ESports is changing and revolutionizing the whole gaming industry. With the rate of the industry growing, gaming is not just a pass time anymore. It has become a serious profession with players earning huge amounts through prizes and by winning tournaments. To give you an idea, professional gamers earn millions of dollars annually. The gaming industry is estimated to reach worth $132 billion by 2030 from $56 billion in 2021. This shows an astonishing annual growth rate of 10.32%. At this rate, it will be the leading industry altogether. Players can find gambling tournaments listed in wetten.com and learn everything else as they get into the esport world.
These tournaments are usually organized without involving a bank in between. Crowdsourcing and small subscription fees from normal people are the primary sources of funding. Seeing this as an obvious opportunity, cryptocurrency stepped its foot in the gaming industry as well and both of these have been affecting each other ever since.
What is Cryptocurrency
Cryptocurrency, by its name itself, is self-explanatory. It is a storage space for some value and medium of exchange. It has no physical form and can be accessed only through the medium of Blockchain. Cryptocurrency doesn’t involve banks or any third party in between. It makes it a more efficient and preferred form of value exchange today.
Blockchain is the basic structure on which the whole cryptocurrency system relies. It makes Cryptocurrencies feasible. It is a decentralized ledger that stores information about every transaction carried by anyone on the platform. This information is available to everyone on the platform.
Current Trends in Gaming Industry
In recent times, China is among the leading markets around the world. Latin America, the whole of the Middle East, and Southern, Eastern, and Central Asia are growing rapidly. Africa too has been seeing a good growth rate and is among the potential drivers of the gaming industry. In terms of streaming and broadcasting, English is the most preferred language. Spanish and Portuguese are following closely with nearly 2.5 billion hours of content being watched between them combined. There was a record 369% growth in Spanish while Portuguese saw a growth of 189%.
Blockchain and eSports
Players, stakeholders, developers, sponsors, and everyone involved in an eSports tournament need a platform to interact together. Blockchain provides access to each and everyone along with ensuring greater security. Every transaction that has taken place anywhere in the world can be viewed by everyone on Blockchain. It makes it difficult for any dubious activities to take place on the platform. Also, with secure payment systems in place, you first need to verify the transaction. It cancels out the possibility of anonymous transactions.
Blockchain is a decentralized platform which means no banks, third parties, or governing bodies are involved. You don’t need to go through all these systems to make one single payment making your experience fast and efficient. It also provides a lot of other essential facilities such as incentive systems. The viewers can be regarded a certain amount if they have watched a game stream for some specific hours or have participated or worked for organizing the tournament in any specific way. Their rewards can be collected and transferred to their linked accounts or can even be traded off for Fiat currency. Also, while live streaming, gamers can link their Blockchain details in their streams. It will enable them to accept payments or donations in the form of cryptocurrency.
How is the Crypto and Gaming industry overlapping
The gaming industry and eSports took a big hit during the pandemic. No tournaments were held because of the lack of funding and prize money. This is when cryptocurrency was used instead of traditional money to organize and pay for the prize money to the players and other participants. Bitcoin was the primary cryptocurrency used then. Also, no players had to travel and come together for the tournaments as with Blockchain technology, it is easy to transfer money internationally in a matter of minutes because of no interference from any governing body to answer to. With this partnership, both industries have benefited well. The gaming industry got a way to revive itself and as for Cryptocurrency, it got a way into the gaming and eSports industry. Also, they made a mark on their target audience and gave them access and reasons to turn to cryptocurrency.
Since the interference of Blockchain, the gaming industry is growing at a rate of 11%. Even the revenues are growing rapidly. Blockchain has created a level ground for players from all over the world and all experiences to participate and fight with all they have. Cryptocurrency is an essential component in the success of this growth as it brings a new and functional system and growth prospects as well.