How crypto is helping eSports to grow?

How crypto is helping eSports to grow?

How crypto is helping eSports to grow?

The impact of cryptocurrencies and blockchain technology is undeniable in many industries including the
gaming industry. This new technology revolutionized gaming forever, and it might become the new
standard for the future.

Cryptocurrencies and blockchain technology brought a few new and interesting concepts to the gaming
industry. One of the biggest changes that were introduced with this technology is the ability for players
to own pieces of a game or digital content in form of NFTs.

Also, the introduction of decentralization brought many possibilities for the gaming industry which is
why it is growing in the past couple of years. New options like crypto betting opens up many new
opportunities for everyone involved in the process.

This brings us to the question of how is this new technology helping eSports grow.
Let’s find out.

Crypto Esports is a Billion Dollar Industry
The eSports market has developed hugely throughout the past couple of years, accumulating billions of
dollars in revenue over different sources. Right off the bat, the business has north of 400 million fans
overall who purchase games and in-game resources. Then, at that point, there are competitions on
eSports’ greatest games, including groups of expert gamers, that create a big buck on single occasions.
Also, we have fast-growing streaming platforms like YouTube Gaming, DLive, Twitch, and Facebook
gaming additionally add to the business’ income. With the numbers done in fans and income by the
eSports business, the area continues filling in ubiquity, drawing in organizations from different ventures,
and the crypto-business isn’t forgotten about.

The crypto-business laid out its presence in the eSports business by involving digital forms of money as a
method of installment on eSports wagering stages. Bitcoin was the spearheading digital currency with
esports crypto wagering despite everything being the most acknowledged crypto. With the right
wagering stages, knowing how to wager on Esports with BTCis simple. Wager in your #1 eSports groups
with tips and top to bottom examination from eSports occasions.

Be that as it may, the scope of the crypto business has broadened more than eSports bet with crypto.
Crypto stages are presently cooperating with eSports groups to move the business farther than where it
is currently.

How Crypto Pushes the Popularity of eSports
In the past couple of years, we’ve seen many crypto projects, including crypto exchanges and other
entertainment-based blockchain projects that are partnering with big eSports teams, striking deals
worth millions of dollars.

For example, we have the Singapore-based Bybit, which partnered with Natus Vincere (NAVI) a popular
eSports team, that spread better awareness of professional gaming.

The crypto industry opens up many new opportunities for the eSports market. Some of the recent
trends that might have a huge impact on the eSports industry are:

Play-to-Earn Games and NFTs
The entire blockchain technology introduced us to a new concept of gaming called play-to-earn, where
such games are backed by blockchain and participants can earn crypto tokens or digital collectibles for
performing certain tasks.

These tokens or digital goods can later be converted into cash, which means that players can profit by
playing their favorite games.

What’s really about to change is the sense of ownership of digital in-game assets. Thanks to the
blockchain, people can now own all of their in-game assets like cosmetics, weapons, and other things.
This will not accelerate the entire eSports industry, but it will also open up many opportunities for
rewards and other things.

eSports Betting is Influenced by Crypto
Wagering with digital currencies has changed a few things about regular wagering for good. First and
foremost, with crypto bets, your wagers are put more safely than using any other payment processor
online.

The dangers are extremely restricted with the safety efforts set up while attempting to send and pull out
assets for wagering on eSports. Moreover, you’ll get a straightforward record of things on the public
ledger and can follow your exchanges’ advancement.

Your payments are likewise made quicker with digital currencies compared to traditional fiat money. For
instance, traditional fiat currencies require a lot more processing time in order to see the funds arrive in
your bank account, however with digital currencies, exchanges are made in a flash in no time.

Since betting is a huge part of eSports, adding a crypto infusion to the market will make the entire
betting process more efficient, secure, anonymous, and transparent. On top of that, it will open up new
markets that were not available before.

eSports betting is growing rapidly in the past couple of years, but it is still not to a point where everyone
all around the world has the ability to place bets on eSports games at any time. Most such betting
actions are not covered by some of the local bookmakers, or they have some sort of geo-restriction for
accessing official esports bookmakers.

With that said, crypto will only make the entire eSports betting market more efficient and will open up
new opportunities for both bettors and players participating in the process to earn money.

  • Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.Click Here
  • Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. Access Here.
  • Source: https://esportsjunkie.com/2022/09/19/how-crypto-is-helping-esports-to-grow

Time Stamp:

More from Esports Junkie