How Blockchain Can Be Effective For eSports
By: Clg - Crypto League Gaming
Tags: Smart Contracts, Gaming, Cryptocurrency, Blockchain, Esports

The Gaming Industry has been exponentially growing for the past few years. There are about 2 B gaming enthusiasts across the world. The earnings from the gaming industry is here to increase. In 2020 alone, the global gaming industry was worth $152.1 billion. After recognizing its importance, many organizations and brands have stepped in this hot market. According to Mobile Syrup, the Canadian video game industry has grown 23 percent since 2019 to contribute $5.5 billion to Canada’s GDP, according to a new biennial report from The Entertainment Software Association of Canada (ESA Canada). The industry is said to have provided 40,000 jobs across Canada. That means, the gaming industry has in it to become one of the largest industries across the world.

Lately, the Blockchain has made a booming entry, and the talks have been going around relating to Blockchain and Gaming industry. Well, it is true that both the industries can work together. The reason is vast majority of the online gamers daily buy thousands of virtual goods for their in-game inventory. There has been many cases of fraud reported to the game developing companies. However, the hackers nowadays are smarter. Most of them are gamers themselves, and they know how things work in a particular game; in short, there are loads of financial security issues in the gaming industry. The Blockchain here could play a vital role by improving the safety and efficiency of the in-game items.

There are many gamers who lose interest in games and leave behind thousands of dollars of worth in-game items. Additionally, there is no technology that can estimate the net worth of a particular account and helps potential buyer acquire it via an established platform. There are a significant number of gaps needs to be filled in the industry, and majority of them requires technology supported by Blockchain as it is cryptocurrency that has till date the safest transactional model.

Usage of Cryptocurrency in Gaming

Capitalists Moving To Gaming Industry

The Blockchain is one of the significant means through which capitalists can safely invest their money in gaming. One of the major pros why capitalists are eying on the gaming side is because the Blockchain helps provide the proper valuation report of the industry through ICOs and several crypto tokens.

How Blockchain Can Be Helpful For Team Owners?

The Blockchain technology provides a safer agreement between the players and teams that promises the highest level of security. The system also helps maintain the stats of prior tournaments and leagues.

How Players Can Benefit from The Blockchain Technology?

The players are a significant aspect of any team because at the end of the day they are the ones who have to be on ground battling for a title and prize pool. Subsequently, their financial security is the most important part of their contract with any team. With that being said, the Blockchain technology can help players maintain a record of their earnings — Throughout their journey with any team. This will enable all the team players to focus on their gameplay, rather than thinking about their rewards.

CLG- Crypto League Gaming has recently announced that they will be launching eSports portal focused on competitive gaming. The portal will be completely based on Blockchain and smart contracts, which will provide future investors and sponsors a complete report of the market through specific measures and manageable market values of teams, leagues and players.

With Smart Contracts in place, the portal will be free of fraudulent activities. Once the KPIs set by platform are met, all the rewards will be released automatically without involving any third.

Benefits To Gaming Community

How Gaming Audience Can Benefit From Blockchain Technology?

The audience are the major part of any event as the sponsors look for the audience before putting their money in any event. The audience has been showing great potential and support for gaming. The audience engagement has drawn billions of dollars from the sponsors around the globe. For instance, DotA 2’s Ti21 drew more than $40 Million in the prize money, which is till date the highest prize pool in the gaming industry.

Moreover, the gaming industry revolves around the in-game items which players shop to increase their inventory. Similarly, the audience watching the gameplay is also from the gaming community and hence connected to virtual items. It usually feels annoyed, while paying cash for the event tickets. The Blockchain Technology can help release the pain by offering it a secure crypto system to pay for the event tickets.