How blockchain changes the landscape of Esports
PIF Nation
To be the bridge for game studios and developers, helping them navigate and establish themselves in this vibrant market.
Blockchain is getting more prominent, especially now that its applications are no longer limited to cryptocurrency transactions. It can now revolutionize enterprise, data security, energy solutions, and even esports gaming.
Gaming and esports statistics
According to Mordor Intelligence, the global gaming market is expected to grow from $198.40 billion in 2021 to $339.95 billion by 2027. Back in 2015, the global games market had only $93 billion in revenue. This shows impressive growth, and it is mainly because of the gaming industry’s ability to adapt and integrate technological advances like blockchain.
Out of the estimated 3.24 billion gamers in the world, 234 million of them are esports enthusiasts. The global esports market is expected to grow from $1.08 billion in 2021 to $2.8 billion by 2028 as per the latest research by SkyQuest Technology. Among the largest esports tournaments are the Fornite World Cup and League of Legends World Championship.
Blockchain in shaping the esports landscape
Since esports build their presence on the internet, this means that it is inevitably vulnerable to digital risks and dangers, which is where blockchain technology comes in.?
Blockchain can be used for innovating the esports industry. But how can it unlock new experiences and bring benefits to esports?
Tournaments
Blockchain games eliminate the risk of fraud in tournaments by allowing everyone to have access to transparent records. When a game is played, all the game elements will be recorded on the blockchain. Meaning, players and other users can’t alter the data since the inputs are cryptographically signed and thus immutable.
Moreover, the use of smart contracts allows prize rewards to be distributed automatically once the tournament is over. Since data is recorded on the blockchain, people can verify if there has been any cheating or tampering.
Incentive schemes
Incentive schemes can be implemented through blockchain where esports tournament viewers can earn tokens based on their viewership or participation as an audience. Such tokenized digital assets can have an expanded value on different platforms.
Trading in-game assets
Trading in-game assets is a crucial aspect of esports. A blockchain can host trading platforms where players can trade skins and other in-game items.?
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When it comes to game marketplaces, blockchain can also be used to bring security and eliminate the risk of cheating and fraud during esports tournaments. Through the adoption of NFTs in the esports scene, gamers and fans can now become traders and investors.
Betting
Blockchain, through smart contracts, can enable automatic payments for esport betting. The technology also allows bettors to prove that there was no cheating or tampering on the placed bets through on-chain verification.
Now, esport tournaments can enable cryptocurrency payouts to bettors, opening up the industry to more casual gamers and audiences. Using cryptocurrencies is far better than digital payments when it comes to transaction costs. Since there will be no third-party middlemen involved, expect little to no fee when betting on esports events.
Play and watch anywhere
A major strength of esports is the ability to watch and play from home. Through cryptocurrency and blockchain, you can still watch and play despite the geolocation-based restrictions. Even if you are thousands of miles away from an esports event’s location, you can support, watch, and even play.
Conclusion
Blockchain can help remove barriers to esports by promoting decentralized, well-managed, and large-scale esports activities.
Both industries, blockchain and esports, are still in their early stages. They can also still manage to conduct activities and accumulate users and audiences even with or without each other. However, blockchain technology still has a major potential of becoming an essential part of esports’ growth, just like how it did to cryptocurrency and NFT.
About Play It Forward DAO
Play It Forward DAO is a metaverse eco-system builder focusing on Web3 game investment and a large-scale guild of 3,000+ gamers (Railings University) across the Philippines, Indonesia, and Vietnam.?
The company aims to provide broad access to play-to-earn gaming by educating, empowering, and integrating underprivileged communities into the P2E industry. PIF DAO is positioned to be the growth engine of a Plug-and-Play metaverse by allowing its members to invest, play, learn and earn.