During the League of Legends World Championship Final held in South Korea, approximately 100 million people tuned in. In particular, the views were a predominantly tech-savvy, young, and passionate audience. Similarly, the cryptocurrency industry shares the same caliber of a global audience. As a result, it’s not at all strange that to predict great things for both sectors, whose futures lie intertwined.
The nut to crack – a new order of things?
At the moment, the esports industry is growing at a rate of 33% annually. If this isn’t lucrative enough for you, consider the ever-growing popularity of the sport. To illustrate, hundreds of millions of fans tune in regularly to watch tournaments from all over the world. In particular, the highest-grossing being DOTA, League of Legends, Halo, and FIFA.
To these digital natives, esports is to entertainment, as cryptocurrency is to cash. They are getting accustomed to having everything they would want on demand. Do you remember the time when games were played offline? If you don’t, then you are part of this new order of things. We already know why the future of esports is tied to blockchain technologies. But, is this blossoming bromance between esports and blockchain, viable?
The perfect storm
There is a massive inflow of investments fuelling the projected wave of esports and blockchain-focused projects. For instance, the esports team-building platform known as Dreamteam recently closed a $5 million seed round of funding with Mangrove Capital Partners. Also, they have also secured a partnership with the best players, such as Fnatic, who is a League of Legend finalist.
So, what do we learn from this? First, there’s massive growth and potential in the esports arena. In particular, the driving force of this demand is the fact that gamers are more open to accepting the newest technology. Second, blockchain is the perfect storm as smart contracts can create a fraud-proof environment for all players. Thus, there’s a guarantee for the transfer of prize money to winners, as well as player salaries and sponsorships fees.
Are esports and blockchain the perfect pairing?
Want to know a secret? The gaming industry as a whole has been aligning itself with rails that power this new crypto-economy. If you’re not convinced on this, think about it in this manner. Do you remember that time Ripple turned heads when it was revealed as a backer of a $100 million fund for blockchain games?
Since the gaming industry predominantly uses digital micro-transactions to grow, it has the highest potential to benefit immensely from the integrity and resilience of blockchain technology.