Crypto in the esports industry: Partnership in the digital world
The world enjoys yearly statistics and trends. These figures are key elements in predicting the forthcoming years. To see who is in the lead, understand several factors affecting global changes, become aware of progress, and so on. Out of the hundreds of trending industries today, the professional competitive world of esports is on a staggering rise. With non-endemic markets venturing into its potential, digital currencies are the most exciting and closest efficient partnership ever seen in the digital world.
On the other hand, multiple investments started flooding the crypto market and blockchain platform before esports. From online service companies like PayPal and AT&T to online casinos like Bitcasino, let’s unveil what makes the world of competitive gaming perfect here in this article.
How crypto and esports empower each other
What used to be a minor hobby in the early 2000s is not a global entertainment wonder. Esports greatly contributes to the constant growth of online gaming's revenue and fame. In 2019, its total views reached 454 million, and trend reports estimated it to grow to 646 million by 2023.
With the evident potential of esports entering the mainstream, what better way for innovators to provide better services, attract more investors and increase mass adoption than tapping into digital currencies and blockchain technology?
Whether crypto and blockchain came onto esports or vice versa, all empower one another and became the ideal partners in the digital world. Here are three exciting up-and-coming factors to know about:
Crypto esports betting
Esports’ massive success opened sufficient room for the betting sector. At first, spectators and punters would settle for skin wagers through third-party sites. It was between 2014 and 2015 when online sportsbooks gained licenses and regulations to host esports markets. The most popular were—and still are today—Dota 2, Counter-Strike: Global Offensive (CS:GO), and League of Legends (LoL).
Now that esports betting is legal, bettors are more confident to support and earn profits in safer networks. In 2019, statistics reported that profits were worth $1 billion, and no trends indicate signs of slowing down.
Then again, safety and winnings are not enough when new technologies can provide more. With esports crypto betting, benefits like transparent transactions, convenient services, and generous promotions are easily viable.
3 ways blockchain transform esports
Blockchain powers digital currencies. First outlined in 1991 by researchers Stuart Haber and W. Scott Stornetta, it’s a decentralised peer-to-peer (P2P) network where every recorded information is difficult or impossible to be changed. Seeing how it efficiently advanced the crypto market, it can also transform esports’ landscape. The better and more transparent it becomes, the more delightful and secure the betting experience will be.
A transparent platform
Aside from entertainment, at the end of the day, esports is profit-oriented. As it is a billion-dollar market, there are various stakeholders who ensure its success and longevity. These include players, game developers, sponsors, team companies, media, among others. Coupled with non-endemic sectors, it needs a broader yet transparent platform like the blockchain technology.
Blockchain brings them together and helps manage the allocation of prize money, transfer of players, and sponsorships, to name a few. DreamTeam and Enjin are two major examples of emerging blockchain-based platforms
Leveling the playing field between novices and seasoned players
Esports have franchised leagues with massive prize pools. Instead of promoting and relegating teams, novice gamers find it harder to join bigger tournaments. With blockchain, on the other hand, the playing field becomes equal and open because of the following benefits:
- Low-cost maintenance of secure database
- Simpler to create blockchain-based decentralized apps (dApps).
Standard games are created in closed loops. They live in a centrally controlled server, where anyone from the outside platform can’t access and build different versions of their existing assets. However, those that lie in blockchain allow players to store and transact their activities, as well as analyse and reuse their assets governed by smart contracts.
3. NFTs are the new frontier of online gaming
Blockchain games and esports crypto issue their own non-fungible tokens (NFTs). A study called tokenomics is a unique economy designed to create incentives for players.
While NFTs are generally built using similar programming as digital currencies, their purpose is entirely different. These are resurging digital assets that represent real-world aspects like art, music, and in-game items. Is it worth the hype and cost for online gaming? Well, on the outset, famous crypto investors and social media figures are already at the forefront in making NFTs the new frontier of the industry.
In November 2020, esports celebrity Susie Kim launched her custom digital coin called SUSIE. Her loyal fans use it to access private Discord chats, as well as get shoutouts on her social media pages. Meanwhile, YouTube video game giant PewDiePie joined a blockchain project called Wallem. It’s a 3D augmented reality video game where NFTs are used for skins and items.
Famous people aside, even gaming companies like Microsoft and esports team like OG have also joined NFTs’ rise. The latter already had two successful NFT drops.
The convergence of a seemingly endless potential
The convergence of crypto and blockchain with esports and gaming seems to provide endless potential. Given how these two are currently utilised, the more important questions are how steady the direction and what pace they will develop in the years to come. Keep track of the rise of esports and how it affects online gaming right here at Bitcasino!
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Words by: Antoinette Laraze