Blockchain in Esports: benefits
1. Transactional safety
One of the biggest advantages of blockchain is that there are no third parties and intermediaries when it comes to proceeding with transactions. No governments nor banks have control / influence over cryptocurrency agreements. Blockchain consensus methods provide the immutability of crypto transactions.
Blockchain Decentralised Apps (DApps) use smart contracts, which are self-executing contracts with terms of an agreement between buyer and seller directly written into lines of code. These may be used to automate the process of prize distribution, salary payments, and other common transactions within the industry.
This can help to make the Esports industry more efficient and allow for more seamless interactions between all parties involved. Moreover, users can also protect their digital assets with secure hardware wallets.
2. Trustworthiness in Esports
Among crucial obstacles encountered by the Esports industry, the issue of trust is one of the greatest significance. It can be troublesome to verify the legitimacy of various transactions and interactions, since Esports is a largely digital and decentralised industry.
Blockchain technology offers a solution to this issue. Blockchain allows for a safe and clear way to conduct business within the Esports industry due to the use of cryptographic techniques to verify transactions. They reduce the number of frauds and ensure that all parties involved in a transaction are operating in a good faith.
On top of that, there are smart contracts which eliminate the concerns about the unfair distribution of prizes. Additionally, blockchain can be used to reduce the number of match-fixing. Recording and verifying all the matches help to ensure that they were played in a fair way.
3. Decentralised Esport platforms
Not only casual gamers, but also game devs, sponsors and media are the stakeholders in the Esport industry. A decentralised platform like that may bring all of these parties together and establish beneficial connections. Such a platform could enable the creation of the tournaments and management of the distribution of prizes, media rights, sponsorships and advertising.
4. Jobs in Esports
This part may be interesting, especially for Generation Z which is the largest part of Esport consumers. Blockchain technology may provide skilled amateurs with the opportunity to earn money. It can also help in gaining recognition from sponsors or professional teams.
A reliable place where all statistics are gathered and analysed under the name and an avatar of a talented player could attract business partners and help to raise stars and build their future careers. It is a major opportunity for amateurs to become professionals.
5. Cost reduction
The use of blockchain reduces the cost of maintaining and running a secure database. The technique is built on a peer-to-peer network and includes redundancy inside the distributed database.
With blockchain platforms such as Ethereum, devs are finding it easier to create a blockchain-based DApp. Blockchain lowers the operating costs of an Esports platform and, as a result, lowers the cost of organising and managing competitions around the world.
6. Fan Engagement
Marketing specialists in the Esport industry are continuously creating new ways to reward users with different incentives and loyalty models. Using blockchain, Esport fans can be compensated for their involvement with different tokens like the NFTs.
There are many different conceptions of how to use such tokens. For example, unlike conventional loyalty points, viewers may swap tokens for fiat cash or other crypto using cryptocurrency exchanges. They can also save these digital assets hoping that their worth will rise in the future.
In addition, some businesses are using blockchain to generate digital collectables that can be utilised to engage in special events and promotions. This can contribute to the development of a more lively and engaged Esports community.