Blockchain: the next step in esports and gambling – Esports Insider

From our sponsor/advertiser Ajeet Singh Yadav.

When talking about the future of esports, one thing is certain: its happening. At this point, no one can deny that esports is going to stay with us and grow bigger in the future, at least as long as we have the technology.

Given the cosmic speed of technology development, a question arises: what does the future of esports look like? Will it include games such as Bitcoin Dice, virtual reality, or even more sci-fi concepts?

Many believe crypto will play a big part. There are numerous uses for blockchain technology, some of which are yet to be discovered. It only makes sense that a fully digital industry such as esports would try to leverage the benefits of this ingenious technology, and thats exactly whats been happening in recent weeks.

With so many potential uses, its not a surprise to see blockchain quickly establishing also in the gambling industry. Crypto casinos are increasing in popularity, and with them, a simple wagering game called Bitcoin Dice.

Although the dice is virtual, it does involve a random roll of numbers where the outcome can be any number involved. The player chooses a number between one and hundred and wagers on whether the dice roll will auto-generate value higher or lower than the selected number.

RELATED: The legal considerations of esports NFTs Sheppard Mullin

Its a variation of one of the simplest, purest forms of gambling. And as with any form of gambling, the higher the risk, the higher the reward. And then, of course, theres the factor of gambling with cryptocurrencies, which makes the forgotten game attractive again.

Speaking of the gambling industry, its not just online casinos that incorporate blockchain. A handful of bookmakers, such as Luckbox or LOOT.bet, have been offering esports betting in various cryptocurrencies for a while now, and some even have their own digital coinage. CryptoFights, mentioned above, utilises a Dungeons-and-Dragons-style dice-rolling system which isnt a million miles away from Bitcoin dice. And remember what FYX CEO Kling said: esports can become something akin to online poker, with grassroots esports taking place on platforms such as FYX.

Crypto is a natural fit for both the esports and gambling industries, and the fast implementation of the technology by businesses is proof of that. Not because of its skyrocketing popularity, but because of its unique perks and seemingly endless potential in so many different aspects.

Most importantly, blockchain could help overcome some of the challenges that the esports industry is currently facing and act as a catalyst for its further growth.

Esports organisations and tournament operators started partnering with crypto companies and some, such as Virtus.pro, G2 or FLASHPOINT even revealed their NFT collectibles, hoping to jump on the NFT hype but also to provide value to their fans.

RELATED: Diversifying esports revenue streams: how are teams making money?

While NFTs represent mainly an amusing addition to the revenue sources of esports businesses, its likely just the beginning of the crypto era. Some believe grassroots esports will live, to a large extent, on the blockchain (see The Esports Journal Edition 8, page 40).

Were seeing a rise in real-money gaming platforms many of which are operating on the blockchain. FYX Gaming, a blockchain platform whose flagship title is aptly named CryptoFights, operates on the Bitcoin SV blockchain; indeed, using blockchain technology has many benefits, including permanent data storage, detection and deterrence of cheaters,the potential for valuable in-game item drops in the form of NFTs, and much, much more.

FYXs CEO Adam Kling told The Esports Journal in April that he envisions esports looking like online poker on steroids, given the potential of real-money gaming at a grassroots level. Ultimately, blockchain could improve competitive integrity and security in esports and, as Kling sees it, democratise esports.

ESI Podcasts | Digest, Focus, Insight

Read this article:

Blockchain: the next step in esports and gambling - Esports Insider