The esports and crypto industry have one thing in common; technology. And while the cryptocurrency market has all the money any industry could need, esports has the audience. The big names in the industries know this and want a piece of each other’s cake.
For example, Blockchain technology, the backbone of cryptocurrencies, offers various advantages to esports gamers and developers through transparent deals, changes in global restrictions, and many others. And in return, the esports industry opens up crypto to its wide range of audiences.
For context, esports game operators now offer punters some of the best bitcoin betting sites. This is quite similar to traditional sports betting, and many people are making significant profits from this new form of betting now.
Kate Richardson, an experienced gamer and tipster, says that the merger of these two powerful industries is also changing the gamers’ narrative. She currently offers advice and recommendations to punters on how to scale and improve their chances of winning. you can follow kate here for tips on betting on e-Sports tournaments.
The growth of esports would not have been so fast without a system like Blockchain. The fundamental power of the sport lies in its technology, which makes it one of the best technological innovations.
Not only can you stream these competitions live, but you can also enjoy in-app game assets paid for with coins. Here are the ways these two giant industries nurture the symbiotic relationship for their growth:
1. Cryptocurrencies and esports have no borders
There are no location/race sentiments or biases. Fans and gamers can buy and sell digital currency or stream and play on the sports channel. Tournament organizers do not need the support of world governments before planning their events, as viewers from any country can stream their platform and transfer money without third parties.
Apart from this, the position that strict currency controls do not affect cryptocurrencies helps esports. The sport has international players and audiences, and the ability to pay international players without posing any challenges is a blessing. This makes it easy to deal with gamers everywhere and in turn increasing the crypto user base day by day.
2. Crypto Boosts Esports Events and Purchase of In-Game Assets
There are events in e-Sports based on trading and investing in cryptocurrencies. People invest in players and teams, but beyond these, there are rarer assets in the game.
Game assets can be environments, maps, objects, characters and sound effects designed to be sold or invested by experts. Players and viewers can purchase these assets (including event graphics for teams or editable text fields) to enhance their gaming or viewing experience.
According to Statista, there are more than 500 million esports fans worldwide. Imagine half of them buying and selling these assets with cryptocurrencies. It promotes its use and becomes more income for the sport. Apart from this, anyone can also create tokenized game assets through ERC20 for Ethereum-based assets. Buyers will trade these using assets, which translates into increased crypto use and expansion of the fan base and fame of esports.
3. Players get paid in Crypto
International players do not need to worry about red flags being triggered when large sums of money arrive in their accounts. The digital payment method prevents it. Their borderless transaction doesn’t respect the strict currency regulations that some countries may impose on their citizens, and they can’t trace the source as they won’t even know it.
This also means that players around the world can avoid substantial bank charges, avoid deposit delays and enjoy a new level of transparency through digital currencies. This increases interest in esports tournaments, contributing to the wider network of crypto stakeholders.
4. Crypto increases trust in esports
Fans won’t be as dedicated to the game without trusting the process. They will not broadcast, promote or sponsor teams or players without the reliable offers of crypto and Blockchain. Transparency promotes trust and game developers are also not afraid of not getting paid.
For example, developers mainly use Ethereum. They get paid for their development efforts because Ethereum helps them process smart contracts before work begins. It is the same between organizers and sponsors. Crypto ensures that concerns about the fair distribution of money are removed, as there are smart contracts, which cannot be breached by either party.
5. Ease of Donations and Crowdfunding
Esports fans stream tournaments from multiple networks like Twitch and YouTube. However, fans do more than this. Through digital currencies, they can donate to a team or player through these platforms.
Since there is transparency, there is no corruption involved as the deposit will be reflected in the recipient’s ledger. Apart from this, crowdfunding for support is more accessible as it cannot be blocked by governments or is inaccessible to people in some regions. All this enhances security in electronic sports.
Technology is at the core of the growth of the sport and digital currency, but their symbiotic relationship has made the game easier to play and financially rewarding. Cryptocurrencies power trust and safety in esports, and this is how both industries thrive.
Perhaps, both industries would not experience their rapid growth and profitability without the efficiency of borderless payment and the ability to create smart contracts and attract fan donations through a trusted payment system.