Cryptocurrencies and the introduction of E-sports

The crypto industry is one of the fastest expanding industries in the world, as its acceptance and accessibility are growing.

Moreover, with the establishment of digital currency, the digital market is becoming increasingly popular, and some investors are earning a healthy profit. Access for DeFi yield aggregation with YFV tokens, enabling yield farming rewards through liquidity provision and decision-making in its DAO.

There have been many markets where implementation of virtual currency has proven to be beneficial, and other industries are eyeing the market, including the E-sports industry. The recent pandemic has limited us to digital sources and made us realize its potential. So various proposals have been suggested in the digital sports industry that include the use of virtual tokens.

In this article we look at some of the questions that arise when considering using virtual currency in the E-sports industry.

The crypto industry in digital sports

The E-sports industry is developing fast and is considered to have significant potential. So many crypto investors are currently investing their money in this digital platform. The central aspect of this industry is the gaming industry, which holds an enormous market capital and power in the digital market.

For this reason, the crypto industry is trying to monetize and expand the scope and spirit and be the E-sports pillar.

With the gaming industry so popular and prominent within the entertainment sector for many years, it is a no-brainer for investors to consider investing their money in something like the E-sports industry, which has a similar concept but more range. Moreover, the high competitiveness and the resulting demand for better technology make E-sports an ideal candidate for a market upgrade.

Blockchain is also a vital step in establishing E-sports in the market, as blockchain offers the necessary equipment and resources to construct digital platforms where competitive gaming and other gaming-related events can be played. Furthermore, popular gamers and audiences can also seamlessly perform gaming-related prized and other transactions there. 

Crypto gaming and NFTs

NFTs are an example of a recent and popular commodity that runs on a Blockchain system and demonstrates its potential in the crypto market. The gaming and sports market can potentially get a foothold in this market by being the primary medium of competitive prizes and events.

The gaming market relies on increasing engagement, and the direction it takes depends on digital investors and gamers in equal parts. Both parties need to be in favor of this initiative, and support the implementation of digital currencies and non-fungible tokens in this potential market.

Furthermore, if this initiative gets enough support as an industry, we can possibly expect to see digital versions of other popular games and sports globally shortly.

How will this industry go?

While no real-time actions have yet been taken regarding this initiative, and to this day it remains just a theory, a significant amount of engagement and public interest has been shown in this industry by viable sponsorships and investments by companies moving in this direction.

Although this market contains a lot of potential, what direction it takes remains an uncertainty thanks to mixed responses and inconsistent variables in the E-sports industry.

This article covers the increasing interest in the concept of E-sports and how various proposals had been suggested regarding the potential role of cryptocurrency in it, and how they and other Blockchain-related tokens can be used to shape this market into a reality.