While not like we know them today, esports have existed longer than most know. Today, its popularity increased much to streaming platforms like Twitch and YouTube. Streaming makes eSports gaming widely accessible across multiple platforms. You can now play eSports games on your favorite web connected mobile device. As a result, the eSports business bloomed into one of the biggest and most active modern industries.
In addition, other trends have emerged and proven to boost the popularity of eSports. One of the main and latest trends is blockchain. So how does it fit into the esports sector? On the interim, many expect implementing crypto-powered assets like collectables and identities will open doors to exciting and fresh experiences. Of course, the hope is to generate a new source of nearly unmatched net worth. However, apart from crypto betting, there’re other areas in which blockchain and cryptocurrency technologies can support the sector.
Crypto Trends in Esports
Decentralized eSports Platforms
A wide range of individuals, including team managers, players, marketers, journalists, game developers, crypto betting sites, and promoters, are all stakeholders in the eSports industry. All these stakeholders require an all-encompassing network. Blockchain technology helps bring all gamers together and connecting them.
Beginners in this field can utilize this to advance and become experts. On the other hand, stakeholders can utilize the decentralized eSports platforms to handle things such as ads, team transfers, prize money allocation, marketing rights, advertisements, and many other items.
Extra Transparency, Immutability, and Integrity
Viewers watch players and competitions on platforms such as YouTube and Twitch, but a blockchain database could provide an extra level of transparency in this diverse environment. The main application of this technology is to work as a decentralized public store. A Dapp will provide a single global gaming profile that includes rakings and statistics. This can also be a massive milestone in making sure that the funds are distributed to all professionals and amateurs.
When it comes to the immutability and integrity of data, blockchain offers public and distributed information ledger that’s practically impossible to manipulate. Information is updated and distributed in real-time across all nodes and miners on the network. It’s decentralized in that there’s no administrator in terms of managing the entire system.
For the data that has been recorded to be altered, all nodes on the system must be in an agreement to enact that alteration. This is the main reason why data is immutable and secure. And since it is public, all transactions can be verified, providing much-needed transparency while also preserving the integrity of the eSports games.
Stable Payment
The eSports sector is working hard to combat any unethical activities in terms of transactions. Match-fixing, foul play, and any other forms of bribery are too prevalent, and they are getting lots of press.
Stakeholders tend to be apprehensive towards being compensated for their respective efforts. And here is where blockchain and cryptocurrency come in. The blockchain consensus algorithms make sure the immutability of crypto transactions is achieved. Users may use secure wallets to keep their digital coins safe.
Enhance the Level of Confidence
No individuals will invest their money, energy, and time in a project that they don’t believe in. An increasing number of aspiring electronic sports contestants share this sentiment. With blockchain, the confidence factor improves, allowing everybody on the network to see what is going on.
Game creators are in danger of not getting compensation for their good work. However, they can use crypto or blockchain to protect their hard work and prevent third parties from using it illegally.
More Freedom for Players
In the world of eSports, match-fixing is a massive problem. Managers put a lot of pressure on their respective teams to lose matches deliberately. Since organizing eSports tournaments requires a huge amount of cash, players are highly reliant on managers and organizers.
By significantly lowering the operation cost of eSports sites, cryptocurrency will allow participants more leverage. Due to this, the burden of promoting and holding tournaments is reduced massively. And since all crypto transactions are transparent, eSports tournament planners must remain above the board.
Easier Crowdfunding
In order to move forward with any promising projects, talented eSports creators need enough funding. But beginners to the electronic sports domain face massive challenges that impact the funding options.
Crypto features a considerable ability to enhance crowdfunding by making it not only transparent but also quicker. In short, it can simplify the entire domain process. Any chargeback arguments of unsure justifications would be highly rejected.
Loyalty/VIP Rewards
Players are able to win tokens via a payout model that primarily focuses on viewership or attendance. Currently, in the world of eSports and sports betting, VIP/loyalty reward programs for supporters are being highly considered, and in this case, digital assets that are tokenized will not only add value but also be used across multiple channels.
Competitions
During competitions, the possibilities of being defrauded are high. In such a fragmented market, crypto will eliminate any case of theft and provide a smart contract-based and safe environment for both professional and casual players. Since blockchain involves a static and decentralized ledger, anything can be registered transparently.
Is Cryptocurrency Important to the Growth of the esports Industry?
Blockchain technology has the potential to transform the eSports industry. However, since it is a relatively new technology, it involves specialized skills. As a result, it would have a massive impact on the future of electronic sports innovation.
Blockchain is sure to make the entire eSports industry more stable, open, and less fractured, providing players with better gaming opportunities. Players are not the only beneficiaries of this latest trend. Sports bettors and bookmakers also enjoy all of the benefits that cryptocurrency and blockchain technologies provide, including low transaction fees, generous bonuses and promotions.
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