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Progress Report

Josh R

25 Jan 2022

Intergalactic Gaming

Dear IGG community,

Before commencing our progress report, we’d like to thank you all for your time spent participating, supporting and following us. This report will describe our achievements, with a specific focus on the past six months, as well as our current developments, and our direction for 2022.

TLDR; It has certainly been an exciting few months for IGGalaxy and, as a business, we have never been in a stronger position.

  • We are at a pivotal point in our journey as we prepare to launch this project to the market at large, and achieve mass adoption.
  • We now have the benefit of a very strong team within the business who have extensive experience taking products to market: with this team in place, we are able to evaluate our current position and put a plan together to optimise our brand identity for the best possible chances of success.
  • We have heavily invested time into product development, recruitment and market research, all of which have brought us to this exciting moment...The groundwork is now being done to prepare and execute an extensive, relevant and exciting roadmap.

2021: A Year in Review

Our newly formed and growing team has already achieved a lot in a short period, and we are excited for the year ahead. Below, we share a snapshot of the milestones we achieved in 2021 Q2 - from product development and platform growth to partnerships and internal recruitment. This list is certainly not exhaustive but hopefully reflects the breadth of our efforts.

Key Achievements

i) Product Development

  • The IGGalaxy Observatory was launched, allowing gamers to keep up with esports and, more generally, gaming video content (GVC) on Twitch by watching embedded streams in a dedicated area of the platform.
  • The first release of the Tournament Creation Module (TCM) expanded the availability of the tournament 'organiser' role to the broader community by allowing a finite number of gamers to create their own tournaments, for any game title or mode, at any suitable time, with custom rulebooks, with OR without a prize pool.
  • Through integration with Veriff, our platform now enables the verification of gamers’ identities before joining tournaments: this improves the integrity of the IGGalaxy platform and provides a safe and enjoyable space for our users.

Read more about our key deployments in the Product Deep Dive section, below.

Growth

  • Since our Q2 2021 report was published, the user base of IGGalaxy has grown by a further 41.9%; over 1,700 tournaments have been hosted and we have effectively doubled our output, compared to the previous period.
  • Within the last three months alone our social content has achieved 13,671,237 impressions - this is up 124% on the previous period.
  • Over 22MM IGG has been circulated through community tournaments;

Read more about our platform growth in the Product and Growth Deep Dive sections below.

Partnership with Chainlink

In December 2021 we announced an exciting collaboration with Chainlink, whereby the IGGalaxy platform now utilises Chainlink’s Verifiable Random Function technology: a proven and fair source of randomness designed for smart contracts, that allows us to airdrop NFT prizes to members of our community.

Read more about our partnership with Chainlink in the Growth Deep Dive section below.

Recruitment

  • Over at IGGalaxy, we’re building an incredibly strong team that spans multiple cities and countries, from Manchester and London to Jakarta, Indonesia. Since our July report, our core team has more than doubled in size.
  • Two of the key roles we have secured are Head of Growth and Management Accountant.

Ask Me Anything’

Over the last six months, we have participated in two ‘Ask Me Anything’ (AMA) sessions:

  • On 13th August 2021, IGGalaxy were invited to a Twitter Spaces AMA, courtesy of Polygon. This opportunity allowed Josh Robson, the CEO of IGGalaxy, to directly connect with the Polygon community, share the company’s achievements and visions, and discuss our experiences migrating from TRON to the Polygon blockchain.
  • On 5th November 2021, Josh took to Twitter Spaces to co-host another AMA with our new Head of Growth, Beth Trundle. The session aimed to answer some common FAQs while allowing Beth a chance to introduce herself to the community. A transcript of our November AMA is available at this link.

The team at IGGalaxy receive certain questions a lot, even after our AMA - would we love to tell you more, more of the time? Absolutely. However, we also need to exercise some caution with our commercial roadmap so we do not compromise our competitive positioning; the industry in which we operate is in constant flux, after all. We hope you appreciate our position, and we thank you for trusting the process at hand.

Deep Dive: Achievements in Product Development

Our immediate business focus across the company is to grow our user base. Sustainable growth requires several different pillars, including:

i) Technology

Whilst increasing our monthly active user base (MAU), we are 'tightening' certain internal and product processes to make them more manageable, reliable and scalable, to support our growth strategy. This includes tasks such as:

  • Ongoing DevOps improvements
  • Finding and implementing solutions for resource-heavy user support tasks
  • Developing metrics for monitoring/validating the use of product features
  • Building internal system dashboards to identify any risk of platform issues

ii) Product Management Principles

We develop our product in an iterative manner, meaning that we build features in ‘layers’ from the ground up, validating each layer as we go (you may have seen our references to ‘V1’, above, which denotes our first iteration of a product feature). Iterative development means we can be more flexible, allows us to validate our work continuously, and enables us to optimise/pivot when needed.

