Jan. 18, 2023 – Esports Players League (ESPL), a global integrated esports tournament and platform provider for gamer communities, has officially launched its utility token – $ARENA in collaboration with PancakeSwap through an Initial Farm Offering (IFO) on Jan 16, 2023.
The total amount raised reached $ 1.4 million, with over $3.6 million worth of CAKE committed during a 2-hour launch on 16 January 2023. 35 million $ARENA utility tokens were available during the IFO at a price of $0.04 per token.
ESPL’s Arena is the first Host-to-Earn esports platform that aims to enable the esports industry to adopt Web3 technology and business model.
The newly launched utility feature will ease the complexity of organizing online esports tournaments and provide a secure and transparent method of prize disbursement for the platform’s over 280,000 global esports athletes.
The utility token was jointly launched with Arena’s User-Generated Tournament (UGT) solution, giving rise to a more efficient tournament system that leverages Web3 and blockchain technology.
The UGT platform will power ESPL Arena’s robust esports ecosystem with next-gen Host-to-Earn capabilities, granting tournament organizers access to a powerful new economic model for gamer engagement and community building. The $ARENA utility token is available on PancakeSwap.
Commenting on the success of $ARENA’s IFO, ESPL’s General Manager, Miss Ivy Fung says, “It is a defining moment to integrate blockchain into the traditional Web2 esports tournament model.
With ESPL pushing the frontiers of innovation through the decentralization of tournament hosting and the automation of prize distribution (via the $ARENA token), I am confident that we’ll foster a stronger esports gaming community than before.”
ESPL has a track record of excellence in Web2 and Web3 esports tournament systems and organizing, having hosted over 2,000 tournaments and reaching over 33 million users worldwide since 2019.
Its global investors include Warner Music, 500 Startups, Genting Ventures, iCandy Interactive, RightBridge Ventures, Infinity Ventures Crypto (IVC), and Arcanum Capital.
About Esports Players League
Founded in 2019, the Esports Players League (ESPL) is a global esports tournament and platform provider developing an integrated and open ecosystem for tournaments, focusing on the grassroots gamer community and digital interactivity.
The platform runs on a hybrid online and on-ground model and has a foothold in 16 countries across Asia, Europe, and the Americas.
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