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The impact of cryptocurrencies and blockchain is also seen in eSports betting, where you can place wagers on teams and withdraw wins in the form of cryptocurrencies. Many eSports betting platforms now accept BTC and other coins from players for faster and more secure modes of payment. However, these are not the only aspects the crypto industry helps eSports develop.
Crypto In The eSports: The Billion-Dollar Industry
The eSports market has grown tremendously over the years, generating billions of dollars in revenue from different avenues. Firstly, the industry has over 400 million fans worldwide who buy games and in-game assets. Then, there are tournaments on eSports’ biggest games, involving teams of professional gamers, that generate millions of dollars from single events.
Streaming platforms like YouTube Gaming, DLive, Twitch, and Facebook gaming also contribute to the industry’s revenue. With the numbers done in fans and revenue by the eSports industry, the sector keeps growing in popularity, attracting partnerships from other industries, and the crypto-industry is not left out.
The crypto-industry established its presence in the eSports industry by using cryptocurrencies as a mode of payment on eSports betting platforms. Bitcoin was the pioneering cryptocurrency with esports crypto betting and still is the most accepted crypto. With the right betting platforms, knowing how to bet on Esports with BTCis easy. Bet on your favorite eSports teams with tips and in-depth analysis from eSports events.
However, the reach of the crypto industry has extended more than eSports bet with crypto. Crypto platforms are now partnering with eSports teams to propel the industry further than where it is now.
How Have Crypto Projects Helped The Esports Industry Developed?
Recently, crypto projects, including exchanges and entertainment-based ecosystems, are partnering with eSports teams, striking towering deals in hundreds of millions of dollars. For example, a Singapore=based cryptocurrency exchange, Bybit, partnered with Natus Vincere (NAVI), a popular eSports team, to back the team in tournaments and spread better awareness of professional gaming.
The partnership seeks to lure more people into professional gaming by providing resources in finances and education for amateurs vying to go big. It also sought to help professional gamers diversify and build a portfolio with cryptocurrencies. This partnership is a big boost to the eSports industry, spreading better popularity of the industry and its potential to on-lookers.
However, ByBit isn’t the only one investing in the progress of the eSports industry. In 2021, FTX signed a partnership with Team SoloMid in a whopping $210 million deal that rocked the eSports industry. Other teams in the industry are also partnering with crypto projects and creating fan tokens for their fans to purchase their merchandise, pay for tickets, and diversify their portfolio.
But betting, partnerships, and fan tokens are not all the features the crypto industry has introduced to eSports to develop. There’s a rise in the number of play-to-earn games backed by blockchain technology and NFTs as the new exports of gaming.
Play-To-Earn Games And NFTs
Play-to-earn games are gaming platforms backed by blockchain technology where participants can earn crypto tokens for playing games. These tokens can then be converted into cash as a source of income or left to act with market surges as a form of investment. More games like this are built daily to enrich amateur or professional gamers with blockchain technology.
These play-to-earn games have become job sources for several people and have indirectly and directly brought more people into the eSports field. However, these play-to-earn games and popular eSports disciplines have incorporated NFTs as a means to trade in-game assets and create avatars in the gaming metaverse.
Non-fungible tokens (NFTs) are digital assets that give their owners unique ownership rights. As such, they’re perfect for trading in-game assets and skins and creating avatars in the rising metaverse. Moreover, you can trade NFTs with fellow gamers at better prices than you bought them and make profits in crypto tokens.
As a result, professional gamers aren’t the only ones with the ability to earn an income off gaming. More solutions are provided with NFTs and blockchain technology daily, and there are no limits to the possibilities that can be explored.
The Influence Of Crypto In Esports Betting
Betting with cryptocurrencies has changed several things about conventional betting for good. Firstly, with cryptocurrencies, your bets are placed more securely than every other payment method. The risks are very limited with the security measures put in place when trying to send and withdraw funds for betting on eSports. In addition, you’ll get a transparent record of things on the public ledger and can track your transactions’ progress.
Your payments are also made faster with cryptocurrencies than any other payment form. For example, several payment platforms require you to wait at least 24 hours before you can withdraw your funds, but with cryptocurrencies, transactions are made instantly within minutes.
Also, you have higher limits with deposits and withdrawals as there’s no centralized authority putting a cap on limits and enforcing taxes.
What Ways Can Blockchain Technology Further Develop The Esports Industry In The Future?
As the eSports industry continues to grow, more aspects of the industry can be addressed using blockchain technology. For example, the decentralization theme of the crypto industry can be enforced in eSports. Many professional gamers do not get full value on prize money, or fair percentages on crowd pulled in tournaments.
This is because a host of industry stakeholders control and manage players’ transfers, funds, rights to media, partnerships and sponsorships, engagements from fans, and advertisements. A decentralized platform in eSports will ensure everyone is treated equally and get value for their investments and efforts in the eSports industry.
Over time, gamers should also be able to earn crypto tokens from streaming gaming content across various platforms. This could be in the form of donations and a decentralized blockchain-powered platform that ensures gamers are getting 100% of the money they get.
Also, income should not tilt towards gamers alone as incentive models can be designed for fans and viewers of eSports tournaments. Fans should be able to earn crypto tokens for their loyalty to teams and not rely heavily on betting befitting before they earn an income off their passion.
Undoubtedly, the crypto industry has done quite well so far in the eSports field. However, there is so much more that could be done in conjunction, and we can’t wait to see how the future unfolds for eSports with blockchain technology backing.