The continuous improvement of our processes is one of the team’s long-standing motivations that helps us to grow increasingly streamlined and supports the development of a stable and valuable product.

iii) Stickiness

Growth is not just about signups - it’s also about retaining our users and incentivising recurring visits to the platform; we refer to the holistic experience of IGGalaxy as Gamer Experience. With the establishment of the IGGalaxy Growth team and our focus on MAU, it is vital to identify and address areas of the platform where we could improve stickiness. This is achieved by properly understanding user demands and providing features and a user experience that optimises the opportunity and, therefore, achieves growth in businesses. This is an area where we are completing considerable in-depth market research, both within and beyond our current base of users.

With these pillars in mind, and in case you missed it, we wanted to give you a summary of the key features we released in 2021.

The Observatory V1

Our goal was to release the V1 Observatory in September 2021, and we completed this successfully without any issues. We are continuously collecting data about the usage of the Observatory to help inform future iterations of this feature.

Tournament Creation Module (TCM) V1

The TCM enables any member of IGGalaxy to enrol as a community organiser and create tournaments. This feature reflects our continued investment in hosting tournaments for our community, including the ability for brands to host games for their dedicated audiences.

In launching the TCM, the team have also delivered:

  1. The ability for organisers to invite other members of the community to govern their tournaments, including new UI for gamers to receive moderations requests, and respond accordingly. We have also redesigned the module’s password feature, to facilitate private tournaments.

Screenshot taken from Tournament Control CentreScreenshot taken from Tournament Control Centre

  1. Considerable improvements to the TCM rulebook feature, following feedback from our dedicated test group. Feedback revealed a need for organisers to write, create, and share their tournament rulebooks, and the ability to import template guidelines: adjustments that we have taken on board.

Snapshot of our TCM rulebook page

  1. We have also whitelisted the LINK currency, meaning tournaments created through the TCM now offer LINK rewards, as well as IGG, MATIC and JUICE tokens (for more context on LINK, read about our partnership with Chainlink below).

i) Usage to date

As of 20th January 2021, 56 community tournaments have been hosted (by a limited number of organisers), through which ~22MM $IGG has been distributed.

ii) User feedback Data summarised from 100+ gamer responses Q1: How much did you enjoy this community tournament? Average score 4.73 / 5 Q2: How well organised would you say the tournament was? Average score 4.50 / 5 Q3. How well moderated would you say the tournament was? Average score 4.75 / 5 Data summarised from 12 distinct organisers) Q1. How was your experience of the Tournament Creation Module? Average score 4.70 / 5

Data summarised from 100+ gamer responses

Some of our favourite feedback to date:

  1. I had so much fun. My match was so close - I won 55-53 and my heart was beating so fast in the final 2 seconds. The adrenaline rush was real!”

  2. It was my first tournament ever. I created a wallet for my son so he can learn about IGG and bring in his friends, in the end. When he figured out how it worked it was just fun for him. He also relaxed a bit more when he figured out it was regular people he was playing against and not pros. So, this was a good start for him to play and earn. So exited for the rest and the year to come. It will be huge!!”

  3. I am a firm believer this platform will soon be a huge playground for the next generation of competitive gamers and have a bright future.”

Some examples of feedback that we take on board and will look to address:

  1. [The platform needs] more control, because I was thrown out by a player from India, who in theory could not play.”
  • We acknowledge that VPN usage can really compromise a person’s gaming experience and are actively looking for a sustainable solution to limiting in-app geographies.
  1. Would be better to set the default time for the playoff and final at the same time. The TCM makes the final 1 hour after the playoff by default.”
  • We will be making a change to the TCM to automatically schedule playoffs and finals at the same time unless an organiser chooses otherwise.

Improved Moderation Capabilities

We are continuously delivering a series of improvements to the platform’s moderation tools, allowing tournament moderators to fulfil their roles with more ease. We have already implemented several features related to this workstream, including:

  • Allowing Guardians to see a user’s ban history

  • Allowing organisers to remove gamers who join their tournaments (release due imminently)

  • Enabling moderators to trigger disputes on behalf of players

‘Ban history’ feature enabled in the Admin Panel ‘Ban history’ feature enabled in the Admin Panel

‘Ban history’ feature enabled in the Admin Panel

One foundational way that we achieve a superior gamer experience is by ensuring that no single gamer holds an unfair advantage over their peers, by exploiting the platform. The only advantage that gamers should have is their skill level, and dedication to winning!

  • As we scale, we must empower IGGalaxy Guardians and moderators of community tournaments to manage and govern the dynamics of tournaments autonomously.

ID Verification

“Decentralisation? Ha, yeah right. Blockchain should be anonymous.”

...well, not always. In fact, the process of user identification has been on our radar for a long time - verification processes are already required for various banking processes and are not uncommon in the play-to-earn industry, either.

i) Why do we need a verification process?

