Gaming & Esports: An Answer To Cryptocurrency’s Mass Adoption?
Hi Platinum Crypto Followers,
Just wanted to write a quick article on the back of some recent major changes to the Gaming space, with Fortnite recently making headlines thought I would again see if my position has changed regarding gaming and the crypto/ blockchain/ fintech space.
If you haven’t check out my original piece of Gaming and the industry, please check it out here. But for today’s article please keep reading.
Gaming and Esports are some of the technological inventions that are now redefining the sports arena. With Esports industry growing at a phenomenal rate and Blockchain technology matching this I wanted to explore how they have evolved from simple games played on phones and computers to competitive sports as well as how the real world can benefit from Cryptocurrency and Gaming coming together.
A lot of people have mistakenly used the terms gaming and Esports interchangeably. Esport, which stands for Electronic sports, is a recognized professional sport like football or basketball. On the other hand, gaming is just for the sake of pleasure.
The first-ever competitive gaming happened in October 1972, where 24 students participated in an event known as Intergalactic Spacewar Olympic. It was organized by Stanford University and the Rolling Stone Media Group. The next competition was held eight years down the line which attracted more than 10,000 competitors: it was known as The Space Invaders Championship.
Over the years, more games have been introduced in the industry with games like real-time strategy, fighting, and the first-person shooter being popular. Games likes Starcraft, Counter Strike and Call of duty are some of the more popular titles. The winners are now bagging prize money ranging from $1 million to $100 million.
Recently, in the renowned Fortnight games, the world champion won himself $3 million which is the largest amount ever to be won in an esports competition. According to reports, it seems that the industry is growing fast, and people should now consider investing in it. More so, with the ever-changing technology, a lot of expected to change in the gaming industry.
How Cryptocurrency Is Impacting The Gaming Industry
Digital currencies have existed in the gaming world for as long trading virtually using in-game currency is nothing new. The gaming community has been using gaming items as game currency where Gamers use fiat currency to buy the coins. These coins would then be used to buy ‘virtual goods’ used in playing. This foundation made it easy for gaming companies to adopt Cryptocurrencies as soon as they were introduced.
Cryptocurrencies are now being used as game currency since their use is not limited to gaming alone. Apart from that, game developers have also come up with Cryptocurrency and Blockchain games. A good example is Agareum: an online game where competitors get to earn Cryptocurrencies.
According to analysts, gaming can be the answer to the mass adoption of cryptocurrencies. This topic, mass adoption of cryptocurrencies, has been a source of controversy in the crypto world. Since their introduction, cryptocurrencies have always faced a lot of opposition from various institutions. Apart from the volatility associated with cryptocurrencies, their decentralized nature is also not compatible with the structures of many institutions. This has consequently led to the banning their use in most countries, banks denying crypto-related transactions and enactment of restricting regulations and legislation with regards to their use.
However, the case is different when it comes to gaming and Esports. Video games greatly depend on digital currencies, and with the growth expected in the industry, mass adoption of cryptocurrencies is expected. Cryptocurrencies and Blockchain have widely been applied in this industry in most platforms such as:
WAX, Worldwide Assets eXchange, is a crypto-based marketplace where Gamers get digital assets that help in gaming. WAX was developed by famous OPSkin where players can exchange their in-game currencies for money. This provision has come in handy in enabling cross-platform playing where gamers from different platform get to play together. These players get to use WAX tokens as the in-game assets while in the WAX market place. However, cross-platform playing is not well integrated since some platforms did not agree to it due to a difference in preferences. Also, the government is still on the issue of regulating cryptocurrencies to the point of drawing a lawsuit on WAX ICO as a way of scrutinizing the project.
Decentraland is a virtual reality platform which is built on Ethereum blockchain. In this “land” gamers get to buy land using MANA, the platforms ERC-20 token. One can build anything on this land, explore and earn from your creations. Decentraland also makes use of smart contracts provided by the Ethereum blockchain in the buying of land by gamers. This invention has also led to massive sells of MANA token as from December 2017. Daily, approximately $8.5 million worth of MANA is traded. The excellent market consequently led to a partnership between Decentraland and Binance. The partnership allows gamers to use Binance’s token, BNB, in purchasing land. More platforms such as LATOKEN, Bittrex, and Huobi have also accepted MANA to be used in their markets.
GameCredits is another blockchain-based gaming platform that uses cryptocurrency token in the gaming industry. It aims to become the only payment solution for online gaming and Esport. According to its website, the project mission is “To become the universal currency for 2.6 billion gamers worldwide, to empower game developers both big and small to further grow the 100 billion dollar gaming industry and to accelerate the wide adoption of decentralized cryptocurrencies as a better alternative to government-issued fiats.”
The project has a utility token known as MobileGo, which is used in the GAME ecosystem. Currently, GameCredits has put in place products and iterations that are to help them in realizing their goal. These products include GNation, GPlay, GameGG, and GWallet.
TRON BET AND GAMBLING
Tron Bet is a Blockchain-based gambling platform that is considered as the most profitable Blockchain-based online platform according to some studies. The platform uses WIN, a utility token, in gambling. This token was initially known as ANET. These tokens are mined in the TrobBet Blockchain by just playing on the platform. The TRONbet Blockchain also allows game developers to harness solutions on the platform in improving their games. Blockchain’s security and transparency have made the platform to attract more than 4000 users with an average circulation of close to $10 million daily.
The question of mass adoption of Cryptocurrency is still a source of controversy with every effort of achieving it being blocked by a lot of factors with government intervention being on the front line. With the exponential growth in the gaming industry, this idea seems achievable as indicated by the examples cited above. The rate of Cryptocurrency adoption in the area has been quite impressive. However, it seems that governments will still have a say on whether or not the adoption will happen.
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