LOS ANGELES, Aug. 23, 2022 (GLOBE NEWSWIRE) —

Enthusiast Gaming Inc.

(“Enthusiast Gaming” or the “Company”) (NASDAQ:EGLX; TSX:EGLX), an integrated gaming entertainment company, today announced that its newest Web3 game, EV.IO, has sold out its latest non-fungible token (“NFT”) drop.

The limited edition drop of 2,500 tokens on the Magic Eden marketplace, sold out in six hours on August 19, 2022. Coined the

“most popular game on the Solana blockchain”

by Magic Eden, EV.IO’s latest mint, sold at a price between 2.00-2.50 SOL.

Following a successful first NFT mint on the Fractal marketplace earlier this year, EV.IO chose Magic Eden for its latest drop. Magic Eden has seen a steady rise in users and transaction volume in recent months and ranked as the 2

^nd

largest NFT marketplace overall in June, according to DappRadar. EV.IO monthly users have grown to over 1 million monthly web3 gaming enthusiasts.

“We are proud to have EV.IO be considered a first-class, top-tier game on the entire Solana blockchain. Selling out in just a few short hours is yet another proof point that our NFT strategy is beginning to materialize,”


said Bill Kara, President of Enthusiast Gaming.


“Since the launch of EV.IO earlier this year, we have unlocked two new in-game revenue streams – NFT’s and direct sales. As EV.IO continues to mature and the audience grows, we believe there can be additional revenue opportunities.”

To find out more about EV.IO NFTs, visit nft.ev.io and play online anytime at

www.ev.io.

About Enthusiast Gaming


Enthusiast Gaming is an integrated gaming entertainment company, building the largest media and content platform for video game and esports fans to connect and engage worldwide. Combining the elements of its four core pillars: Communities, Content, Creators, and Experiences, Enthusiast Gaming provides a unique opportunity and integrated approach to reach and connect with its coveted GenZ and Millennial audience. Through its proprietary mix of digital media and entertainment assets, Enthusiast Gaming has built a vast network of like-minded communities to deliver the ultimate fan experience.

Contacts

Enthusiast Gaming Investor Relations:

Eric Bernofsky, Chief Corporate Officer

[email protected]

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that Enthusiast Gaming anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking statements in this news release include, but are not limited to, statements regarding future revenue opportunities and expectations relating to the financial performance and the financial results of future periods.

Forward-looking statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, including, but not limited to, expectations and assumptions concerning: interest and foreign exchange rates; capital efficiencies, cost saving and synergies; growth and growth rates; the success in the esports and gaming media industry; the Company’s growth plan, and judgment applied in the application of the Company’s accounting policies and in the preparation of financial statements in accordance with applicable financial reporting standards. While Enthusiast Gaming considers these assumptions to be reasonable based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; and future legislative, tax and regulatory developments. Readers are cautioned that the foregoing list is not exhaustive. For more information on the risks, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of Enthusiast Gaming which are available on SEDAR at www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. Enthusiast Gaming disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.