The esports and crypto industries have one thing in common; Technology. And while the crypto market has all the money any industry could need, it’s the audience that eSports trumps. The big players in the industry know this and want to bite each other off the cake.
For example, blockchain technology, the backbone of crypto, offers e-sports players and developers multiple benefits through transparent deals, changes in global restrictions, and many others. And the esports industry, in turn, is opening up crypto to its broader audience.
For context, eSports game operators are now offering some of these to players The best bitcoin betting sites. This is quite similar to traditional sports betting and many people are now making significant profits from this new form of betting.
Kate Richardson, a veteran gambler and tipster, says the merging of these two powerful industries is also changing the narrative for gamblers. She currently offers bettors tips and recommendations on how to scale and improve their odds of winning. You can follow Kate here for tips on betting on esports tournaments.
The growth of esports would not have been as rapid without a system like blockchain. The central 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 content that is paid for with coins. Here are the ways these two giant industries are cultivating the symbiotic relationship for their growth:
1. Crypto and esports are limitless
There are no feelings or prejudices about place/race. Fans and players can buy and sell in digital currency or stream and play on the sports channel. Tournament organizers don’t need support from world governments before planning their events as viewers from any country can stream their platform and transfer funds without third parties.
That being said, the stance that tight currency controls don’t affect crypto is helping esports. The sport has international players and an international audience, and the ability to pay international players without challenges is a blessing. This makes it easy to deal with players anywhere and in turn increases the crypto user base day by day.
2. Crypto increases esports events and in-game asset purchases
There are events in e-sports based on crypto trading and investing. People invest in players and teams, but beyond that there are rarer in-game assets.
Assets in the game can be environments, maps, objects, characters and sound effects to be sold or invested in by Experts. Players and spectators can purchase these assets (even event graphics for teams or editable text boxes) to enhance their gaming or viewing experience.
According to Statista, there are over 500 million esports fans worldwide. Imagine half of them buying and selling those assets with crypto. It encourages its use and converts it into more revenue for the sport. Aside from that, anyone can create too tokenized game assets via ERC20 for Ethereum-based assets. Buyers will trade these assets, which translates into greater crypto adoption and expanding esports fan base and fame.
3. Players are paid in crypto
International players don’t have to worry about setting off alarms when huge sums of money reach their accounts. The digital payment method prevents that. Its borderless transaction doesn’t respect the strict currency regulations that some countries can impose on their citizens and they can’t trace the source because they don’t even realize it.
It also means players everywhere can bypass significant banking fees, avoid deposit delays and enjoy a new level of transparency through digital coins. This increases interest in esports tournaments and contributes to the broader network of crypto enthusiasts.
4. Crypto increases trust in esports
Fans aren’t going to get so invested in the game without trusting the process. Without the trusted crypto and blockchain offerings, they will not stream, promote, or sponsor teams or players. Transparency breeds trust, and game developers aren’t afraid of not getting paid either.
For example, developers mainly use Ethereum. They get paid for their development efforts because Ethereum helps them process it smart contracts before work begins. It’s the same between organizers and sponsors. Crypto ensures that concerns about a fair distribution of money are allayed as there are smart contracts that neither party can do without.
5. Easy donations and crowdfunding
Esports fans stream tournaments from multiple networks such as Twitch and YouTube. However, fans do more than this. Through digital currencies, they can donate to a team or a player through these platforms.
Because there is transparency, there is no corruption as the deposit is reflected in the recipient’s ledger. Aside from that, crowdfunding for support is more accessible as it cannot be blocked by governments or inaccessible to people in some regions. All this increases security in e-sports.
Technology is at the heart of the growth of esports and digital currency, but their symbiotic relationship has made the game easier to play and financially rewarding. Crypto boosts trust and security in esports, and both industries are thriving.
Perhaps both industries would not experience their rapid growth and profitability without the efficiency of borderless payments and the ability to create smart contracts and attract donations from fans through a reliable payment system.