As we look to scale the IGGalaxy TCM and onboard more types of community organisers (from brand organisers to casual hosts who want to organise a FIFA tournament for their friends), we identify a need for additional controls around our user base.

Unfortunately, the industry that we operate in will always attract a subset of users who attempt to exploit the platform through, for example, multi-accounting. While IGGalaxy tournaments are moderated by a group of incredibly able and trained Guardians, we cannot guarantee the same level of governance from community moderators - as much as we hope to empower up-and-coming mods, as best we can. Therefore, a pre-requisite to expanding the TCM to more community organisers is the assurance that users of the platform are verifiable and not at risk of compromising the experience for other gamers.

However, as well as protecting our community organisers, ID verification is also crucial in the contexts of:

  • Social risks (including grooming)

  • Effective tournament moderation, whereby moderators and Guardians can invest their valuable time into core tournament operations, rather than dealing with suspicious user behaviour.

Image taken from https://medium.com/@veriff/why-does-my-identity-need-to-be-verified-b8c3c3183108Image taken from https://medium.com/@veriff/why-does-my-identity-need-to-be-verified-b8c3c3183108

ii) Who are Veriff, and what is the platform’s current ID verification process?

Veriff, our chosen vendor for providing user ID verification, are an award-winning software provider who recently won the Cybersecurity Breakthrough Awards for the Overall ID Management Solution of the Year and the 2021 Global InfoSec Award for Next-Gen Fraud Prevention.

ID verification requires a user to submit a photograph of a government-issued identity document and validate it by taking a selfie. We currently require all users to complete their verification process before joining tournaments. While this feature has received some pushback from our crypto community, we have generally received positive feedback from gamers who understand the frustrations and implications of multi-accounting.

Nevertheless, we are planning to iterate our current ID verification process to better support platform growth. Please see the ‘Looking Ahead’ section of this report for more information.

Small yet mighty tasks bundled into one

In the world of product management, there’s a metaphor for feature prioritisation that talks about fitting big rocks, pebbles, and sand into an empty jar: the jar can be filled with a few big rocks, pebbles, and LOTS of sand, filling up all those little gaps. The IGGalaxy App, Observatory, TCM, and our new ID verification process are (arguably) the ‘rocks’ of 2021, but... we’ve achieved a whole lot more, too.

i) What are some of the pebbles?

✅ FAQs for tournament organisers and moderators have been curated and made available in a brand new 'Help Centre' within the IGGalaxy app. More recently, we’ve also released a series of FAQs to support the ID verification process.

✅ When testing the TCM, before the release of its V1 functionality, several un-scoped requirements were identified and subsequently implemented. One great example was the requirement to auto-disqualify gamers who have open disputes remaining, ten minutes after their round ends (i.e. when a moderator has not promptly reviewed the dispute). This process ensures that subsequent rounds can continue without interruption, and that our tournament logic is not compromised.

✅ Users can now opt to receive marketing and/or survey emails.

✅ BGMI, NBA2k22, Madden22, FIFA22, Halo and Vanguard game titles have been released.

✅ Various UI updates have been implemented, including a new icon if there is no prize pool for a tournament, ongoing improvements to the tournament card, and in-app banners to convey important information.

✅ New UI has been developed for cross-play tournaments to accommodate new game titles requiring this feature.

✅ We’ve built a whole new set of internal dashboards that help us to monitor our platform, user data, tournament data, and growth trajectory.

✅ We’ve completed more optimisations of our worker queues than you can shake a stick at; these optimisations allow us to better handle transactions across our backend network and offer multiple benefits such as freeing up queues that process prize distribution.

✅ Users can now view upcoming tournaments on our homepage without signing in to the platform.

ii) What about the sand?

...Honestly? We’d be here all day, trust us. There’s an amazing amount of it.

Deep Dive: Achievements in Marketing & Growth

Going for Growth: An Overview

The last three months have been crucial in defining what the growth strategy for IGGalaxy will look like as we enter 2022. The core focus up until this point had been developing the foundations of a working, innovative and engaging product.

We have completed a full audit of marketing and growth activity for the brand up until this point, which has provided us the base from which we can now accelerate. If there has been one major shift in our approach it is this: we are moving away from what we think, and moving towards what we know.

A considerable amount of work goes into the ‘back-end’ of a growth strategy: it is centred on ongoing market research and data collection, and requires a 360 view of the business. Everything we do must be informed by adequate data analysis, as it gives us the best possible chance of succeeding both in the short and long term. The last quarter of 2021 was the perfect time to review our position and answer the questions we had around the next phase of the business.

