Wednesday’s live stream with our IGGalaxy co-founders!
On Wednesday 29 July, our co-founders streamed on Twitch to respond to questions relating to various aspects of IGGalaxy.
Also, on the day, IGGalaxy had surpassed 60,000 registered users, smashing through our target for 2020! Moreover, IGGalaxy currently recorded 14,000 monthly active users in July, and is undeniably shaping up to be the home of social competitive gaming. With IGGalaxy progressing at the rate it is, we felt it was a great opportunity to interact with our growing community and answer any questions about the future of IGGalaxy.
Thank you to all those who submitted questions! There certainly were a lot and we are pleased to have got through most of them, as well as answering several questions asked in the lively chat!
Below, we have provided an overview of what was covered in Josh and Naeem’s live-stream, along with some few supplementary points.
You are still able to watch the full live stream on our Twitch channel. We have also uploaded the video to our YouTube channel so you can hear directly from the co-founders of IGGalaxy themselves!
IGGalaxy: Our competitive gaming platform
Horizontal diversification: “What’s the biggest factor that slows down the roll out of new games on the platform”
- IGGalaxy has been designed to allow us to quickly roll out, test, and consolidate competitive support for new games. It is the platform’s agile nature that will help us ensure IGGalaxy remains relevant, exciting and continues to attract new audiences.
- The key thing to consider when supporting a new game is that we are essentially promising to provide value to the gaming community that exists around the game. For this reason, we must scale horizontally in a sustainable manner. This is so that each of the games supported have more nuanced and value adding competitive ecosystems built around them.
- Rolling out competitive support for new games, in a sustainable manner, and in line with our go-to-market strategy, means we are able to directly address the needs of the individual communities that exist around the games we support.
Tournament creation module “When can we create our own tournaments?”
- The customised tournament creation feature is, of course, a crucial milestone in itself; its importance should not be underestimated.
- This component will essentially allow users on the platform to create their own tournaments amongst friends, university halls and so on — the possibilities are endless!
- Our collaborative tournament with Celtic Esports last month provided an insight into just how pivotal IGGalaxy can be as an engagement tool to high profile brands. Although we cannot say too much more at this point, that collaboration with Celtic was just the tip of the iceberg!
- Before we can deploy this feature, though, the tournaments automation must be as streamline as possible; and so far, we’ve done that.
The next phase is to focus on tournament moderators, and to ensure they can effectively manage the tournament operations. Towards the end of July, we welcomed our first moderators — all of whom have been superb — and over the next two weeks will begin recruiting our second cohort of moderators, once again allowing us to rampantly scale up our tournament operations.
Therefore, for the sake of clarity, we will continue to optimise the related components of IGGalaxy and testing the tournament creation module up until we are satisfied for it to be released publicly. We also intend to release this feature for maximum impact, in line with our overall marketing strategy.
Watch the stars in IGGalaxy “What’s the plan with the Observatory?”
- IGGalaxy’s Observatory will be central to the social aspects of our competitive gaming platform in terms of engagement. It will make the viewing experience of competitions and general gaming video content streamline and enjoyable!
- Not only do we want our Galacticans to have the opportunity to compete in tournaments for their favourite esports games, but also for them to create, share and enjoy gaming content.
- As we explored above, we are in the very early stages of building an entire esports and competitive gaming ecosystem, accessible to all. We look forward to sharing more details about this upcoming component to IGGalaxy.
- We have planned for the first phase of this feature to be released at the end of the quarter, which will see marketing efforts increased so we can start bringing streamers and social media influencers, specifically, to IGGalaxy!
“When do you plan to start premium memberships? What will some of the perks be for having a premium account in IGGalaxy”
- We expect to start premium memberships later this year.
- Users in IGGalaxy will have the choice between a ‘free’ or ‘premium’ account.
- Free users will have access to basic functionality, whereas premium users will have access to more richer functionality in exchange for a monthly fee.
- We have released provisional details of our intended subscription model, but we will share more information on the perks associated with premium accounts when appropriate.
IGGalaxy: Token economy
“What’s the plan to increase buy side pressure for the token for the intended consumer”
This question essentially asked about the current inflation of IGG circulating supply as a result of the prize pools offered in daily IGGalaxy tournaments.
- This is a current use case that is only being deployed by Intergalactic Gaming as the competition organiser, which allows us to test during our public beta while also benefiting the IG Gold (IGG) token economy long term as we increase our user base and adopters of IGG.
- As outlined in our token economics document (available here), we have various use cases intended for IGG that will create demand.
- As IGGalaxy develops to create a frictionless medium of value exchange between key stakeholders within the competitive gaming economy, there will naturally be an increasing demand for IGG tokens due to the benefits provided by holding and using them.
- For example, some tournaments with larger prize pools will require IGG deposits or entry fees. There is also an opportunity to use IGG to pay for premium memberships at a discounted rate.
- Competition organisers will also be able to use IGG tokens as a reward for their customised tournaments.
- Further down our roadmap, we also intend to deploy buy-back and burn programs (particularly through using a percentage of profits) to ensure healthy deflation of the total supply occurs over the coming years.
Partner tokens update
- We are aware that a lot of you will have questions regarding to our partners and how they will feature in the future of IGGalaxy.
- The integration of tokens into our partners businesses enable disruptive business models. This has been demonstrated by LimeJuice and Proton Gaming who have enabled their token holders shares in the IGG earned by their players in our IGGalaxy tournaments.
- We touched on our partners a little in our live stream but will provide a much detailed update later this quarter.
IGG: Exchange listings
“Are there plans to list IGG on reputable exchanges”
- The short answer is yes! The only liquid markets for IGG are TRON DEX’s right now, so it is important that IGG is listed on a reputable exchanges where our users around the world can easily trade.
