Blockchain is undoubtedly one of the most exciting technological developments of all times if not the most exciting. Its power continues to revolutionize industries as they apply it. Some of the industries that blockchain has found use cases include retail, real estate, insurance, retail, travel, manufacturing and not forgetting, financial services. Yet it’s still hard to find an industry perfectly primed for the technology as the thriving world of eSports.
Cryptocurrencies and e-sports are competing as the world fastest growing industries. Just a few years ago, only a few had heard of them, now they are everywhere. Both are flourishing in their respective fields and that thanks to the young and tech savvy customer base that drives their growth.
For many years, gamers have used digital currencies in buying in-game extras like keys, skins and upgrades. And it was a long pursuit before the flagship cryptocurrency came into the spotlight.
In the League of Legends, gamers use Riot Points and Blue Essence in unlocking contents and skins. These points can be purchased using fiat and have been quite a successful economic model for LoL developer, Riot Games for over 10 years now.
LoL can be downloaded for free. Riot on the other hand makes money by charging skins for players. These are the micro transactions that bring in revenue. Several studios are following riot’s footsteps. Today, world leading eSports Overwatch, PUBG, Fortnite and hearthstone have applied the same model.
Credits And Shards
In PUBG players spend battle points, shards in Dota 2 and credits in Overwatch. They know that currency is not about the dollars or euros and they have been doing it for years. So, you would say they were among the earliest converts to the crypto course.
Incorporating blockchain into the eSports space is the next step, but a number of companies already have a strong head start. In games like CS: GO, players can use cryptocurrencies in buying keys, skins and other items.
Riot’s partnership with Refereum, a company operating a blockchain based system enables LoL players to earn cryptocurrency by winning games. The player’s gains can be swapped for different cryptocurrencies, then converted to fiat.
Firstblood, an esport blockchain platform, synchronizes with Dota 2 player’s steam accounts and allows them to bet on themselves winning a match. If they win, they can then convert their coins for items of monetary value.
But betting in esports is not new and has been a huge pursuit for quite some time. People not only bet on themselves but on huge sport events and matches between the world best players.
A Promising Industry
Reports suggest that there are about 454 million viewers of esports and tens of millions streamers of the big tournaments like the Dota 2 and LoL world championship. Betting on the outcome is becoming as exciting as watching and is an opportunity to turn knowledge into profit.
Incorporating blockchain and betting makes the whole process safer, quicker and easier for bettors. It’s also advantageous in that there are no middlemen taking cuts in handling and conversion fees. And this ensures bettors retain a large portion of their winnings.