Payouts in multiple cryptocurrencies are being streamlined by the esports tournaments platform.
Japanese investment firm Softbank led a $16 million Series A funding round for Community gaming. Some of the investors include Animoca Ventures, ConsenSys Mesh, and Polygon Studios.
With over 100,000 unique registered users, the website allows organizations to list their upcoming tournaments and registration details. Automatic payouts can be made for tournaments in USDC stablecoin, other cryptocurrencies, or the native token of the game.
According to an interview with the CEO, Community gaming is a way to fix the problems he sees with the payouts.
“In the esports and traditional competitive gaming world… one of the biggest pain points was around payments, players having to be paid out through PayPal…it could take days or weeks, and came along with a lot of high fees and friction,” Gonsalves said. “So for us, we want to abstract away all the complexities that are associated with Web3 solutions and bring them a competition platform that does automated payouts.”
Currently, the platform supports the mainnet, Polygon and BNB blocks for payouts. The ability to allow tournament organizers to pay winners with NFTs is being worked on.
The company plans to take a 5% fee from the total prize pool in the future. The user experience should be as free as possible, with no payouts for winners and free meta transactions. Over $100,000 in micro-grants was paid to the organizers of the competition.
The main focus of Community Gaming has been on Web2 games, but more and more Web3 games have been launching tournaments through its website.
“Call of Duty: Mobile,” “Hearthstone,” and “League of Legends” are examples of Web2 games. He thinks that there isn’t enough high-quality games in the Web3 space to entice the Web2 gaming community. In the future, it is thought that will change.
In order to get more exposure for their tournaments, the organizers of the tournaments need to forge connections with live streaming gaming site twitch and get tournaments on the coveted homepage of twitch, which has 1.2 billion monthly visitors.
CG has evolved from live events to a combination of online and physical support. Latin America is one of the major regions of interest, but the North American gaming market is the main focus.
Benjamin Lizana said in a statement that he is excited by the pace at which it has gained traction in Latin America, and that there are strong tailwinds for the cryptocurrencies gaming infrastructure space globally.
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