Media Aggregator Esports Gold Starts ICObr>
Media aggregator Esports Gold (ESG) has launched an initial coin offering (ICO) with the aim of raising $5.4 million in ether tokens. The goal of the company is to establish the first all-encompassing e-sports entertainment hub.
ESG aims to bring together the most popular content, channels and information to enable any enthusiast to find what they want in one spot. The platform will provide contextualised information, data and statistics for visitors to make informed decisions on the potential outcomes of games. The company also intends to be a fully licenced betting operator, under the oversight of regulated gaming commissions.
The ICO will provide investors with its ESG tokens and will offer combined exposure to e-sports, which is estimated to have a market value of $1.24bn next year, and cryptocurrency.
ESG are providing significant incentives for early investors up to the base target of 5.4 milion. Early investors will gain a discount when purchasing the tokens, providing them with 300 ESG for every ether invested, compared to 100:1 after the initial cap has been reached.
If funds are raised to target $5.4m and ETH is priced at $200, 8.1 million tokens will be available for sale. At the cap of $50m, circa 31.2 million tokens will be available for sale. 10% of the base target tokens will be minted and held in a time-locked smart contract with a holding period of 2 years. ESG said this will ensure a long-term incentive tied into the value of the ESG token and cap the management incentive at c. 10% of the base target value.
If the event fails to achieve base target, ESG will still be able to develop the platform but without betting liquidity and capital. It will then seek private equity to complete the betting functionality and required liquidity.
Esports Gold director Sean Hynes said the e-sports community has remained fragmented despite its meteoric rise in recent years. He believe their platform will bring gamers and bettors together for the first time in one functional, entertaining online space.
“We have grown frustrated with the make-up of the e-sports space in recent years and we’re sure other players and fans feel the same,” said Hynes. “Our proposed solution will finally bring news, content and betting into one functional site.”