MegaFans is the First Mobile eSports Platform to Pay Out Non-Fungible Tokens
MegaFans, a mobile gaming company headquartered in Southern California, announced that they distributed the world’s first NFTs (non-fungible tokens), as prizes to players, from a mobile eSports platform. MegaFans announced in October that they would offer NFTs and Cryptocurrency as prizes in their mobile eSports games.
The company began testing offers with Bitcoin in September to gauge market response, which was strong, so they quickly moved to include NFTs as part of the company’s plan to integrate into the metaverse market and become the first mobile eSports platform in that space.
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MegaFans also tested distribution options for a sustainable, scalable model and is currently using Open Sea, the largest NFT marketplace for peer-to-peer transactions, as well as Polygon, a multi-blockchain system that solves for high gas fees in a secure environment. The model proved to be successful this week when the company distributed the first NFTs within their mobile eSports environment. MegaFans is currently entertaining offers to integrate with other metaverse platforms and will be making more announcements soon.
MegaFans CTO, Colin Bracey, says, “Blockchain fits perfectly into our system as cryptocurrency acts in the same way a token would in an arcade. Crypto is also a flat worldwide currency, eliminating any losses incurred via a traditional currency exchange. NFTs are the perfect prize for our gaming community as they can represent collectible and branded artwork in the games, or even audio tracks from recording artists. Players can win, buy, collect and trade the NFTs or re-use them as prizes in their own MegaFans-hosted tournament where the NFT holders can also earn from the entry fees. The options are virtually endless.”
Megafans offers free-to-play and play-to-earn options ranging from quick-play contests to monthly tournaments with larger prize pools up to $5,000 (USD). The pools scale up as community participation grows and players win virtual tokens that can be exchanged for other cryptocurrencies, NFTs, gift cards or cash. MegaFans also uses a leaderboard format that features multiple tournaments simultaneously, to an infinite number of players globally, no matter what skill level or geo-location.
Jeff Donnelley, Founder and CEO at MegaFans, says, “Being first to market in the blockchain space is both enthralling and humbling! We’re bridging mobile eSports games with digital currencies in ways that haven’t been done yet. This is the forefront of the metaverse and we (MegaFans) are pioneering technology that opens up emerging and untapped markets.”
MegaFans recently joined the Launchpool Labs incubator program where they are receiving strategic and technical support to help grow their growing community of gamers and collectors. Launchpool Labs incubator is a 90-day intensive development program focused on building communities and value around startups in the blockchain sector.
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Launchpool Labs MD, Roxana Nasoi, says, “eSports metaverse games are novel in the P2E (play-to-earn) environment, in a market that is seeing a real boom in terms of gaming, NFTs, and crypto. The majority of projects out there tap into the web browser or PC opportunity, while Megafans is going fully mobile, granting them first-mover advantage. The team has proven track records in mobile esports fantasy games, and we’re excited to support them in entering the gamefi space.”