is underway until December 26, 2017. The team aims to release the game funding platform by April 2018, with a beta launched in March. By the end of 2018, the team hopes to have all elements of the Nitro ecosystem in place, including the funding platform and the marketplace.
To learn more about Nitro and their goals, visit online today at Nitro.live.
Source : NITRO Token – NOX ICO Tokenizing Live Video Games Blockchain?