$100,000 Blockchain Gaming Esports Tournament: Crypto Startups Make Big Bets As Blockchain Assets Resurgence

Moxy.io (MOXY) has made waves in the gaming industry as the first company to offer on-demand eSports to all players, regardless of their skill level. What makes Moxy stand out is the use of blockchain technology to power the platform, providing a transparent and secure environment for players.

Thanks to the unfortunate collapse of several regional banks, people are flocking to crypto and blockchain-based assets as a means of securing liquidity for their businesses and as investments. For example, Gamestop Corp. has recently seen an increase in volume on the platform, with some asset volumes growing over 20,000%. In the startup market, retail investors have invested over $900,000 in Gameflip for their digital assets and NFT marketplace.

Read next: The domestic pressure robot shakes up a $7.28 trillion industry

Moxy eSports

The aim is to make the rapidly growing and lucrative industry of competitive eSports accessible to everyday players. While this industry has mainly been reserved for elite players who compete in invite-only events, Moxy wants to change that. With Moxy, game developers can design a version of their game specifically for eSports, and players have access to an all-in-one destination where they can purchase these enhanced versions and play them.

The platform revolves around a global game token that players can use in competitive games. This token, called $MOXY, can be earned by competing in eSports tournaments and can then be used to purchase items or participate in more tournaments. It is designed to provide an easy and accessible way for players to engage in competitive play and earn rewards for their skills.

Don’t miss: This startup built the world’s first AI marketing platform that can understand emotions, and some of the biggest companies on the planet are already using it

The Beta Challenge

Moxy’s focus on democratizing eSports is evident in the recently launched Open Beta Challenge, “eSports for ALL”. This community promotion allows players from around the world to compete in a variety of tournaments, with a total prize pool of $100,000 in $MOXY tokens. The aim of this challenge is to demonstrate the potential of on-demand eSports and to promote the democratization of gaming.

The beta challenge will see players compete against each other over four seasons (lasting 7-14 days), with those at the top of the Moxy leaderboard at the end of the fourth season receiving the coveted prizes, including cash (in USDC), Moxy’s native tokens and Moxy collectibles. Although the total cash prize pool is $100,000, the value of each prize tier will not be revealed until the official launch of the Moxy platform. Cash prizes do not include Moxy tokens and collectibles.

To participate in the Beta Challenge, interested players register, create a Moxy account, complete KYC and receive 1000 MOXY testnet tokens. Players meet like-minded eSports fans, with an opportunity to earn an additional 50 MOXY tokens for each referred player who completes the registration and KYC processes.

To stay updated with the best startup news and investments, Sign up for Benzinga’s Newsletter for start-up investments and equity financing

eSports’ impact on gaming

In 2020, many people had their first experience with eSports due to the impact of the pandemic on traditional sports. From virtual Formula 1 races to Premier League stars competing on FIFA, competitive gaming has become more popular than ever before. eSports is no longer a niche activity, but a global phenomenon with a growing fan base. It has completely transformed the gaming industry.

Over 240 colleges now have varsity eSports programs and tournaments that offer millions of dollars in prize money. Even big investors like Jerry Jones and Sean Combs have shown interest in esports teams.

In accordance Technavio’s analysis, the eSports industry will continue to expand and reach a value of $3.5 billion between 2022-2027. Moxy is poised to be at the forefront of this growth.

Look more at start-up investment from Benzinga.