Since Paypal announced they’d be making a foray into crypto late last year, investments in the market have continued rising more than ever. In particular, Bitcoin‘s price has spiked, contributing to much speculation on cryptocurrency going mainstream. However, that has happened before introducing btc crypto dice, the best bitcoin-based dice game.
Bitcoin’s last all-time high resulted in a sudden surge of interest before cooling off to a long crypto winter in 2018. However, if crypto and the underlying blockchain technology were ever to unlock mainstream adoption, real-world use and a compelling user experience will be the key. Considering the recent trends and 2020’s macro events, gaming and esports are the best tickets to get there.
With in-person events being non-existent this year, the esports market has shrunk slightly, although experts predict that it will grow by about 50% over the next three years to hit $1.6 billion, Crypto analysts also believe there’s a huge potential in the market, with some predicting blockchain’s mass adoption soon.
Crypto Entrepreneurs Are Capitalizing On Esports
Esports and blockchain entrepreneurs are trying to capitalize on the opportunity to bring the markets together. Over 30 gamers, influencers, and content creators are currently issuing their cryptos on the Rally Platform, backed by Andreessen Horowitz.
Elsewhere, operators are launching online competitive gaming platforms using blockchain-based applications. That allows esports competitors to participate in tournaments and get their winnings in different stablecoins in different events. That is an intriguing development, considering that it creates a link between decentralized finance and esports, which is also existing as a crypto sector niche.
Cryptocurrency wunderkind and Tron founder Justin Sun is one of the investors who will never miss a trick to find the latest opportunity in the crypto market. Sun acquired BitTorrent through Tron in 20129, and last October, it was revealed that the company was taking over DLive.TV, an esports streaming service based on the blockchain.
NFTs – The New Gaming Frontier
Besides esports, blockchain and the gaming market as a whole are offering entrepreneurs more inroads into mainstream adoption. Gaming remained strong in 2020 despite the global market crash, as people continued looking for more ways to stay entertained during the grim moments.
Non-fungible tokens are one of the trends making a resurgence this year to enable blockchain innovators to issue unique digital assets with specific attributes. The feature is particularly useful in gaming since users can get valuable in-game assets that can be securely stored on the blockchain.
Online gamer and Youtuber PewDiePie has amassed an incredible following of 107 million supporters on YouTube, making him very influential in the market. The online gamer has continued supporting blockchain in gaming for years, including the recently released blockchain-based augmented reality game called Wallem. This game uses NFTs for their skins and other assets while rewarding the players with Ethereum-based tokens. PewDiePie also has his own NFT representing a skin that you can buy and use in Wallem.
Gaming companies are also using NFTs to create incentive schemes that reward the players based on their viewership or participation. The players can also earn tokens to sign up for the relevant services or watch esports events through specific websites. INCNT tokens are an excellent example of such projects, which encourage viewers to watch competitions through a special site.
In this kind of scheme, the token is redeemable once earned through related marketplaces. Some offer digital items in exchange, while others allow users to get discounts through real-world partners. You can also sell these tokens to other players globally, making this type of incentive more alluring to gamers than the traditional points scheme.
Sustained Enthusiasm For Digital Pets
As longtime crypto enthusiasts can remember, NFTs first became common in the market in 2017 after the craze for cryptokitties began congesting Ethereum’s blockchain network. Digital pets’ enthusiasm is still growing, with companies like Axie Infinity rising to develop decentralized functions in the Ethereum ecosystem. Axie Infinity allows the clients to battle and breeds their digital creatures.
The Mission also recently announced their partnership with Chainlink to develop a decentralized oracle service that costs the property traded through their market more precisely. Evidently, this speedy growth promotes the convergence of crypto and blockchain with esports and gaming to offer different alternatives to the customers, established gamers, and innovators in the area.
Bottom Line
Even when the current Bitcoin bull fails to hold, gaming and blockchain is a segment that will continue growing in the coming months and years. The integration of blockchain technology will also redefine the esports and gaming market, dramatically reducing business costs and improving efficiencies. Blockchain will also highly benefit from other technologies in the gaming sector, including internet of things (IoT) systems – which will be essential in authenticating and authorizing transactions.
