4 Ways Crypto Is Shaping The eSports Industry

The sports industry as a whole has undergone numerous changes throughout its history. From rules to fundamental gameplay, comparing the sports we know and love today to those of the past would be unimaginable. The most recent change is their transition to the digital online format. Not only can we watch sporting matches online from anywhere in the world, but a new sports category has exploded in popularity, namely the eSports scene!

Since the gaming market's revenue was estimated to be $184 billion in 2023, it is not surprising that the popularity of eSports scenes, where professional e-gamers/players compete online in various games, has skyrocketed in recent years. And the innovations don't stop there as now a new fusion is on the horizon as crypto and the tech behind it enters the eSports scene. For starters, some of the best sportsbooks with Bitcoin betting, as highlighted by Kane Pepi, allow bets with not only Bitcoin but also Ethereum and others, so viewers now have more options for online betting. Crypto brings improvements and features, all catering to the player and viewers, who can now enjoy their favorite games in an enhanced way.

Next is the transformation of how players can view and control their in-game assets. Games like Genshin Impact (and many others) have introduced NFT into their core gameplay, allowing players to trade in-game assets like currency, avatars, gear, personal belongings, etc, into valuable NFT that can be bought and sold for crypto.

This translates to greater financial freedom for players and their respective teams, as professional players are now able to freely monetize their impressive skills and obtain premium NFTs in games. At its core, Crypto lies on a decentralized financial system, or DeFi, which offers regular users more power and control over their crypto assets. As each cryptocurrency is encoded in blockchain technology, it becomes safe, trackable, and transparent. Such a valuable tool is becoming increasingly popular with players in all manners of sports games.

While some of the more popular ones like League of Legends, Dota2, Counter-Strike, World of Warcraft, Starcraft (which once had a Bitcoin prize payout), and Valorant are yet to implement them, the rising popularity of eSports has even led giants like FIFA to consider eSports in their future. Even with all its popularity, team funding can be tricky, and they often rely on sponsorships, donations from viewers, advertisements, and corporate backing. But with DeFi principles and cryptocurrencies, teams can now show more control over their funding.

Decentralized autonomous organizations (DAOs) offer monetization tokens for fans to buy, and potential investors may even join the fray if an eSports team's future looks promising. Large fan bases like those in Halo Infinite eSports can thus sponsor and fund their favorite teams easily, but the principle is universal and applies to all games and teams.

Such a great concept allows underdogs to rise via more decentralized and democratic funding as the obstacle of finances gets solved. As crypto and eSports continue to evolve together, more and more options will open for players and viewers, leading to an even more incredible experience for everyone involved!