Let’s first get straight into the statistics about esports to generate curiosity among you all about the emerging Esports game in crypto.
As per the latest statistics, a drastic shift of 21.9% CAGR is expected from 2022 to 2030, with the market size expanding to USD 12,494.3 million by 2030.
In such a booming industry with huge figures depicting high growth of the Esports industry, investing in blockchain-based esports sounds quite profitable. Talking about cryptocurrency, it rose to fame at one time, fell the next time, and again climbed the ladder of success, following the same pattern over and over. Esports crypto is walking the lane in a different style.
Wanna acquaint yourself with esports crypto and blockchain? Get in touch with Blockchain game development company “Suffescom Solutions”, which has a blockchain, metaverse, and crypto experts. Their experience in esports gaming will pave the way for you.
Let’s keep the ball rolling.
What is Esports?
Esports or electronic sports are the forms of video games. These games are competitive in nature, with numerous leagues and tournaments; involving multi-players. These games can be played on almost all the gadgets like tablets, smartphones, laptops, computers, etc.
However, these Esports games were accompanied by a few challenges listed below:
- There is no honest and self-sufficient gaming ecosystem.
- Followers of the esports game can only know about the players through the platforms such as Twitch or Youtube.
- Gamers acquire only a small percentage of the total revenue of the industry.
- No transparent system for fair rewarding.
- Lack of content and no effective monetization.
To overcome these challenges in the esports industry, crypto blockchain step in. Blockchain provides a horde of benefits to gamers and developers. It keeps malicious activities such as game hacking, cheating, etc., at bay. Moreover, being decentralized, it is much more secure and safe for storing in-game assets and cryptocurrency.
With blockchain, unique business models can also be built, such as tokenized games and microtransactions. From all these advantages, it is clear that blockchain is transforming the esports industry in a secure way.
The team of Suffescom carefully analyzes the scope of crypto gaming, thus, presenting some effective revolutionised strategies for esports.
How is blockchain playing its part in transforming the Esports industry?
Let’s continue with the points:
- Provides a decentralized platform
Esports is not only about players and developers but about other stakeholders as well, such as sponsors, media, advertisers, team managers, etc. Thus, there is a crying need for a comprehensive platform like Blockchain to bring together these stakeholders under one roof.
Through blockchain, all the stakeholders can connect with one another, and operations may become seamless. The biggest advantage is for amateurs, who can stay in touch with veterans and become pro in this technology.
- Raise the trust factor
Just tell us one thing, could you rely on a banking system with loopholes? The answer is No! Nobody will make an account and deposit money in such banks as it has trust issues. However, it is not the case with blockchain-based platforms. Users love to spend time and money on any trustworthy firm.
- In Esports crypto gaming, all the operations and transactions are transparent, enabling users to know what’s happening on the network.
- Developers’ development efforts can be secured by avoiding any unauthorized use.
- Smart contracts include proper rules and agreements that need to be followed by developers and tournament organizers.
- Balancing the playing field
You might be thinking about how blockchain in esports is leveling the field. To your confusion, our expert team of developers provides a clear explanation for this. With blockchain, the maintenance and operational cost get reduced. Building decentralized apps on various platforms is not a tedious task for developers.
- Payment through cryptocurrency
The Esports industry in blockchain utilizes cryptos to make payments. This is to ensure that no fraudulent activities, such as gambling, match-fixing, etc., may occur. Cryptocurrencies are widely accepted in blockchain now. These are not under the control of any government authority, and thus the transactions made within the game are immutable. To keep safe the digital currencies, secured hardware wallets like Ledger Nano S are used.
- Secured in-game trading
The growing trend of crypto Esports games has increased in-app trading as well. Here, blockchain can make sure to provide a secure and scalable solution. DApps require digital signatures to make secure transactions and let users rest assured about their purchases. There is no doubt that crypto-based payments speed up transactions.
- Players are more liberal
It is commonly found that in the esports space, match fixing is common. Managers ask players to lose games. As organizing such tournaments requires a lot of funding amount, but match-fixing spoils everything. Blockchain can control such activities to much extent. The cost of operating an esports platform, organizing tournaments, and marketing gets reduced.
