Blockchain is levelling the playing field in the eSports Arena
Blockchain is levelling the playing field in the eSports Arena
Online video gaming, also known as eSports , is an increasingly profitable industry to be a part of. This year will see the industry bring in more than $700 million worth of revenue. This is a staggering 41.3% increase. Based on this, it is projected that eSports will reach the $1.5 billion mark by 2020.
Blockchain technology seems to be one of the factors responsible for this increase in revenue. It does help that this type of technology targets the same age demographic as the eSports industry. Millennials, or individuals aged between 21 and 35, account for more than half of the industry. Because they’re already technologically aware and savvy, introducing new forms of technology, including Blockchain are quite easy, and are generally well received.
This type of decentralized technology offers a definite competitive edge in the form of smart contracts. This makes betting and buying virtual assets much easier, and safer. However, there is a bigger use for this type of technology in the world of eSports.
A well-known platform, FirstBlood, has integrated Blockchain into their online betting process. Tournaments are held and the winners are paid through the Ethereum-based Blockchain, which offers independence from more traditional payment methods. In addition, the platform assists amateur gamers in their quest to reach pro status by engaging in competition in a team or solo environment.
A slight drawback in the eSports industry is that building and managing your own clubs is no easy feat. There are less than half the amount of eSport clubs operating compared to traditional football clubs. Blockchain seems to provide a solution to that, and the DreamTeam platform hopes to capitalize on this niche market.
The Blockchain-based platform provides a space for amateurs, pro players, managers and recruitment professionals to network and connect. The platform also allows for members to hold tournaments and to get paid based on the results. In the case of winning teams, funds get paid quickly with no middle man waiting to take their cut. However, the founders of DreamTeam have goals to transform their platform into a multi-billion-dollar industry all on its own dealing in sponsorships and media rights among other services.
With the seemingly daily advancements in all types of technology, the eSports industry is set to grow in leaps and bounds. Blockchain-based platforms provide a great, and profitable, way for players to hone their skills on their way to that all-important pro status. It will also usher in a new area for sports management in the online sphere.
Author : Jack Dean