If we just spoke about how blockchain is changing the online gaming business and ignored eSports, we’d just be scratching the surface. It’s been getting a lot of coverage lately, which is understandable because it’s a $1.5 billion market. Professional gaming streamed on the internet is referred to as eSports, and it has developed into a worldwide phenomenon. Instead of just playing popular casino games like online roulette, people are now getting attracted to eSports like DOTA, COD, CS:GO etc.
So, how does blockchain fit into eSports? What will be the enhancements and expansions? Implementing blockchain-powered objects, such as identities and collectables, will open doors to fresh and exciting experiences while still generating unparalleled net worth. However, there are other areas in which blockchain can support the industry.
- A decentralised eSports platform
Members, game creators, promoters, journalists, marketers, team managers, and other stakeholders are all stakeholders in eSports. They need an all-encompassing network. Blockchain will assist in bringing all players together and connecting them. Amateurs in this field can use this forum to advance and become professionals. Stakeholders can use the forum to handle prize money allocation, team transfers, marketing rights, ads, advertisement, and various other items.
- Transparency is added
Users watch gamers and competitions on platforms like Twitch, but a blockchain database could create a level playing field in such a diverse environment. One of the applications of the technology is to function as a decentralised public archive. A DApp will build a single global gaming profile, including statistics and rankings. This may also be a significant milestone in ensuring the money is distributed to all amateurs and professionals.
- Increase the level of confidence in eSports
Let’s be honest. You would not invest your time, energy, and money in a project that you do not believe in. Many aspiring eSports competitors share this sentiment. The confidence factor has to be improved, and blockchain will let everyone on the network see what’s going on. Players that are new to eSports should be assured. Game makers are in danger of not being compensated for their work. But they can use blockchain to protect their work and prevent it from being used illegally.
- Stable payment using cryptocurrency
The eSports industry is working hard to combat unethical activities. Foul play, match-fixing, and other forms of corruption are all too prevalent, and they’re getting a lot of press. Stakeholders are concerned with being compensated for their efforts. Here is where blockchain comes in. Blockchain consensus algorithms ensure the immutability of cryptocurrency transactions. Cryptocurrency users may use secure hardware wallets to keep their digital currencies safe.
There is a possibility of being defrauded during tournaments. Blockchain will eliminate the case of theft in such a fragmented market and offer a smart contract-based and safe atmosphere for both casual and professional gamers. Anything can be transparently registered because it is a decentralised and static ledger.
- Players would have more freedom
In the eSports world, match-fixing is an issue. Managers put pressure on teams to deliberately lose games. Since organising tournaments requires a lot of money, participants are highly reliant on organisers and managers. By lowering the cost of operating an eSports site, blockchain will allow players more leverage. As a result, the burden of planning and promoting tournaments is reduced. And because blockchain transactions are transparent, tournament organisers must remain above board.
- Loyalty and reward programs
Participants can win tokens through a payout model focused on attendance or viewership. In the world of sports, a reward programme for supporters is now being considered, and in this situation, tokenised digital assets will add value and be used across many channels.
- Crowdfunding made easier
To move forward with their promising eSports projects, talented eSports developers require sufficient funding. However, newcomers to the eSports domain face significant challenges. This affects their funding options.
Blockchain has a considerable ability to improve crowdfunding by making it quicker and transparent. It can simplify the donation process. Chargeback arguments of dubious justifications would be rejected.
Is blockchain critical to the growth of eSports?
Blockchain technology can fully transform eSports. However, because blockchain development is a new technology, it is a specialised skill. It would have a significant effect on the future of eSports innovation. It can make the industry more open, stable, and less fractured, offering gamers a better opportunity.