Though the product is and will remain in continuous development, we are confident that it includes the necessary fundamental features to succeed in the marketplace. Therefore we now consider ourselves ‘going for growth’.

i) Paid Marketing Overhaul

There is no doubt that one of the easiest ways to promote IGGalaxy is through paid social advertising: its reach is unparalleled, and its power limitless. So far, however, it has been a domain that has only been lightly touched on. This is due to two reasons:

  1. The focus of the business has been on product development, and we did not see sense in driving vast numbers of people to IGGalaxy before we were happy with its user experience. Once advertising money is spent, you cannot spend it again: therefore, aligning budget increases with product development has been essential.

  2. We had not yet recruited individuals with appropriate skillsets to manage large paid budgets, or to continuously scale these budgets in an efficient and controlled way.

However, *we have since been able to acquire talent within the team who have extensive experience using data to intelligently maximise the success of paid marketing campaigns across multiple regions. It’s now about how we leverage that power methodically and creatively to ensure the continued growth of IGGalaxy.*

So what have we learnt from the last few months?

  • Well, quite simply, we now know that there is no end of interest in what IGGalaxy has to offer. The amount of traffic we can generate, at the price we can generate it, far exceeded our expectations.
  • Extensive AB testing and analysis has also given us a real insight into the core motivations of our users and how those motivations differ between regions.
  • Paid marketing is not only a part of our user acquisition plans, it also plays a significant role in our retention strategy. As we begin to profile our user base more effectively, we are also optimising our creatives and messaging to ensure that our users return. This process only becomes more refined as we collect more data, and will help us make product recommendations based on our users’ level of engagement.

From now on, our paid marketing budgets will be refined month to month, with new creatives and messaging tested on an ongoing basis. We must stress the importance of a controlled approach to budget increases, as it is essential for us to maintain cost efficiencies as we scale.

  • We were able to do this with great success in December, increasing new users by 69.94% compared to the previous month.

If we continue to see sustained efficiencies in this area, we should be able to continue to hit our ambitious growth targets.

ii) Tournament Growth

Since the last progress report, over 1,700 tournaments were hosted on IGGalaxy: we effectively doubled our output compared to the previous period. However, we haven't achieved this number by just 'copying and pasting'! Instead, we have grown our tournament offering methodically and intelligently, leaning on user data and behaviours to inform our strategy. Only by doing this will we provide a seamless user experience that scales.

Several data sources enable us to scale effectively. For example: if a user has made their way to IGGalaxy after encountering one of our paid ads, we can pinpoint which ad the user has been generated from. This data gives us an indication of which game titles that individual is interested in playing in, and how we can cater their experience.

Furthermore, constant in-app monitoring of user behaviour (where users have been acquired through other methods outside of social advertising) allows us to continue to scale our tournament operations efficiently, ensuring that their supply meets demand.

iii) User Stats (% growth)

Since the publication of our Q2 report, the user base of IGGalaxy has grown by a further 41.9%, clearly indicating just how quickly things are beginning to accelerate in this space.

Accordingly, the number of tournaments that were hosted on the platform more than doubled from Q3 to Q4. However, by no means are we close to hitting a ceiling, with tournaments now being created daily to fulfil demand as we continue to attract new and highly engaged users to the platform.

If we compare percentage occupancy between Q3 and Q4 we can see that there is only a difference of 0.3%, with the average occupancy across Q3 sitting at 82% and Q4 at 81.7%. Furthermore, looking at Q4 specifically, occupancy rose from 81.24% in week one to 91.30% in week four, in line with our growth mechanisms. These figures are hugely significant, as they indicate a dramatic increase in demand and ease of product scaling.

Marketing Campaigns

i) The 12 Days of Christmas NFT airdrop

This campaign was a fantastic way to trial a new and inspiring piece of technology within the platform; this was also the first time we were able to utilise Chainlink’s VRF within the platform.

At IGGalaxy we champion fun beyond anything else: it is incredibly important to us and our brand that every experience our user has with the IGGalaxy app is fun. It is these kinds of campaigns that provide insight into what motivates our users, and ensures their return. However, as part of this campaign, we also wanted to ensure that any NFTs we introduce into the ecosystem had a utility: in this circumstance, the NFTs correlated to either digital or real-world rewards that the winners could claim.

  • Over this time period, we saw an increase in daily logins by well over 200% every day.

User navigates to IG Wallet and clicks on their rewardUser navigates to IG Wallet and clicks on their reward

User navigates to IG Wallet and clicks on their reward

What has this campaign shown us?

  • It’s shown us that, outside of tournaments, many other features can be easily integrated into the platform to make IGGalaxy a ‘return destination’.
  • It is clear that it’s these kinds of fun and engaging features that set IGGalaxy apart from its competitors, and we will continue to build on this campaign’s success in 2022.

ii) Launching Community Tournaments

Launching the TCM has opened up enormous opportunities for growth. What we have seen so far has been incredibly encouraging: core community members coming together to deliver some genuinely fantastic tournaments with immense prize pools!

