Boyaa Interactive Makes Second Investment in Web3 Project MTT ESports, Total Value Around $10 Million
Source: Gaming Research Institute
Boyaa Interactive (00434) has announced that the company signed a token warrant subscription agreement with MTT ESports Limited (MTT ESports) on February 17, 2025. The company will invest 4.1807 million USDT (worth approximately $4.1807 million USD based on the Tether market price one day prior to this announcement) as consideration for further investment (second investment) in MTT ESports. After the second investment is completed, the group will acquire 10% of the total MTT token issuance, equivalent to 210 million MTT tokens. The acquired MTT tokens are expected to begin linear unlocking from January 2026, with the unlocking process completing within approximately 48 months.
Combined with the group's first investment in MTT ESports made on September 17, 2024, where 100 Bitcoin (BTC) was used as consideration, the total value of the group's investment in MTT ESports will amount to approximately $10 million USD after the completion of the second investment.
MTT ESports is a limited liability company registered in the British Virgin Islands, focusing on the development and operation of Web3 infrastructure and Web3 games. It develops and owns the MTT Sports gaming platform and MTT Network.
The MTT Sports gaming platform is an Esports application supporting both PC and mobile devices, launched in 2024 with the goal of creating an international top-tier competitive tournament brand. Through offering free tournament entry, the platform allows users to enjoy high-quality competitive experiences without any financial investment, enabling more users to participate in competitions in a healthy way. Thanks to its unique creative design and solid technical capabilities, along with independent development and refined operations, the MTT Sports gaming platform has gained widespread user recognition in a short period. As of this announcement, the platform has accumulated over 500,000 registered users across more than 20 countries and regions in Southeast Asia, Europe, Latin America, and other areas.
MTT Network is a high-performance blockchain in the Cosmos ecosystem, compatible with EVM (Ethereum Virtual Machine, which can execute smart contracts written in Solidity or other programming languages). MTT Network serves as the infrastructure for the MTT Sports gaming platform, enhancing the competitiveness, fairness, and security of tournaments. The MTT Sports gaming platform is the first tournament application on MTT Network.
The MTT token is the governance token of the MTT Network blockchain, with its main functions being network operation, governance, and ecosystem value capture. The MTT token was launched on Ethereum in April 2024 and bridged (transferring token value or information from one blockchain to another for use and trading, known as "bridging") back to MTT Network. The total supply of MTT tokens is capped at 2.1 billion, with approximately 40 million tokens currently circulating within the MTT Sports gaming platform as of this announcement.
The Board believes that the MTT Sports gaming platform strongly complements the group's traditional gaming business and has significant growth potential. Through the investment in MTT ESports, the group aims to achieve a deeper presence in the Web3 gaming sector and enhance its future asset value.
The second investment will further promote the group's business development and positioning in the Web3 sector, demonstrating the group's commitment to deepening its presence in Web3. By leveraging the group's rich experience in the internet gaming industry and the opportunities presented by Hong Kong's new Web3 policies, the group aims to build a pure, leading Web3 public company.