Equiti is a platform which aims to give consumers and developers choice and control over their products, as well as provide for efficient and transparent methods of compensation. A trend has emerged globally whereby users are increasingly migrating to digital, rather than physical, gaming. Equiti's ecosystem constitutes a secondary market for digital games and virtual goods, with an emphasis on user rights for developers, and convenient and trustless peer-to-peer transactions - all in the absence of a sole developer or publisher.
The application of blockchain technology expedites payments and keeps distribution costs low. Users are empowered and encouraged to innovate in this universal secondary market. Equiti's token is based on the ERC20 standard, and it is used for proving ownership, and generating transactions and revenue.
Invictus Capital participated in the presale, with a contribution of $256,800 USD.
Impairment of Investment - Q2 2020
In September 2018, Equiti Games won the $2 million prize for their first place finish in the Founders World 2018, a global competition consisting of 20 startups competing from the United States, Canada and China. See one of the articles here. The competition was hosted by F50, a well-recognized Silicon Valley venture platform. After receiving global press coverage for their win, F50 has subsequently ignored Equiti Games’ claim for their winnings.
Despite Equiti Games, along with all the other entrants, having to pay significant entry fees to take part in the Founder World competition, F50 has refused to pay the prize money that they were contractually obligated to provide. This has been deleterious to Equiti Games’ position both financially and in terms of founder time and effort. Legal proceedings are underway and we hope to see a full recovery, however, we have taken the prudent approach to impair the value of Equiti Games and remove it from the Fund’s net asset value. The value removed from the fund’s NAV is $256,000. Invictus Capital have recovered funds from previous impairments, however, we wish to maintain a conservative approach to the Fund’s valuation.