We have assimilated some great case studies for the TCM that have enabled us to move forward with our plans to collaborate with brands, partners and other user subsets. Please see the ‘Looking Ahead’ section of this report for more information.

Chainlink Partnership

In December we were incredibly excited to announce our partnership with Chainlink - an industry leader in the building, accessing and selling of oracle services needed to power hybrid smart contracts on any blockchain.

i) What is Chainlink’s Verifiable Randomness Function (VRF)?

The Chainlink oracle networks provide smart contracts to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. With this, Chainlink secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.

Chainlink’s Verifiable Randomness Function (VRF) is founded on cutting-edge academic research and a time-tested oracle network:

The random distribution of NFTs requires a Random Number Generator (RNG) solution. Unfortunately, most traditional RNG solutions are opaque and difficult to prove they are unequivocally fair. Chainlink’s VRF, however, is un-exploitable (yet auditable) by users of the platform and has overcome these core technological challenges. With Chainlink, a cryptographic proof accompanies random numbers generated by the VRF - that is verifiable on blockchain, to prove that the process was tamper-proof - something not possible in current RNG technologies.

ii) Reminder: How will IGGalaxy use Chainlink’s VRF?

Chainlink’s VRF solution offers a level of functionality that is not only technically brilliant but that champions digital art by adding a creative dimension of entropy to our user experience. The randomness used in NFT processes must be held to the highest standards of fairness and transparency.

Accordingly, the team at IGGalaxy have created a series of NFTs that we are introducing into our ecosystem that users can collect or, shortly, redistribute as part of their own community tournament prize pools. By integrating Chainlink’s VRF solution on the Polygon main net, we have so far utilised the Chainlink VRF to distribute prizes to our community over the twelve days leading up to Christmas.

  • In total, we offered 31 NFTs to our community as part of this campaign.

iii) How might we see this feature evolving?

Our trust in Chainlink’s solution allows us to move forward to the next phase of product development, knowing that the integrity of our NFT distribution is secure and more than capable of supporting an optimal user experience:

  • We aspire to start supporting additional EIP token standards, i.e. ERC-1155, ERC20 or native tokens (dependent on the chain used, i.e. ETH or MATIC) that could also be airdropped to members of our community.
  • Ongoing, we plan to hold regular competitions for distinct ‘pools’ of users, who will each be eligible to win a randomly airdropped prize. These competitions will be configured in line with our growth strategy, whereby said ‘pools’ may include community tournament organisers and streamers who showcase their activity in the IGGalaxy Observatory.
  • We also expect to utilise this functionality with our partner-organised tournaments, whereby participants can receive an NFT regardless of their end position. Subsequently, the corresponding NFT may offer additional utility related to partners’ campaigns.
  • Check out the ‘Looking Ahead’ chapter, at the end of this chapter, for more exciting information.

“We are incredibly excited to be integrating Chainlink VRF into the IGGalaxy platform. The world of NFTs is one that we have long wanted to enter, but in order to ensure a seamless and truly fair user experience, we needed to be able to provide a level of transparency that we have prided ourselves on in every other aspect of our business. Thanks to Chainlink VRF, we are now able to do this for NFT distribution.”

Josh Robson, CEO of Intergalactic Gaming.

Business Strategy Progress

As stated in our last progress report, the IGGalaxy business strategy is to follow a straightforward pre-market path from platform design, product development, testing and optimisation, through to fundraising and finalisation of the brand and go-to-market strategy. We’re happy to report that we are still on track to deliver this, are that we are in a much stronger position since our last report.

What we have achieved

Our Recipe for Success...

  1. Creation a compelling product:
  • Design > Development > Testing frameworks
  1. Extensive Market and User Research
  • Interviews, surveys, focus groups*
  1. Recruitment of key individuals
  • Head of Growth
  • Management Accountant
  • Design Lead
  • Hired via a top design agency, tasked with finding candidates of the highest calibre
  1. Built out the broader team
  • Hired a Content Creator/Campaign Manager
  • Hired a front-end developer (who is also a games developer)
  • Hired an Operations manager
  • Hired a Paid Ads Specialist
  1. Territorial rollout and test marketing
  • Across December alone we had 60+ live ads spread across multiple regions, each with very positive results.
  • We have identified that our acquisition strategy works, and are continuing to address retention by developing further that adheres to the demands of our user base.

*Currently being undertaken

Human Resources

Despite offering different products and services, and varying management styles and company cultures, all successful businesses overlap in some fundamental ways. Though it’s near impossible to quantify what makes a business successful, many of the most successful companies have the same things in common - and the most powerful recipe for success is, absolutely, its people.

