Esports is closer to the virtual world than other industries. Fans can attend tournaments online and communicate with fellow fans through Discord or Twitch, and watch content on streaming platforms. It’s easier for them to get things online without wasting their time. So, if they can get digital art at once, why not do it?
According to a 2020 report from L’Atelier BNP Paribas and nonfungible.com, the total value of NFT (Non-Fungible Token) sales in 2020 was about $250 million. In the meantime, in Q3 2021, NFT sales volume surged to $10.7 billion (according to market tracker DappRadar). The industry is picking up, and its growth shows no sign of subsiding.
NFT enriches the gaming experience by allowing players to really own in-game assets and take them beyond a particular game. Also, non-fungible tokens are another opportunity for teams to engage their fanbase. An esports organisation can release an autograph collection or animated clutch moments. Even when fans don’t get to meet their favorites face-to-face, they still can feel part of the tremendous esports world.
Due to Covid-19, collectors started exploring a brand-new branch of the art market, NFT. According to nonfungible.com, Ethereum-based NFT sales expanded from $17.4 million to almost $1.3 billion between Q2 2020 and Q2 2021.
The most profitable sector of NFT is collectibles, and collecting is something that many fans have in common. Fans of the entertainment industry buy T-shirts at concerts or ask football players to sign posters.
NFT empowers esports and enables esports organisations, game publishers and event organisers to use NFTs as part of their business model to offer clients added value, monetize fan bases and increase engagement.
There are dozens of ways to use NFT in esports. NFTs are a way to unite the esports community, engage with it through cutting-edge technology, and take the interaction up a level. It’s logical to assume that the two digital-native sectors will closely cooperate and bring into reality more unique ideas in 2022.