Esports: How is Blockchain revolutionizing the esports industry?

The Esports industry is working towards incorporating blockchain technology to offer a new economic model to the growing number of esports athletes. 

Non-fungible Tokens are a new form of asset built on Blockchain, bringing new opportunities and higher engagement. The incorporation of NFTs will also allow players to own in-game themes, skins, achievements and in-game currencies to take increased control of their esports experience.

Challenges faced by ESports Industry that Blockchain can help with?

• Lack of a self-sufficient system for gamers and brands
• The plan to provide fair rewards to the service provider is not available
• Only a tiny part of the industry revenue is shared with the players
• Need for new technology to better monetize the content
• The absence of a uniform esports platform makes it hard to invest in esports

What can Blockchain offer to the esports industry?

A Decentralized esports platform

A blockchain-powered esports platform can help bring players, sponsors, game developers, media, team managers and advertisers into a single comprehensive platform.

It will make it easier for the industry stakeholders to connect and allow smooth management of layers, advertising, sponsorship, media rights and fan engagement.

Secure in-game payments

In-game purchases for esports websites, games, esports mobile apps and esports web apps have been growing exponentially. Digital signatures and secure blockchain networks can offer reliable payment systems by integrating the use of Dapps.

Access to easier crowdfunding

New entrants to the esports industry struggle to raise sufficient funding for their projects despite a high level of talent. The process of crowdfunding can be made transparent and quicker with the use of Blockchain technology.

More freedom for esports athletes

Blockchain can reduce the cost of organizing, running and marketing an esports tournament. Anyone can look at all the agreements using smart contracts, making the process more transparent.

Streamlining the donations in esports

Platforms like Youtube and Twitch allow fans to donate money to their favourite gamers. However, the available system is not transparent and is often used to exploit streamers. Blockchain-based donations can improve transparency to make esports more financially appealing for players.