Over at IGGalaxy, we’re building an incredibly strong team that spans multiple cities and countries, from Manchester and London to Jakarta, Indonesia. Since our July report, our core team has more than doubled and, with further growth plans for each department, we aim more than ever to be leader within both the blockchain and esports space; something that our upcoming announcements will further validate.

i) Appointment of IGGalaxy Head of Growth

Our Head of Growth, Beth Trundle, joined IGGalaxy fresh from KBK, which saw rapid commercial growth following her appointment. Previously, Beth was the Head of Brand of Social Chain’s media arm, where she was responsible for growing highly engaged, international audiences by their millions.

Reporting directly to CEO, Josh Robson, Beth has been appointed to drive business growth, with a specific focus on user acquisition and retention across key international territories, and by developing the core commercial strategy of the platform. We believe that Beth’s passion for brand-building and multi-channel digital expertise, combined with a proven track record for galvanising teams to drive commercial growth, places her perfectly to help unlock the true potential of IGGalaxy.

“I am incredibly excited to join the IGGalaxy team on this journey. I have been fortunate enough throughout my career to work with innovative, agile, and forward-thinking teams that can achieve not only the unexpected but also the unimaginable. This energy and passion is encapsulated within the team at IGGalaxy, needless to say, I can’t wait to get started.”

Beth Trundle, Head of Growth at Intergalactic Gaming

iv) Appointment of IGGalaxy Management Accountant

Previously at SG Gaming, Jordan Madalena was part of the lead management account’s team, overseeing management accounts, budget controls, and liaison with internal budget holders and other key stakeholders on management results and commercial performance. Now at IGGalaxy, whilst working closely with other department heads, he will be responsible for the company’s financial management, forecasting, treasury, controls and reporting.

Jordan has a passion for games, has participated in esports tournaments in the past, and demonstrates an in-depth knowledge of the industry. We’re very excited to have him onboard and know he will make a significant contribution to the business's breadth, depth, and growth.

“I’m excited to have this amazing opportunity to join a really great and impressive team at IGGalaxy and to work in an area that I am extremely passionate about. There couldn’t be a better time to be a part of this rapidly growing business as it establishes itself as an important player in what is also a rapidly growing industry.”.

Jordan Madalena - Management Accountant at IGGalaxy

v) We are recruiting!

IGGalaxy is actively looking for team reinforcements in the development, design and our marketing team. If you are passionate about building a play-to-earn future, and have a hunger for creating the next big thing then we would love to hear from you. Check out our (careers page) and do not hesitate to get in touch even if the open positions are not exactly your fit. We always enjoy meeting like-minded people and innovators within all industries.

Token Utility

Increasing token utility is a top priority, now more than ever, and you will see our intentions surfacing in the next few months. Utility forms an essential part of our commercial strategy, and it is in hand. ORB utility is also still part of our plans, and our ethics around governance utility have not changed.

Upcoming commercial partnerships will demonstrate our continued focus on utility, both within and outside of IGGalaxy. This includes making progress with our GGE project, that we aspire will seamlessly integrate into the platform, and will be designed within the next quarter. The GGE will power the Web 3.0, content creators and the exchange of both tangible and non-tangible assets in realtime, thus ascribing real-life value and utility to the token.

IGG Financials

Overview

IGGalaxy remains in a good financial state. By optimising our company funds, all activities carried out in 2021 (including team recruitment) were covered by our 2020 token raise. Therefore, we continue to demonstrate a 12-month business runway that effectively safeguards all upcoming development activities. This approach supports our mission to build a compelling product that unites the esports landscape and brings about meaningful socioeconomic change.

In Q3 2021, we also hired a dedicated Management Accountant who has built complex financial controls and budgets to support our commercial success. As it currently stands, we have not received external funding from any VCs or angel investors.

i) Exchanges

Since Q2 2021, there have been significant developments within this scope of work and, although the company has not yet finalised a deal, we do believe we’ve found the right team to enable such a decision. The team in question have convinced (and empowered) us to form a meaningful relationship for the long-term. Thus, while we aren’t quite ready to list on an exchange, when the ‘trigger’ is pulled, we believe we will be set up for sustained success and that more opportunities will duly follow.

Tokenomics

IGG is the official esports and competitive gaming token that powers IGGalaxy, and was developed to support multiple use cases within our competitive gaming and esports ecosystem, from payments between teams and players to merchandise, subscriptions, and broader third-party goods and services.

Remember: you can purchase IGG with fiat currency (using either a credit or debit card, PayPal or Apple Pay) directly via your IGWallet using Transak.

  • You can store any IGG that you hold in IGLabs, and can convert IGG (via ‘capsules’) to ORB tokens.* ORB tokens can be held for greater utility or sold back to IGGalaxy at a current rate of 5 IGG per ORB token.

  • 0.2% of IGG in each capsule deployed is immediately ‘marked’ for burn and then burned at the end of each quarter. Likewise, 50% of any ORB sold back to IGLabs is also burned.

*A Minimum of 100,000 IGG is required to load a capsule

i) IGG Circulation: Current Numbers

  • Original IGG supply: 50,000,000,000
  • Total IGG supply: 47,880,551,103
  • Current circulating supply (max. circulating supply minus IGG stored in IGLabs ‘power capsules’ and liquidity pools): IGG 11,387,232,584 ($3,224,067)
  • TVL: IGG 9,007,195,001 ($2,730,441):
  • Total in tracked liquidity pools 513,876,482 ($155,627)
  • Total IGG currently in IGLabs 8,493,318,519 ($2,571,352)
  • Max. circulating supply (market cap): IGG 19,880,551,103 ($5,628,581)
  • Total IGG burned: 2,119,448,897
  • IGG to be burned so far: 6,514,124 (since last burn from IGLabs)
  • Total IGG in UniSwap IGG/ETH liquidity pool: 116,331,720.3451
  • V3: 115,614,711
  • V2: 717,009
  • Total IGG in Dfyn IGG/MATIC liquidity pools: 230,573,980
  • WMATICxIGG: 182,197,732
  • ETHxIGG: 48,376,247
  • Total IGG in QuickSwap liquidity pools: 166,970,782
  • IGGxQUICK: 77,674,460
  • IGGxETH: 89,296,321

ii) ORB Circulation: Current Numbers

  • ORB original ORB supply: 1,000,000,000
  • Total ORB supply: 735,891,624.95
  • Current circulating supply: 549,731,182.89
  • IGG currently stored in IGLabs ‘capsules’: 8,493,318,519
  • Cumulative IGG stored in IGLabs ‘capsules’: 128,786,759,525
  • Total IGG burned from IGLabs: 258,089,698
  • Total ORB burned: 264,108,375.05
  • ORB to be burned so far: 662,796.26 (Since last burn)

Please note that since migrating to the Polygon network, all token burns must be carried out on Ethereum. Therefore, we will be carrying out quarterly burns of IGG (IGLabs fees) and ORB (50% of what we buy).

2022: A Look to the Future

Play-to-earn

IGGalaxy draws value from the 'play-to-earn' concept and has done since its conception: we reward all gamers for their participation, regardless of their placement in the final fixtures, and believe this approach is a cornerstone of our success. Excitingly, over the past six months, the play-to-earn space has started to gain momentum.

  • In August 2021, play-to-earn and GameFi Dapps activity exploded, making games the most used category in the industry. According to the Blockchain Gaming Alliance, 49% of the blockchain industry’s usage now comes from games.
  • Game activity has increased by 65% since Q2 (4,330%), but this is not all, as publishers are adopting Blockchain technology and play-to-earn features as a mechanism to attract more players to the space.

You only need to look at Microsoft's acquisition of Activision for a whopping $68 billion, the growth of the play-to-earn domain and direction of Facebook (Meta) to understand the lucrativeness of these market. Each of these spaces are very much part of our future, and are excited to see where they lead us.

How is IGGalaxy set up to win in this space?

A vital component of the play-to-earn model is to give gamers ownership of certain in-game assets and incentivise users to increase their assets’ value by actively engaging with a gaming platform. Often, in the crypto world, the ownership and transfer of digital assets can be enabled by non-fungible tokens (NFTs): the more popular a game title, the more users it attracts, and the more valuable the title’s associated tokens or NFTs.

The IGGalaxy TCM allows organisers to create tournaments and distribute cryptocurrency rewards, as well as NFTs - we’re perfectly positioned to sit as an esports ‘plug’ for current and future games that seek to explore the play-to-earn model.

Campaign News

i) DTG and Mixtape Madness

We are incredibly excited to have confirmed a 2022 collaboration with DTG and Mixtape Madness and will be hosting a series of tournaments to promote the release of DTG’s new LP. This tournament schedule will also culminate in a real-world event, NFT’s and the finals taking place in the Red Bull Arena! More details on this incredible development will be announced in the coming weeks.

ii) Mystery collab...

At the time this progress report is being written we are also finalising the details of another exciting partnership that we hope to announce in the immediate future... This will set the tone for partnerships we intend to build in 2022 as we grow our platform and offering. Watch this space!

iii) IGGalaxy LitePaper revamped

Now that the team is in place, the market is scoped, data is inbound, and wheels are in motion, the time has come to develop a new whitepaper. Our LitePaper 2.0 has made us proud and still holds immense relevance, but the pace in change of the crypto and esports markets means that parts of our grand plan need updating. We consider this due diligence and a process that will only make our end product more relevant, with greater longevity.

Our target is to share our new whitepaper within Q2 2022.

Product Features

i) The Observatory V2

What does a V2 of the Observatory look like? Provisionally:

  • The ability to filter and watch Galactican tournaments in a dedicated space on the Observatory vs. showing generic Twitch streams.

  • Capability to tip gamers who stream their IGGalaxy tournaments.

