The online gaming industry is among the most rapidly growing industries globally. Apart from the fact that its value is projected to grow further to $200 billion by 2023, the emergence of blockchain tech is one of the main catalysts for why the industry is only going to expand and get bigger from here.
Blockchain has been a popular topic in online spaces, and for good reasons. For one, it offers plenty of advantages to both developers and gamers at the same time. It helps lessen the instances of fraudulent activities in crypto esports betting, like cheating or game hacks.
Blockchain is also integrated into most bitcoin and eth casinos nowadays, offering users a more secure way to place their bets or earn money and assets. Not only that, but it also paves the way for the creation of new business ideas and models like microtransactions or tokenized games.
Simply put, blockchain has been a groundbreaking change that the gaming industry has witnessed thus far. This is especially reflected in the eSports industry, considering all the perks and features of blockchain.
How is blockchain changing the eSports landscape?
There are many ways in which the eSports and blockchain combination is affecting the landscape. For instance, it offers a new way for players to get paid for their involvement in events and tournaments. More than that, it also makes room for newer kinds of eSports events that revolve around crypto investing and trading. There are also new methods for fans to express their support for their favorite teams and players through virtual tipping.
Here are some ways how blockchain is affecting eSports.
- Provides a comprehensive and decentralized site for eSports
There are quite a few stakeholders involved in eSports, particularly the players, sponsors, team managers, game developers, advertisers, media, and more. For this reason, there is a need for a comprehensive platform for eSports.
Blockchain helps in this situation, such that a blockchain-powered platform helps bring the stakeholders under a single roof, making it easier for them to connect. Moreover, the amateurs within the space can also find the platform useful and eventually grow into professionals. It can also act as an effective medium to manage prize distribution, sponsorship, player transfer, or fan engagement.
- Greater player autonomy
One of the significant challenges within the eSports landscape is match-fixing. There are instances where managers pressure their players to lose games deliberately. Setting up tournaments usually costs a huge sum of money, which is why players highly depend on their respective managers and organizers.
Blockchain offers players autonomy and greater control in the games, which can reduce expenses. Blockchain transactions are all transparent, so organizers should stay above board; plus, agreements are also open for viewing to everyone since the smart contracts are open-source codes.
- Levels the playing field
As eSports is potentially growing to be a huge business, amateurs tend to find it difficult to participate in major tournaments since deep pockets are a major consideration here. Blockchain essentially levels the playing field by reducing operating costs and maintaining a secure database. It specifically utilizes a P2P network as the foundation and builds in the redundancy within it.
- Increases the trust factor within eSports
Not everyone is willing to devote their resources, time, and energy to something that they don’t entirely trust in the first place. Many prospective eSports participants share the same sentiment, and blockchain helps improve trust in the landscape by forwarding transparency, allowing everyone to see everything happening on the network. This can help make casual players feel more assured and confident.
Smart contracts can also serve as agreements between organizers and developers, which can help ensure that they pay first before utilizing the game. With transparency, concerns regarding unfair prize money distribution will also be eliminated.