Mobile eSports: the Perfect Catalyst for Growing DeFi
By: Jeff Donnelley
Tags: Esport, Gamefi, Cryptocurrency, Mobile Games, Defi

By Sequoia Brown, Blockchain Research Writer for MegaFans

What is DeFi? If you haven’t heard of it, chances are you soon will.

Decentralized finance, commonly called DeFi, is an emerging financial system based on the distributed, immutable blockchain. DeFi systems make peer-to-peer currency transactions possible without needing an intermediary like a bank or a brokerage firm. This allows for dramatically lower fees and faster transactions.

DeFi, coupled with the increasing use of cryptocurrencies and NFTs (non-fungible tokens) in the gaming space, is ushering in a new wave of people adopting blockchain technology. Because of this, Mobile eSports games are poised to be the perfect catalyst to drive even more growth for this alternative to legacy finance.

Gaming as a First Time Exposure to Crypto

For most of the population, the concept of cryptocurrencies and NFTs is still esoteric, but that’s rapidly changing. With the popularity of competitive mobile gaming, many people’s initial introduction to cryptocurrencies and NFTs is through play-to-earn (P2E) games.

P2E is quickly subverting the legacy pay-to-play model for a straightforward reason: it combines engaging gameplay with the ability to earn actual cash and prizes that hold real-world value. A perfect example of a gaming company capitalizing on this emerging trend is MegaFans, whose mobile eSports platform is the first of its kind to distribute NFTs to players as prizes.

Revolutionizing GameFi

Blockchain-based play-to-earn games utilize digital in-game assets in the form of NFTs that can take the form of clothing, weapons, upgrades, or any number of unique items or personalized features. Once acquired, NFTs can be bought and sold not just in the game itself but on secondary platforms for real-world dollars. Players who invest their time in gameplay can earn actual money and, in some cases, even earn substantial incomes.

More than Just Playing Games

The growing popularity and success of the play-to-earn model shows that blockchain technology has a potential impact that extends far beyond gaming. Like the Internet, blockchain is on course to radically alter the way we perceive culture, finance, and in the case of the Metaverse, even reality. While traditional socioeconomic structures have endured for centuries, blockchain technology in play-to-earn gaming is proof that self-regulated financial systems and open creator economies are possible, if not inevitable.

Of the next billion people who will begin using the Internet, the majority are “unbanked.” Incentivized play that rewards gamers with NFTs and cryptocurrency is quickly becoming the gateway through which financially disenfranchised people can achieve financial freedom. With P2E, earning potential is often higher than wages offered by traditional jobs in many parts of the world, and gaming creates higher income opportunities.

Why Mobile eSports Will Help DeFi and Blockchain Explode

Today upwards of 80% of the world’s population owns a Smartphone, and the majority of those utilizing the Internet for the first time are doing so via mobile devices. Most of these new Netizens come from unbanked regions where mobile phones are used heavily for financial transactions. This perfect combination of circumstances makes mobile gaming and P2E highly attractive and will lead to further adoption of blockchain-based assets.

Welcoming this influx of mobile gamers with open arms is MegaFans, which has successfully merged two hyper-growth industries: mobile mid-core gaming and competition gaming, on their brand new eSports platform. Before MegaFans defined mobile eSports, the eSports market was dominated by console and PC gamers while mobile mainly remained ignored. The incorporation of cryptocurrencies and NFTs into mobile eSports is revolutionizing the eSports market and will dramatically extend the reach of DeFi worldwide.

To learn more about MegaFans and its mission to bring mobile eSports and DeFi to everyone, you can connect with the company on one of its platforms or email the co-founder Jeff Donnelley directly at Jeff@MegaFans.com.