- However, we have reiterated that timing of listing for a reputable exchange is important.
- It has been better for us to invest in building our platform as a priority, especially considering our IGG token’s value itself is determined by its utility.
- Therefore, a working product with large monthly active users significantly reduces listing fees and will provide a greater impact when listed on an exchange that is more easily accessible for our growing global user base.
- Going further, we plan to target reputable exchanges that we can in fact work closely, grow and even partner with; IGGalaxy will on-board a large user base, many of whom will be adopting crypto for the first time.
- Ensuring adequate on and off ramps to IGG specifically will also be essential to long-term adoption, token value and subsequent liquidity. This will follow from the listing of IGG on a reputable and more liquid exchange.
“What are your marketing expansion and growth plans?”
- Our competitive gaming platform, IGGalaxy, has undeniably gained significant traction during our public beta.
- As demonstrated over the last few months, we have begun marketing IGGalaxy to our target market across social media platforms.
- Through our initial marketing strategies, we have experienced exponential user growth with registered users in IGGalaxy growing from 3039 users at the start of 2020 to over 63,000 by the end of July.
- We have an extensive plan to continue our momentum, quickly turning IGGalaxy as the place to be for competitive gaming and entertainment.
“What are your plans to enter the esports scene outside of Europe?”
- We are already beginning the expansion of IGGalaxy beyond Europe.
- Europe currently accounts for 50% of our overall user base and is our primary target market at this phase in our go-to-market strategy.
- During this time, though, we have also branched out to further regions, catering to demand we can begin establishing Intergalactic Gaming as a viable global brand.
- IGGalaxy’s long-term success, like any other platform, will be measured by our total number of daily and monthly active users. We are thrilled with such a large number of sign-ups but we must continue to innovate to ensure we retain them.
- In Europe and the West, we know our target market; Call of Duty, FIFA and Fortnite are tried and tested, and so, are strategically chosen to maximise the rate of adoption. It is evident from our recent progress reports and IGGalaxy analytics that this is working.
- Our recent Call of Duty: Mobile tournaments in Asia, only just released last month, are gaining significant traction, and continue to fill up in a matter of hours. In fact, this region accounts for 20% of our total user base.
- Granted we have not been conducting tournaments in this region in the same manner in which we have for Europe, but like tournaments in Europe, they have proven to be extremely valuable in terms of testing.
- Also, as we explored in a recent mobile gaming article we posted, emerging markets will drive the future of competitive gaming in ways that Europe cannot match. For this reason, expansion into markets beyond that of Europe is something that we as a team are consistently conscious of, and so, Intergalactic Gaming will remain to continue both targeting and testing in these emerging markets.
“How will you fund expansion plans for other countries and future growth?”
- As we have previously outlined, we will be pursuing private investment in exchange for equity in Intergalactic Gaming.
- This will provide an injection of capital that will allow us to ramp up efforts across the board, from development to marketing.
“Can you shed details on extent of interest shown by VCs so far?”
- While we cannot go into specific details about the interest from any investors, we can state that the conversations we’ve had during our fundraising efforts have been hugely positive.
- As the COVID outbreak caused significant disruption globally, we decided to pause our fundraising efforts and focus on progressing IG as a business.
- By doing so, we have achieved results that have exceeded expectations and therefore put us in a much stronger position.
- We can confirm that we will be resuming our efforts and we very much look forward to sharing further updates on this when we can.
“Can Intergalactic Gaming be sold and the new owners create a different token, leaving IGG holders with tokens that are worthless”
- Simply put, no.
- If Intergalactic Gaming was to be sold, there would be a non-negotiable condition that IGG remains the native token for IGGalaxy.
- Our co-founders and Intergalactic Gaming have a vested interest in the success of the IGG token economy, aligned with all other token holders.
“What is your revenue model once platform goes public? How do you plan to make money to be self-sustaining?”
- It is important to note that we can — in theory — start generating revenue now. However, timing is everything; at this stage, we must prioritise acquisition and retention over monetisation.
- The core revenue sources from IGGalaxy that we have already outlined include:
- subscriptions: recurring revenue generated from users purchasing a premium membership to IGGalaxy, gaining access to richer functionality
- advertising and sponsorship;
- merchandise sales;
- transaction fees from our Galactic Grand Exchange (GGE).
The BUIDL Cup Series: TRON Edition - Coming Soon! #TBC2020
“Will the Fortnite SR tournament still go ahead? Any idea when this will happen?”
- We are fortunate to have a fantastic public beta platform that allows us to communicate with such large and engaged audiences.
- We are excited to share that we will be launching The BUIDL Cup Series in IGGalaxy!
- The objective of TBC is to promote and add value to the wider cryptocurrency industry, TRON network and broader community.
- Our initial Fortnite SR tournament has therefore morphed to reflect this consideration, forming a campaign that will provide brand exposure to the TRON network, DApps and tokens to millions of gamers.
- Teams behind TRON based tokens can get in contact with us if they wish to get involved and have their token exposed to a large audience; anyone is welcome to enquire!
- This will exclude categories that may conflict with PEGI ratings for the games we support, for example those related to gambling.
- We will be releasing further details regarding the BUIDL Cup Series in due course.
The road ahead
The future of IGGalaxy, as we are sure you will agree, is very promising to say the least. In this reflection of our live stream, we touched on the important points that we do not always get an opportunity to cover in progress reports or other updates – or as frequently as we would like.
As we look ahead, it’s amazing to think that we are quickly nearing the half-way point of the third quarter in 2020 and what we have achieved in this time; but there is still much more we have to achieve!
For now, we will leave you with the a massive thank you to admins and our new moderators, and of course our community, who continue to show great support and engagement! Let’s keep up the momentum!
To keep up to date with developments, please follow us on our various social media channels: