Esports and cryptocurrency are two of the most innovative sectors on the planet. If a new technology or innovation is discovered, it is nearly certain that one of these two industries will find a way to incorporate it. In the future years, the blockchain will have a significant influence on a variety of industries. The gaming business is one of the industries that will be severely affected by widespread adoption.
Gamers are used to spending a significant amount of time online while playing. They are used to purchasing virtual products of any type in the majority of the games they play. To them, tokenizing the economy is a natural concept. They are also naturally interested, which will inspire them to try out cryptocurrency initiatives that are part of their gaming environment.
Cryptocurrencies aimed towards the esports sector have a lot of promise since they are part of a rapidly developing economy that generated more than $150 billion in revenue in 2019 and is expected to reach $180 billion by 2021, according to some research. For comparison, the film business is anticipated to generate just $50 billion in income in 2021, while the music sector is expected to generate $22 billion. Given these projections, it’s easy to see why the esports business has so much potential for the future of cryptocurrencies.
Here are just some of the reasons why crypto has become a natural fit for the esports realm:
- Accessibility: Cryptocurrencies are entirely decentralized, their accessibility and value are the same throughout the world. Anyone who has access to the internet, also has access to cryptocurrencies. People no longer need to worry about their native currencies potentially not being accepted in the esports realm.
- Ease of use: As long as you have enough cryptos in your virtual wallet, you’ll be able to explore the colorful offer of the esports realm whenever, wherever and for however long you wish to.
- Greater security: Cryptocurrencies are based on blockchain technology. This means that modern-day players and gamblers can rest assured knowing that their assets are entirely safe if they choose to use cryptos when playing. One of the main reasons behind this is the fact that, when using cryptos, players are not required to leave any sensitive information online. They will simply need to provide the address of their e-wallet.
- Added convenience: Using cryptos eliminates the necessity to use only specific, accepted currencies when playing. Decentralized means that there will be no bank – or other financial institution – related fees and downtime when it comes to approving and securing transactions. Using cryptocurrencies is entirely safe from any potential threats and scams and brings the additional peace of mind to players, enabling them to fully relax and enjoy the experience.
- Fast transactions: Cryptocurrency transactions happen almost instantaneously and are the fastest way of exchanging assets.
It becomes quite obvious that using cryptocurrency in the world of esports comes almost naturally. With ease of use, greater convenience, better security and greater accessibility – to both parties involved – we can only expect to see more and more industries following suit.