Home News Why the Future of Esports Is Tied to Cryptocurrency

Why the Future of Esports Is Tied to Cryptocurrency

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At the League of Legends World Championship Finals in South Korea final yr, 100 million viewers tuned in to watch Invictus Gaming defeat Fnatic 3-Zero and gather $2.4M in prize cash. With its younger, passionate and tech-savvy world viewers, esports shares evident similarities with cryptocurrency. Not surprisingly, many predict nice issues for the twin industries whose future might lie intertwined.

Also learn: Review: Crypto Is a Surprisingly Fun Movie About Compliance

The $1 Billion Nut to Crack

With a 33% compound annual development charge, the $1 billion esports market is very profitable. Hundreds of thousands and thousands of followers repeatedly watch their esports heroes battle it out in video games resembling DOTA, League of Legends, Halo, and FIFA at stay streamed occasions whose prize cash can run into the thousands and thousands. To its world viewers of digital natives, accustomed to having all the pieces they covet on demand, esports is to leisure what cryptocurrency is to money: the pure order of issues. Most esports followers are too younger to recall the earlier than time, when video games have been performed offline and cash was bodily.

Why the Future of Esports Is Tied to Cryptocurrency

Already, there are indicators of a blossoming bromance between the esports and cryptocurrency industries, with an influx of funding fueling the projected wave of cryptocurrencies targeted round esports and blockchain gaming. Esports team-building platform Dreamteam not too long ago closed a $5M seed spherical with Mangrove Capital Partners and has secured partnerships with main business gamers together with final yr’s League of Legends finalists Fnatic. David Waroquier, associate at Mangrove Capital Partners, instructed information.Bitcoin.com: “The massive growth in esports popularity mixed with the fact that gamers eagerly accept the newest types of technology is creating the perfect storm for blockchain. Using smart contracts for tournament winnings, player salaries and sponsorship money creates the fraud-proof environment esports needs in order to sustain its growth.”

Gaming and Cryptocurrency – the Perfect Pairing?

In addition to esports, the gaming business at massive has been aligning intently with the rails that run the cryptoconomy. Ripple turned heads final month when it was revealed to be the backer of a brand new $100M fund devoted to blockchain-based video games. “Gaming is a $140 billion global industry driven predominantly by digital microtransaction economies, which we believe will benefit immensely from the integrity and resilience of blockchain technology,” mentioned Brett Seyler, the chief platform officer at Forte, the San Francisco-based startup that inked the cope with Ripple. As with esports, the similarities between avid gamers and cryptocurrency customers are manifold.

Effective monetization is essential to sustaining video content material creators, most of whom don’t boast the similar numbers as the high esports professionals and Youtubers. Pewdiepie made headlines final week for joining stay streaming platform Dlive, which accepts cryptocurrencies resembling BCH and ETH for buying its native tokens. His actions have spawned an array of smaller creators to observe swimsuit.

Why the Future of Esports Is Tied to Cryptocurrency

It stays to be seen whether or not crypto-friendly platforms resembling Dlive final the course or show to be little greater than a flash in the pan. What’s much less debatable is that the marriage of cryptocurrencies and gaming, in all its many kinds, is inevitable. In case extra proof have been wanted, on April 15, $1 million puzzle recreation Satoshi’s Treasure launched, promising a bounty-laden bitcoin pockets whose keys have been divided into 1,000 fragments, spawning a world hunt for the prize items.

Do you assume esports and gaming are prime industries for cryptocurrency adoption? Let us know in the feedback part under.

Images courtesy of Shutterstock.

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Kai Sedgwick

Kai’s been taking part in with phrases for a dwelling since 2009 and purchased his first bitcoin at $19. It’s lengthy gone. He’s beforehand written white papers for blockchain startups and is very involved in P2P exchanges and DNMs.

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