SNEAK PEEK
- Esports uses cryptography to reward winners of games.
- A Singapore-based company sent rewards directly into winners’ e-wallets.
- Crypto has a deep relationship with gamers, specifically when it comes to NFTs.
Some eSports organizations have begun to use blockchain technology to distribute tournament winnings, but the technology has yet to be accepted by large tournament organizers.
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Esports, also known as electronic sports, is a type of organized competition involving online games. Gamers, also known as “esports athletes,” typically compete for cash prizes either independently or as part of a team.
According to Dave Harris, managing director of esports investment firm Guinevere Capital, blockchain is now being utilized in inexperienced gaming tournaments. Nevertheless, it will be some time before major titles and expert competitions adopt the technology.
There are definitely many locations where this innovation can or is currently being used in esports, but widespread adoption into mainline titles and occasions will require a while, and as always, the significant gaming companies are the kingmakers.
The Singapore-based firm runs a blockchain-powered system that distributes prize cash straight into winners’ e-wallets using virtual assets such as nonfungible tokens (NFTs) and crypto coins.
The use of blockchain facilitates the supply of the prize money by eliminating obstacles such as cross-border exchange rates collected by banking institutions. Moreover, the rewards are still nowhere near those of global esports competitions, which can be worth millions of dollars.
Harris chooses to believe that blockchain technology and Web3 will play an important role in esports, but that future progress will need to be creative in order to truly capture widespread popularity. There may be more productive ways to use this software to identify and examine the results, but he doubts it will make a significant difference. Crypto has a special relationship with gamers.
