A Perfect Hook-Up: Esports and Blockchain Technology
Ever attended an eSports event? Well, I can tell you that the thrill of watching these games play-out, whether live or online, is entirely different from anything else. Many blockchain developers have played around with the idea of launching a blockchain-powered Esports startup.
The eSports sector is still relatively young. Thus, it’s hard to know who really benefits from the recent growth in the industry. As a matter of fact, eSports has had an impressive run capturing critical mass, hence becoming the perfect backdrop for blockchain adoption.
Blockchain can help eSports improve on player satisfaction
Indeed, there exists a great potential for blockchain disruption in the eSports Arena. However, before blockchain becomes widely accepted in the new industry, there are a number of significant challenges that have to be overcome. The eSports market currently relies on the notion of having commissioned third-parties, processing transactions, rather than losing command of their private ecosystems.
With blockchain, eSports enthusiasts would enjoy less restriction, especially when it comes to selling off gaming items. In the current model, players are allowed to purchase or trade gaming items only via an in-game vendor platform, if not using platform-specific merchants and auction houses.
However, with a blockchain-based platform, players can gain the freedom of selling off items or trade with other players, for things such as game weapons, gaming cards, console skins, or even gaming characters. In other words, all gaming items can be sold in an open market, where game items are converted into cash. As a result of exchanging gaming items on an open market platform, players gain a higher taste of ownership over their gaming trophies.
Crowdfunding for the development of new games
Specifically, a blockchain-based crowdfunding platform would add direct contractual alignment between the players and the developer communities. So, when a player invests his money into a game in development, he is rewarded by owning the tokens to this particular game.
Consequently, owning the native tokens to a particular game is equal to owning shares in a publicly traded company. Therefore, players can rally behind an interesting game, and raise funds for its development, without the various regulatory hurdles that they may face in the traditional crowdfunding system.
The return of a player’s (or rather investor’s) investments can be governed by smart contracts. Hence, the organization or team of developers can market how they intend to pay backers their dividends. On the contrary, the developers can also offer their investors, special accesses, rewards, or exclusive items, just like traditional crowdfunding.
Trusted Payments Processing
Payment processing, which is perhaps the most popular use case of blockchain technology, can also facilitate the exchange of value within the platform. Smart contract technology can act as an escrow service, ensuring that funds are available for prize money to be delivered. In addition, a blockchain system will significantly lower the costs of fund transfers in real-time.
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