Esports meets Cryptocurrency: The Beginning

The Esports world is fully established in the sporting world nowadays and the action is captivating more and more people. The pandemic really boosted the reputation of Esports, and individual titles such as Call of Duty, Fortnite, League of Legends and Counter Strike: Global Offensive (CS:GO). Millions of people worldwide were stuck at home and starved of life in the real world, and many therefore turned their hands to the online world. It was a way to connect with others from the comfort of your home and it wasn’t long before streaming platforms such as Twitch began offering live feeds of the best players in the world in action. Esports now had a much larger presence in society and wasn’t going anywhere.

Meanwhile, another online phenomenon was also going about its business. Cryptocurrency has been part of our lives since 2009, when Bitcoin was introduced as the first cryptocurrency on the financial market. Of course, it was met in the past, and still is in some countries, with great scepticism. But its presence is also growing more powerfully, and more and more countries are starting to accept it, more and more celebrities are starting to endorse it, and the use of cryptocurrency is becoming more and more obvious in everyday life.

Future of gaming is Blockchain

The acceptance of digital currencies such as Bitcoin, Ethereum, Litecoin and Dogecoin by vendors is leading more people to invest, exchange, and use digital money on a regular basis. Besides everyday actions such as shopping, there is even the possibility to play crypto casino games with cryptocurrency. You wonder why we bring online casinos into this conversation. For one, they too are an industry that is slowly introducing cryptocurrency as a payment method and secondly, it is on these platforms that the powers of Esports and cryptocurrency collide.

We mentioned that many more are playing online games, with and against friends, or other online players around the world. But another spin-off from the success of Esports is betting on this activity. Online casinos themselves have risen in stature over the past few years, aided too by the pandemic and the increase in online activity, and it didn’t take long for online casinos to add Esports to their sportsbooks. Especially in a time when there was no other sporting action happening, the void in this market created the perfect space for Esports to slide into.

Online casinos have been pro-active in keeping up with the cryptocurrency times and while many still don’t have cryptocurrencies as a payment method, we expect this to avalanche soon, as the digital currency itself continues to grow in popularity. And Esports can only stand to benefit from the exposure to cryptocurrency users. The advantage of cryptocurrency is the decentralised nature of it. Therefore, it makes complete sense for online casinos to adopt cryptocurrencies as a payment method. The fact this online action can be played from anywhere in the world creates automatic delays for normal fiat transactions. Due to the fact there is no central authority controlling cryptocurrency, transactions are much faster, sometimes instant. Another underrated feature of crypto casinos is the provably fair nature of crypto games; a significant aspect considering many still need to be convinced of the safety of cryptocurrency. These are just two elements that would appeal to the Esports world.

Of course, cryptocurrency is organically becoming more popular, industries such as the online casino one only serves to increase exposure, and there is an inevitability that the paths of Esports and cryptocurrency will intertwine even closer. There are already competitions where cryptocurrency is offered as prize money. Polygon, the US entertainment and gaming company recently offered $2,500 worth of MATIC tokens for the winner of a Skyweaver tournament. While cryptocurrency isn’t fully trusted yet, there are certainly signs that the world is taking to it a lot more. Often, movements that achieve popularity in society in similar eras align well together, and there is certainly good reason to observe the growth and collaboration of Esports and cryptocurrency.

 

 

 

Written by
GLYFE a gaming culture and lifestyle brand. We live to game. Visit GamingLyfe.com for all your latest gaming news, reviews, Esports highlights, live streaming news, Cosplay, and GLYFE Merchandise.

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