Technology

Blockchain Technology Could Be Crucial for Esports Development

Photo by deavmi, CC BY-SA 4.0

There is a lot to be anticipated from the Esports and gaming industry. Much to look forward to, some issues to deal with. The answer to at least a few of the arising questions could be blockchain technology. The blockchain has already attracted plenty of attention with cryptocurrencies, but for many, so much more can be done with it, starting with various aspects of modern financial technology and internet development.

No doubt about it, there is money to be made on electronic sports. The Unibet Esports Champions page has some interesting information on professional players, viewership and generated money prizes and earnings to give you an idea, but it’s just the beginning. All that is just a small part of the potential this business has. No wonder so many parties are involved and eager to get a piece of the proverbial cake. As with any situation, alongside the possibilities come some difficulties. Take the overall gaming industry, which is now dealing with overrepresentation in the mobile market. In the Apple App Store alone, games constitute more than a third of all offered products, and more are being developed. With such so much competition, companies find it hard to attract new customers. Therefore, the costs are getting higher in advertising and marketing. However, most of the efforts turn out fruitless anyway, as surveys show that a high percentage of users lose their interest within 30 days. Plus, people are quite reluctant toward aggressive monetization initiatives, and without those, it’s hard to make some profits.

It became obvious that significant changes are much needed and expected. The Esports loyalty platform called RewardMob has been integrated with blockchain technology, most commonly associated with the Bitcoin, to address some of the important issues. The opportunity for players of specific games to earn rewards for getting busy and competing in tournaments is the way to keep them engaged in the community. Statistics show that people are curious what the prize would be as well as are more invested in playing when participating in tournaments.

Regarding monetization woes, the platform generates new income opportunities through free-to-play and pay-to-play models. The first one gives developers a percentage of advertising revenues when users open them to get the prizes while the second allows them to share the prize pool, which is accumulated from tournament entry fees in the form of tokens. The encouraging results have been confirmed by the success of another blockchain streaming platform Play2Live, which has raised $30 million by completing their initial coin offering (ICO) campaign in less than two months.

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