It may seem like professional gaming and digital currencies have little in common, but the rise of eSports has sparked a potential new opportunity for widespread adoption of cryptocurrencies. In this article, we’ll explore why eSports can be a major driving force in bringing digital currencies into mainstream use.
The Growth of eSports
First, let’s take a look at the current state of the eSports industry. In recent years, competitive gaming has exploded in popularity, with millions of viewers tuning in to watch professional gamers compete in tournaments for big cash prizes. In 2019 alone, the global eSports market was estimated to be worth over $1 billion dollars and is projected to continue growing at a rapid pace.
This growth can be attributed to several factors, including advancements in technology that have made it easier to stream and watch eSports events, as well as the rise of online gaming platforms and social media that have allowed for easier connectivity between players and fans.
The Connection to Cryptocurrencies
So how exactly can eSports help drive mass adoption of cryptocurrencies? One major factor is the demographic of eSports viewers and players. With a convergence of younger tech-savvy individuals and a global reach, the eSports community has proven to be a prime target for cryptocurrency adoption.
Many eSports players and viewers are already familiar with digital currencies, as they are often used in gaming transactions for virtual goods or as rewards for completing certain challenges. This familiarity makes it easier for them to understand and adopt cryptocurrencies in other aspects of their lives. From V-Bucks in Fortnite to FIFA points in FIFA, the concept of digital currencies is already deeply ingrained in the eSports world.
Microtransactions and tips for streamers are also common in the eSports community, and this presents another opportunity for cryptocurrencies to be used. With lower transaction fees and faster processing times compared to traditional payment methods, cryptocurrencies can provide a more efficient way for players and viewers to support their favorite streamers.
NFTs can also be used as in-game items or collectibles in eSports games, adding a new layer of value and rarity to the gaming experience. This has already been seen in games like Axie Infinity and Decentraland, where players can buy, sell, and trade unique digital assets using cryptocurrencies.
Final Thoughts
Although still in its early stages, the intersection of eSports and cryptocurrencies has the potential to revolutionize both industries. From the potential of cryptocurrency projects that specifically cater to the eSports community, to the use of NFTs in gaming, there are endless possibilities for these two worlds to merge and grow together.
Tracking these types of cryptos (and any other) is made easy with Moonrig.io. As one of the leading crypto portfolio management software on the market, Moonrig.io can help players and investors keep track of all their eSports-related crypto investments in one place. You can manage crypto assets for free and get instant crypto alerts.
