The eSports industry is developing with incredible speed and is projected to hit the $5.9 billion threshold in revenue by 2029. An important role in this breakthrough is played by blockchain and cryptocurrency, which provide this industry with transparent and quick transactions and give more monetization opportunities. One of the ways players use crypto is selling skins, but is it the only way they will use it in the future as well? Let’s discover that in this article and explain the role of blockchain for esports community
The Role of Blockchain in eSports
The eSports industry benefits from blockchain technology, which tackles various issues and ensures the accuracy of game results. Additionally, it promotes innovation and decentralization in the world of esports as well.
The main reasons why blockchain has become so important for the esports industry are enhanced transparency and fairness guaranteed by it. The presence of smart contracts allows recording all gaming activities without a chance to cheat and verifying their outcomes at any time and in a long-term perspective. Naturally, these aren’t all the benefits cryptocurrency has provided to esports.
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Cryptocurrency As A New Source Of Revenue For Gamers
Blockchain and crypto make transformations of the existing gaming landscape and give players new approaches of earning money. The tokenization has allowed gamers to receive rewards in cryptocurrency when they participate in eSports. Unlike more traditional digital assets governed by game development companies, these rewards are characterized by tokenization, so players can not only own but also sell or trade them on decentralized platforms. Moreover, players who manage to get some in-game items during gameplay can trade them for crypto, taking advantage of all the benefits this payment method offers to users.
Why Is Crypto A Great Payment Method For Trading Game Items?
Crypto-backed transactions have already proven their superiority over other payment methods. These are a few reasons why players prefer to sell skins and not only them using this method.
- Fast Transactions: Crypto transactions are processed more quickly than any other traditional payment method. For instance, such a transfer to a crypto wallet typically reaches the recipient within minutes.
- Lower Fees: Many fiat payment methods are characterized by rather high transaction fees, but cryptocurrencies provide a more affordable alternative. This enables organizers of decentralized eSports tournaments to make payments without facing steep costs. Players who sell in-game items can save on the transaction fees as well.
- Universal Access: Gamers participating in blockchain competitions or selling skins can receive their crypto rewards right away. The only thing they need is a crypto wallet on a trustworthy exchange.
Crypto Microtransactions And In-Game Purchases
Microtransactions are a type of payment that players make to get in-game items. Prior to the emergence of eSports cryptocurrency games, players used conventional payment methods to purchase these upgrades, which resulted in slow transactions and high fees.
These challenges have been a great problem, and the invention of cryptocurrencies has become a way out. Today, gamers can enjoy secure and anonymous transactions with these digital currencies. The standout feature of crypto payments is their speed. With the help of eSports blockchain technology, transactions can be processed in a couple of minutes, enabling players to sell and acquire what they want and quickly return to their gameplay.
How Can Crypto Impact the Future Of eSports?
While the future of blockchain in esports is still uncertain, there are some predictions about which trends may come to the forefront. The relationship between eSports and blockchain technology is getting more significant every day. As the industry continues to adopt blockchain, we can expect changes in tournament organization, player interactions, and revenue models.
Moreover, blockchain gaming has the potential to foster greater trust. With permanent ledgers that document gameplay, tournament organizers can ensure transparency.
A key trend that is likely to emerge in blockchain gaming is cross-compatibility. If this is realized, it would allow players to use digital tokens across multiple crypto gaming titles.
One more direction of how crypto can shape the future of esports is increased player ownership. Gamers will possess more control over their digital assets and won’t doubt whether they should stake, sell, or trade them due to the simplicity and high speed of these activities. It will lead to the creation of an exclusive esports blockchain which will continue to increase.
Final Words
Blockchain and cryptocurrency are revolutionizing the eSports industry. They not only ensure fair play in gaming but also generate new income sources for participants. As eSports evolves, its partnership with blockchain is set to drive even more innovative developments in the future.
