eSports and cryptocurrencies are the perfect combination because they’re the virtual versions of two important and popular things from the physical world: sports and money.
Cryptocurrencies open a whole realm of opportunities for eSports since they can make development, competition, tokenization, and finances much easier and faster to process.
Therefore, we are going to explore the unique potential of crypto in eSport, to bring you an overview of how it’s already helping this important and rising industry.
Gaming Studios Are Already Bringing Bitcoin to eSports
Gamers are more likely to buy Bitcoin because they’ve been exposed to this culture to a higher degree and sooner thana big part of the population, especially thanks to gaming studios that are actively introducing BTC to eSports.
Gaming studios are actively working to introduce BTC and other cryptocurrencies to eSports, according to Entrepreneur.com. Because it allows them to make finances, cooperation, and commerce much easier and practical than with FIAT, especially in a world where paper money is actively losing its value due to inflation.
The gaming studios already recognize the potential of crypto for taking over the industry, since it will make several aspects much better and more efficient.
However, let us explore how BTC and other cryptocurrencies are already helping this sector.
Making Payments Much Easier
Be it that you want to pay for downloading a game or entering a competition, as well as receiving a prize, cryptocurrencies make the process much easier and even profitable. For example, if you receive a payment at the current price of Ethereum, then your money could be worth a lot more in the coming months because we are in a bullish market cycle.
Furthermore, with the rise of stable coins such as USDC, BUSD, and DAI, now you can receive payments at the same value as the USD, making it more practical for a lot of gamers, customers, developers, and clients.
In addition, payments with cryptocurrencies are safer than with credit/debit cards and other payment methods because it’s impossible to hack payments made through the blockchain.
Boosting the Gaming Economy with Crypto Solutions
Instead of collecting worthless coins or rewards, games such as Age of Rust by SpacePirate Games allows you to win Enjin Coin for completing specific tasks. It will be interesting for you to know that Enjin Coin (ENJ) has grown from $0.03 to $0.65 in less than 1 year.
Things are only getting better for ENJ because it has become the unique whitelisted gaming cryptocurrency in Japan, according to the news on Yahoo.
Furthermore, you can exchange your ENJ for other cryptocurrencies such as BTC, which allows you to build a firm and profitable saving/investment fund, making your gaming time a lot more entertaining and rewarding.
With a new feature that games can start exploiting, it’s easy to see how these cryptocurrencies are fueling the growth of this industry, especially in a time where the world is already embracing virtual money as the future.
Breaking Down the Barriers of Development
Developers get a whole new set of tools and possibilities thanks to blockchain technology. Thanks to it, they can whole new worlds and universes that obey their own rules, systems, layers, and ecosystem.
Therefore, developers can control the development and flow of the in-game economies, allowing the users to get more rewards based on their efforts, and hence, make the game a lot more interesting and challenging.
Developers can even recreate the traditional financial system, where the players have to pay taxes in every trade Alternatively, developers could also opt for creating a totally tax-free and unregulated economy, as in the most daring Hoppe’s dreams.
All of this can be accomplished thanks to smart contracts, which would allow developers to set up the specific rules of the game, which would be rules that no users would be able to hack. This brings us to the next point.
Bring Transparency and Safety into the Industry
Since the blockchain is incorruptible, it would allow the industry to enjoy a never-seen-before degree of transparency. Furthermore, since it’s impossible to hack the blockchain, it’d make the environment much safer for all the parties involved.
In a world where people demand more transparency, honesty, and safety, the blockchain is the ideal answer for this industry. With the rise of gaming-specific blockchain solutions, developers have the exact tools they need for the trade.
As you can see, the eSports industry is already changing thanks to cryptocurrencies and blockchain technology. This is not going to stop any time soon because the evolution is here to stay – the benefits for everyone will be worth it.
Let us know what you think about this in the comments – we are happy to hear your opinions and answer your questions.