With the advent of E3 (cancelled this year), the biggest event for computer and video games and related products, we’d like to discuss how blockchain can be integrated with eSports. Before we dive deep into the topic of eSports, let’s first define it:
Esports is a form of competition using video games. Most commonly, esports takes the form of organized, multiplayer video game competitions, particularly between professional players, individually or as teams
According to Newzoo, the global eSports economy will top $1 billion for the first time in 2019. As we have already discussed, blockchain is slated to make an impact on every single technology-focused economy; eSports is not an exception. Let’s discuss how.
A possible blockchain-based model for eSports integration is loyalty/incentive schemes. Specifically, users can earn rewards in the form of blockchain tokens for participating in eSports events. This can be through watching streams, promoting content, and giveaways.
In these rewards systems, tokens could be redeemed for digital items, traded with other users, or used for other services. What makes a blockchain rewards system special is that tokens are considered a cryptocurrency, and therefore could potentially be of value through exchange with anyone who accepts such tokens. Instead of only being used at a company’s platform, blockchain tokens can extend value beyond just “play tokens” and ultimately help grow an eSports company’s overall popularity.
One of the most “decentralized” ideas for blockchain integration into eSports may be to develop trust. Specifically, many eSports tournaments may purport their ability to offer high payouts for tournament winners. However, there have been many controversies with regards to tournaments withholding payment.
A trust-building system could involve the use of a blockchain token such as BTC as payment. As the payment is verified through blockchain, tournament winners would avoid excessive fees and would be granted increased transparency with regards to where their payments are coming from. Tournaments themselves would be discouraged from hiding their funds as blockchain technology creates a simple paper trial. A blockchain-based payment system would allow tournament winners to be ensured quick and secure payment.
What are some other ways that blockchain could be integrated into eSports?