Across 2023, the combination of crypto and Esports has the potential to be a game changer. With the growing popularity of both industries, it’s only natural that they should start to come together. Join us here at Gamelevate as we explore what crypto is, how it and video gaming go hand in hand, and what the future holds for crypto in Esports in 2023.
What Is Crypto?
Crypto, short for cryptocurrency, is a digital asset that uses cryptography to secure transactions and control the creation of new units.
It operates independently of a central bank and can be traded globally via various online exchanges. The most famous cryptocurrency is Bitcoin, but there are many others, such as Ethereum, Litecoin, and Dogecoin.
Crypto has been gaining popularity in recent years, with more and more people investing in it as an alternative currency to established real-world options.
The decentralized nature of cryptocurrency means that it’s not subject to the same regulations as traditional means, which is all part of the appeal.
How Crypto And Video Gaming Go Hand In Hand
Video gaming and crypto have a lot in common. Both are heavily influenced by technology and rely on digital platforms for their success. Additionally, the demographics of both industries overlap hugely. Gamers are tech-savvy and early adopters of new technology, which has made them a prime audience for crypto.
One way that crypto and video gaming have already started to converge is through the use of in-game currencies. Many video games have their own in-game currencies, which can be earned or purchased with real money. These currencies can be used to buy items within the game or even traded externally.
Crypto has the potential to take this idea to the next level. By integrating a cryptocurrency into a video game, players would have a more seamless experience of buying, selling and trading within and outside the game.
This could create a new economy within the game, where players could earn cryptocurrency by completing quests or selling items to other players. This has proven to be a win-win situation for both the game developers and players, as it would incentivize players to spend more time and money within the game, while also providing a new way to earn cryptocurrency.
Another way that crypto and video gaming can merge is through blockchain technology.
Blockchain technology is a decentralized system that allows for secure and transparent transactions. It has already been utilized in various industries, such as finance, healthcare, and logistics.
Its use in gaming could create a more secure and fair system for tracking in-game transactions.
What The Future Holds For Crypto In Esports
Esports, or competitive video gaming, has been on the rise for several years. It’s estimated that the industry will be worth over $1 billion by 2025.
As the popularity of Esports grows, so does the potential for crypto to play a significant role.
One area where crypto can impact Esports is sponsorship and branding. Cryptocurrency companies are already sponsoring numerous Esports teams or events. This provides a new revenue stream for both the teams and the crypto companies.
Another potential use for crypto in Esports is in the creation of a decentralized betting system. Currently, betting on Esports is primarily done through traditional sports betting platforms.
However, these platforms often have strict regulations and can be difficult to navigate for casual bettors. According to this website, by creating a decentralized betting system using blockchain technology, players could bet directly against each other in a secure and transparent manner.
This would not only provide a new way for fans to engage with Esports but also open up a new market for cryptocurrency.