  • Integration with other streaming platforms as and when these platforms are deemed suitable and reliable enough.

We aim to release first elements of this V2 feature during Q1 of 2022.

ii) TCM V2

We are over the moon with the results of the TCM to date and anticipate a ‘full’ release to the public and partner brands with the launch of its next version, including:

  • Mechanisms to reclaim nominal amounts of $IGG to cover the platform costs of community tournament creation. This development also supports currency utility and the company’s broader tokenomics model.

  • The re-enabling of NFT prizes, whereby an organiser can contribute one or more NFTs from their wallet as an additional tournament reward. As NFT technology continues to grow and evolve, and as we enable this feature for community organisers, we are committed to deploying this feature in a secure and reliable way.

  • The redesign and re-implementation of the series feature, in a way that offers a more straightforward and intuitive experience, and therefore offers gamers access to long-form tournaments.

Any successful and long-standing product must continuously evolve in response to changing markets and user feedback. The TCM has become a principal source of value realisation within our overall product offering thus, ongoing improvement of its UX, as well the diversification of the prizes/tournaments that the module offers, is not only justified but also sticky to users and brands. We plan to release first elements of this V2 feature in Q1 of 2022 in consecutive ‘bites’.

iii) Moderation Capabilities

We have already created initial designs for the ‘player data’ and ‘audit log’ feature of the tournament Control Centre (available only to a tournament organiser or a dedicated moderator).

We are targeting to release these features by the start of Q2 of 2022.

iv) ID Verification Process

In line with upcoming Growth strategy milestones, we will be reconfiguring the ID verification process to better support platform experience. When completed, users will:

  • Be able to participate in up to three single-player tournaments before they are required to verify their identity.

  • Need to verify their identity before their tournament rewards are distributed.

  • No longer need to be ID-verified to create a tournament via the TCM (but will need to be verified to join it as a gamer if they have already participated in three tournaments to date).

We plan to release our new ID verification process in the first week of February 2022.

v) Galactic Grand Exchange (GGE)

With 2022 shaping up to be the year that we focus on token utility, it goes without saying that the concept of a GGE is also at the forefront of our minds. Provisional designs of the GGE would allow gamers to trade their IGG earnings for goods, be them digital or tangible, thus ascribing real-life value to the currency.

Obviously, this feature is no mean feat - it requires immense input from both design and development functions, and an intricate understanding of the underlying blockchain technology. However, we acknowledge that the time to dedicate serious resource to the GGE is looming, and we are ready to take on this challenge.

Recruitment

We’re in the final stages of confirming a certain key role, and an announcement will be made shortly. Please keep an eye out for some very exciting news coming your way...

In Conclusion...

The marketplace we operate in is ever evolving and on the cusp of being ‘revolutionary’, with further market segmentation and opportunities constantly arising. Times are certainly exciting! As we look toward the metaverse and see play2earn and NFT opportunities taking precedence in esports and beyond, we are confident in our ability to develop a product that exploits (and maximises) the benefits of these distinct spaces, and that delivers tangible value to our users.

We are ready to do things a little differently: this ethic is what will differentiate us from our competitors and attract new audiences, while helping us to deliver a compelling and rewarding product. Of course, token utility is a huge component of the IGGalaxy product (and therefore our company), and is crucial to our community - thus will become a focus in 2022, that will cement our role in the esports and blockchain world.

The importance of the IGG community is never far from our consciousness; we are extremely committed to our community members and are (ever) grateful for their support and trust, in all their forms - by them words of encouragement, streams, memes, or the beloved KEEEEEEMON battle cry. With this, we thought it timely to share a short compilation of our community battle cry across the globe: we are stronger together, but each AWESOME alone, too!

Next Progress Report

The next formal report will be released at the end of Q2 2022. Between now and then we will keep you informed of any significant developments as they happen.

A final note from Josh

To our developers, designers, and marketeers, as well as the admins and moderators who help oversee this crazy, thriving, fun, maddening, innovative space that we call IGGalaxy... I honestly believe the team we’re building is the BEST it can be - we are the best in skill and heart. We are a family, and I’m very fortunate to be surrounded by such spectacular people. With our combined passions and drive, we’re on a mission to make this project not only a success but a business that our grandkids (and even great grandkids) will tell their friends about, when discussing the history of the next revolutionary age of esports and blockchain.

And, to our faithful community who have supported, encouraged us with ideas, suggestions, and constructive criticism, we appreciate every word you write, every video you post, and every second you dedicate to helping us build the esports platform of the future. We are constantly checking in on your feedback, and reading, or thinking, or reflecting on your words, even if you don’t see us there, out in the open. Your contribution is valued, and IGGalaxy would not exist without you.

2022 is already brewing to be a mad one and excited for our next announcements.

Relevant News

A Month In Review at IGGalaxy

6/8/2022

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IG LitePaper V2.0

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