The $1 Billion eSports Gaming Market And Virtual Currencies Are Closely Related
eSport And Virtual Currencies Are Closely Related
Last year, the League of Legends World Championship was able to gather a prize of $2.4 million for the winners. Gaming defeated Fnatic 3-0 and received this large sum of money. The tournament was followed by a global audience of enthusiasts and players. This industry could really be enhanced and connected with the crypto market.
Crypto And eGaming Could Improve Each Other’s Industry
The $1 billion esports market is very lucrative and it attracts the attention of a large number of participants. There are several individuals that watch DOTA, Halo, and League of Legends battles at live streamed events. The winners of these events tend to receive large sums of money, much more than other “real-life” events.
According to news.bitcoin.com, Dreamteam, an esports team-building platform, closed a $5 million deal with Mangrove Capital Partners and it has also secured partnerships with other industry players such as Fnatic.
During a conversation with news.bitcoin.com, David Waroquier, partner at Mangrove Capital Partners, commented:
“The massive growth in esports popularity mixed with the fact that gamers eagerly accept the newest types of technology is creating the perfect storm for blockchain. Using smart contracts for tournament winnings, player salaries and sponsorship money creates the fraud-proof environment esports needs in order to sustain its growth.”
Ripple has recently revealed that it will be providing $100 million in order for blockchain games to expand in the industry. Brett Seyler, the chief platform officer at Forte, mentioned that gaming is a $140 billion industry that is driven by microtransaction economies.
Nonetheless, it remains to be seen which is the effect that virtual currencies could have in the gaming industry and what the latter can provide to the former. Blockchain technology is also an important participant in both of these industries. There have been different games launched on top of blockchain technology, providing the game features that cannot be achieved through centralized networks.
Tron (TRX) has also decided to release a $100 million gaming fund called Tron Arcade. The main intention is to promote the mass adoption of blockchain technology. For the Tron Foundation, a good way to expand blockchain’s reach is by connecting it to the gaming industry.