Esports and crypto gaming? The partnership none of us ever expected!
Esports and crypto gaming have both been piggybacking off of one another’s recent successes as we see these two sectors of gaming crossing paths.
With how accessible competitive gaming has become for this generation of gamers, it is no surprise that it has been linked to crypto.
We delve deeper into this newfound relationship.
How big are esports and crypto gaming?
These 2 sectors of gaming are currently appealing to the masses thanks to mainstream media coverage and institutional investors.
Esports have been on the rise for many years now, with games such as Call of Duty, Fortnite, and Dota, to name a few, leading the industry to reach new highs.
In 2022, the esports industry was evaluated at a total of $1.38 billion and is set to have a steady growth path going into the future.
Esports has made itself a staple now within China also, allowing competitive gaming to reach new vast audiences.
Crypto gaming is currently the most active sector within the Web3 phenomenon. User activity and in-game purchases are reaching new highs as the months go on.
Many titles are receiving exciting new updates that are leaving gamers eagerly wanting more.
The market is currently valued at $175 billion, with every financial quarter showing impressive growth from the ones that have passed previously.
The cultural shift on games
Video games have not always received the positive feedback we are used to seeing them receive.
For a long time, games were at the forefront of many horrific tragedies that took place in society.
Many were quick to blame them for multiple school shootings and general violence amongst the youth of today.
It is important to remember that the first video game, “Pong,” has received a HUGE makeover. With many games simulating a lifelike reality through graphics and gameplay, it is no surprise that younger audiences become so immersed.
Despite initial scepticism, the gaming industry has paved its own destiny where players can earn a full time living from playing competitive titles, posting their own content online and from sponsorship deals.
If you were to speak to someone in the early 2000s when gaming really saw a cultural shift, they would have potentially called you crazy if you spoke about gaming becoming as mainstream as it has done.
Crypto gaming and esports
Many professional esports teams have seen their organisations jump onto the blockchain in a multitude of ways.
And with many crypto gaming titles becoming increasingly competitive, developers of these titles are vowing for more.
One thing celebrities and online personalities alike have delved into is their own fan tokens.
This concept can be found throughout many industries, where fans are able to buy crypto tokens related to their favourite stars.
Many have amounted to nothing, often with some form of foul play being involved.
Socios.com, last year, released their idea of this with professional esports team Vitality.
The unique selling point with this type of asset is the incentives users get for holding the tokens. Examples include exclusive content, merchandise, and real world experiences.
Esports online betting
Many online exchanges grant payment via their websites with crypto, closing the gap between the two.
Crypto holders who enjoy betting receive more transparency and control over their transactions than say, a traditional betting exchange. This makes it more generally appealing.
Competitive crypto gaming
Titles such as Axie Infinity have recently announced their very own event, AxieCon. This is being held in Barcelona, Spain from September 7th to September 10th.
3 events are taking place, including the Axie Infinity Official Championship. There are also up to $1 million in prizes available.
To find out more about this event, be sure to check out the official event page.
Hopefully, this recent buzz is not short lived. Many crypto titles are still due to be released. We hope going forward that the current momentum can be maintained as many of these games could be changing for the whole of the gaming industry.
Esports and cryptocurrency coming together is exactly what many gamers were looking for. The web3 technologies being exposed to traditional gaming are leaving us eagerly waiting at the edge of our seats for more!