Last year was a marathon for the crypto business around the globe. Since PayPal announced last year that it will be dealing and investing in cryptocurrencies, several investments have been flooding into the market. If we talk about a particular cryptocurrency at the moment, the price of Bitcoin has spiked over the last year that has led to further speculation about the crypto going into every other discussion.
However, this has happened before as well when Bitcoin hit its previous all-time high in 2018. This raise developed an urge in the people to invest in Bitcoin more than ever which eventually cooled off in the long ‘crypto winter’ of 2018. Many professional analysts think that if cryptocurrency and blockchain technology got the chance to unlock the mainstream ideas, then the real-world can lead to other forms of investments. If we look closely into the recent events of cryptocurrency, esports and gaming are becoming the hottest tickets to invest.
Absence of Audience
Due to the absence of an audience in the previous year, the global esports market took a little hit. However, according to some official reports, the esports forecast is predicted to grow by over 50 percent in the coming three years. According to an estimate, the global esports scene will surpass the $1.6 billion mark in these years.
Multiple crypto analysts already believe that esports is a potential market and can be beneficial for investments.
Crypto Analysts and Esports
According to some of the official reports, esports and blockchain entrepreneurs are looking to seize the opportunity to combine the markets at one point. A famous esports personality ‘Susie Kim’ recently confirmed that she is launching her own custom cryptocurrency, which will be called ‘SUSIE’. Her cryptocurrency will be available for anyone to buy and store. Similarly, her followers can purchase her currency to get access to her private Discord chats and multiple shoutouts on her social channels.
She is currently working leaps and bounds to get the crypto touch in the esports industry. She has also joined an existing group of 30 influencers, gamers, and creators who have released their own currency on the Rally platform. These currencies are then backed by multiple huge organizations including some of the VC firms and Andreessen Horowitz. Kim also gets the credit for helping in introducing the streaming platform Twitch in South Korea. Therefore, she holds huge support on her back and a lot of gamers are going to follow her with her crypto ideas.
Similarly, since 2016, a very famous game hoster, FirstBlood Technologies is operating a competitive gaming platform with the help of blockchain-based Dawn Protocol. The organization has been using its own token in the processing. However, in recent days, FirstBlood Technologies has announced an integration with MakerDAO to implement a crypto-backed DAI stablecoin. This coin will be implemented into the games and the community will have access to it.
In the upcoming months, multiple competitors will be able to participate in esports tournaments using DAI and win the stablecoins. This is a huge development in the field of esports and cryptocurrency.
Founder of Tron
One of the most famous crypto influencers, Justin Sun, who is also the founder of Tron, never stays a foot behind when it comes to the latest trends in the crypto market. The wunderkind of crypto seemed to take interest in esports as well. In the previous October, BitTorrent which was also acquired by Tron took over the DLive.tv, which is a blockchain-based esports live streaming service. This represents how the veterans of crypto are taking interest in the esports scene.
Beyond esports, gaming and blockchain are providing entrepreneurs further ways to get into the mainstream ideas. In the recent pandemic of 2020, gaming is one of the few industries that benefitted.
One trend that is definitely increasing the popularity of crypto is non-fungible tokens (NFT). This method can help the gamers to purchase in-game assets through their currency stored on the blockchain methods. A very famous online gamer, PewDiePie, also known as Felix Kjellberg, has catered to 107 million YouTube subscribers alone. So he has the power to spread the word in the gaming world. The gamer has been a blockchain supporter for a long time and recently, he has shown interest in a blockchain-based 3D augmented game Wallem. This new game uses NFTs for in-game purchases of different skins and items. The in-game purchases also reward players with Ethereum-based tokens.
Another famous gaming project, Enjin, recently announced that the organization will be partnering with a Canadian company Skymarch Entertainment to develop three new NFT-based games. This shows how much NFTs are becoming normal in the upcoming games and how crypto is taking over the normal in-game purchases.
NFTs first became a talk in the market in 2017 when the digital cat artwork, Cryptokitties, started crowding the Ethereum blockchain. Digitel pets looked pretty charming in the market as Axie Infinity became one of the most used applications in the Ethereum ecosystem. The application allowed users to breed their own digital pets. The application developers recently confirmed that they partnered with the blockchain expert Chainlink.
At this rate of crypto growth in the gaming and esports sector, it is clear that there are plenty of opportunities for the community. A lot of entrepreneurs and innovators can take advantage of the situation to invest their capital. There are several discussions about the instability of Bitcoin and the huge risk behind it. However, blockchain and gaming are becoming the two segments that will stick together for a very long time. Many esports enthusiasts are taking advantage of the situation by investing more in crypto and choosing their in-game purchase methods as crypto. With the growing technology, the future of cryptocurrency seems bright. If you are also in esports and gaming, it is definitely worth looking at blockchain and multiple new games that implement the NFTs. You never know, when is your lucky day.