The popularity of esports has skyrocketed in recent years, with competitions now being held worldwide, often with sold-out stadium crowds and multimillion prize pools. As crypto and esports collide, many ask, “Is crypto esports the next big thing?”
Over the years, the esports sector has expanded significantly, bringing in billions of dollars from numerous sources. Furthermore, several crypto companies have started pouring money into competitive video gaming.
Together, these two sectors are driving an entirely new economic model. Specifically, crypto is revolutionizing esports betting by giving players access to new asset ownership options and economic models.
So, is crypto esports the next big thing? Stay with us as we dive into the topic now.
What is Crypto Esports
Esports, an abbreviation for “electronic sports,” refers to competitive video gaming between professional players or teams. Thus, crypto esports brings together two interesting industries: crypto and competitive video gaming.
It is a competitive video game genre whereby players can acquire and use virtual money. This can take the form of acquiring virtual goods with cryptocurrencies, winning cryptocurrency as a prize, or even employing blockchain technology to authenticate the game results and ownership.
After seeing esports’ rise in popularity, crypto companies were eager to recruit as many esports enthusiasts as possible. Several eSports organizations, including Fnatic, Gen.G, Misfits, Cloud9, and TSM, have experimented with crypto partnerships. By accepting cryptocurrency payments on esports betting platforms, the crypto industry was able to cement its position in the esports market.
Bitcoin was the first cryptocurrency used for esports and crypto betting and is still the most widely used cryptocurrency. This new development can alter the gaming industry and digital currency investment strategies.
Intersection of Cryptocurrency and Esports
Several fascinating trends have emerged due to the convergence of this trending development. Some of these trends include:
- Crypto Esports Betting
- Play-to-Earn Games and NFTs
- Decentralized Tournaments
Crypto Esports Betting
Betting on esports is easier than ever, thanks to crypto, which provides anonymity, speed, and security for gamblers. The rise of cryptocurrency betting has permanently altered various aspects of traditional betting.
To begin, utilizing cryptocurrency to place bets is the safest option available. When transferring money for esports betting, the security procedures also reduce the potential for fraud.
Furthermore, the public ledger provides an open record of all transactions, allowing you to monitor their development at any time. You can also make payments faster with crypto than with regular fiat money. For instance, while transacting in traditional fiat currency, the funds can take several days to show up in your bank account.
Top betting services like GGBET have contributed to the rise in popularity of esports by making it possible to place bets on nearly twenty different gaming domains. This includes Dota 2, League of Legends, Smite, and others.
However, when using cryptocurrency, you can finalize transactions in seconds. Therefore, introducing cryptocurrency will only improve the overall efficiency of the esports betting market and create new avenues of profit for everyone involved.
Play-to-Earn Games and NFTs
With play-to-earn games, you can earn crypto tokens simply by playing games on the site. You can then trade these tokens for fiat currency or leave them to rise and fall with market fluctuations to generate profit. Popular eSports and other play-to-earn games have adopted NFTs to facilitate the trading of virtual goods and the creation of in-game personas.
Although many people link NFTs to cartoons where apes have different clothing, the concept encompasses much more. The most obvious example is crypto eSports, which centers on games where players can buy and use a non-fungible token (NFT) to compete.
Non-fungible tokens (NFTs) are digital assets that confer special ownership rights on their owners.
With NFTs, players can keep all virtual items they purchase, like clothes or weapons. The eSports business will benefit from this, as it will speed up development and provide new avenues for different incentives.
Some examples of these games include Axie Infinity, which is like Pokémon. In it, you can build a team out of various NFTs, each of which is a mini-monster with its own set of skills and statistics. Additionally, by transforming assets into NFTs, players can access any game developed on the same blockchain.
Decentralized Tournaments
No one is in charge or coordinating the events in a decentralized tournament. These competitions eliminate the need for a central authority by employing blockchain technology and smart contracts to automate and regulate the event on a decentralized basis.
With crypto, esports tournament organizers no longer worry about banks or governments interfering with their ability to transfer funds.
The use of crypto speeds up the payout procedure as you can distribute the cash after the tournament ends; instead of waiting weeks for the cash to clear the tournament organizer’s bank account and then for the player’s bank to credit their account, all of that time can be saved by using a digital system.
Is Crypto Esports The Next Big Thing?
Whether or not crypto esports will become the “next big thing” is up for debate and can be affected by several factors. However, it’s essential to recognize the rapid development of cryptocurrency and the passionate fanbases surrounding esports.
These days, eSports teams are teaming up with crypto initiatives like exchanges and entertainment-based ecosystems, signing massive deals in the hundreds of millions of dollars. For instance, Bybit teamed up with the successful Natus Vincere (NAVI) eSports team to help them win more tournaments and raise the profile of professional gaming.
Additionally, the $210 million agreement between FTX and Team SoloMid was a turning point in the eSports sector in 2021. With these developments, the future of crypto and esports is intertwined. Even though there are different opinions on this matter, crypto’s popularity only increases with time.
However, the growth of this concept and its ability to draw a large audience will depend on several things. These factors include the evolution of relevant regulations and the improvement of relevant technologies.
Conclusion
Crypto esports are gaining popularity as the general public adopts crypto while the digital gaming industry grows. Without a doubt, the crypto business has flourished in esports. But there is a lot more they could do together, and we’re excited to watch where esports go in the future with the help of blockchain technology.
Due to the increased accessibility, speed, and anonymity it provides, crypto betting enables more extensive and improved wagering. Crypto esports also has the potential to revolutionize the ownership of virtual assets for gamers by lowering the risk of fraud and enabling the creation of decentralized markets.
So, is crypto esports the next big thing? With these developments, crypto has shown to be an innovative tool for the esports industry, and we are on the right path.
