CryptoFights Takes Advantage of Blockchain and Esports Growth
Kronoverse is building CryptoFights, an esports fighting platform that’s based on the Bitcoin SV blockchain where competitors can win cash and users can place bets.
CryptoFights has just concluded its second beta test and could well be released along with the Kronoverse platform later this year. The CryptoFights game is built using Kronoverse software, which adds a layer to game development to allow for the use of blockchain, adding massive potential for gaming monetization. Other developers will also be able to build on the Kronoverse platform taking advantage of a number of features including permanently stored game data and game reply, live broadcasting, cash tournaments, in-game asset tokenization, metaverse building, and esports betting.
Bitcoin SV blockchain’s Potential
Founder and CEO Adam Kling presented at the recent CoinGeek conference in London. He gave updates on the Kronoverse and CryptoFights projects and also talked about the potential of the Bitcoin SV blockchain. The Kronoverse platform and thus CryptoFights use the underlying blockchain network of Bitcoin SV. It’s a project that takes inspiration from Bitcoin creator Satohi Nakamoto’s original plans for the cryptocurrency and blockchain technology. Bitcoin SV, although behind other networks for adoption to date, is now seeing a flurry of development activity. To contrast, the Ethereum blockchain was initially the developer’s network of choice, and it’s still seeing new projects. Blockchain gaming platform Enjin has just gone live on Ethereum.
Esports and CryptoFights
CryptoFights has recently shared its uptake on the growth of esports and how blockchain can improve the industry:
“Blockchain games are growing in popularity but it’ll take some time before it’s as mainstream as traditional games you might find on gaming consoles and PCs. As more people understand the benefits of blockchain technology in gaming, they’ll learn that blockchain technology can provide real solutions to competitive gaming. One of these solutions includes reducing cheating in esports since every action taken is recorded on the blockchain ledger.”
The game developer reiterates the esports fan base estimation of 500 million globally, with 9% growth predicted, 2023’s esports audience is likely to reach 646 million. CryptoFights says this growth is aided by the success of streaming platforms like YouTube and Twitch. And, that sponsorships, reaching $4.5 billion in 2018 from companies such as Nike, Mastercard and Honda, are providing fuel for impressive growth. It also says this should see esports players rewarded well, limited the chance of corruption feared by sceptics.
CryptoFights believes the transparency and traceability provided by the BSV blockchain means the gambling sector, now closely tied with esports and gaming, will get the visibility needed to prove fair play.