- Facilitating esports donation
When Esports enter blockchain, the process of accepting donations becomes streamlined. It works as follows: Esports audiences can donate to their favorite Esports game and gamers; Twitch and YouTube are utilised to enable donations. Blockchain makes the whole transaction process transparent, offering players a rewarding experience.
- New loyalty models
Our marketers introduce new loyalty or incentive models to attract a huge customer base. The loyalty program work as per the following:
- Viewers can receive participation rewards
- Viewers can earn loyalty points using cryptocurrencies
- Viewers are also eligible for a cryptocurrency exchange in return for fiat currency
- Viewers can also hold digital assets for future profits
- Streamline creation and trading of in-game assets
With the help of blockchain, it is possible to develop rarer in-game assets and do its trading. As these tokens are rarer; therefore, they would have one-of-a-kind characteristics and distinct values. These assets can be built using ERC20 on the Ethereum Esports platform. All these in-game assets have affiliated crypto tokens. The tokenized assets can be traded further in exchange for cryptocurrency or NFTs.
- Effortless crowdfunding
Every business with a huge potential of getting success requires crowdfunding since they need huge investments. Similarly, developers require enough funding to take the crypto Esports game project forward. Blockchain made the crowdfunding process easier, faster, and transparent, enabling developers to carry on with the project as soon as possible.
You might raise a query about how crypto is helping Esports. To this, our team has curated a well-defined answer. Let’s move forward…
How is crypto assisting Esports?
Usually, whenever any process involves transactions, these can’t be made without authorization from the central government or banks. To process any amount of transactions- whether big or small; users need prior approval from such entities. However, this is not the case with crypto transactions. It offers peer-to-peer transactions, allowing gamers to play with each other without any government authorization.
Crypto transactions are safe and secure and can be carried out internationally. Users do not need to disclose their original identity throughout the transaction, and withdrawal of funds using cryptocurrency is possible all around the world.
Let’s talk about Esports betting with crypto!
Esports betting with crypto
Betting is acceptable on legal terms worldwide. Esports crypto development has made betting on Esports much more comfortable and secure.
There is no doubt that organizing betting is quite a problematic task, but with the right strategy, it can be made as smooth as silk. Earlier, individuals need to reveal their personal identities in order to continue with esports betting. This does not sound safe and they feel insecure about their identity.
With crypto into esports betting has changed the whole scenario. It is now possible for organizers to organize a safe betting platform without any insecurity of identity loss. For crypto esports betting, a cryptocurrency and crypto wallet would be required.
Undoubtedly, users can earn enough by betting on esports with crypto, provided they are well-versed with esports scenarios like when the stakes would be high and when they would be low.
What is the Future of Crypto Esports Games?
After analyzing so much about crypto Esports, it can be predicted that the future of crypto gaming is bright. In the coming years, more number of individuals will get inclined toward the crypto platforms and utilize cryptocurrencies for trading and esports betting. It would offer complete transparency in the whole process that will generate its popularity.
In addition to this, the entrance of blockchain and crypto into esports minimizes the associated cost and offers secure and transparent in-game operations. Thus, due to these benefits, it is becoming more accessible to users.
We had enough knowledgeable information about esports crypto till now, from definition to future. Now, let’s focus on its payment system. We are talking about safe transactions throughout the blog; how will this happen? How will a blockchain payment system be built in an esports app?
Suffescom experts will shed light on this and can help you out in building the same for your Esports crypto business. Get in touch with the Web3 game development company now!
Steps for building blockchain-based Esports-app payment system
We follow a strategic approach for building a robust payment system for crypto Esports games. Count on the steps below:
- Step 1- Build a development team
In the first step, we will build a team of developers, designers, testers, business analysts, in-game asset designers, and project manager for the project.
- Step 2- Create an account on Ethereum
To create an Ethereum account, we use the Ethereum wallet. Then, the native cryptocurrency of Ethereum, i.e., ETH, is purchased to deploy dApps.
- Step 3- Achieve scalability for dApp
Here, the dApp requirements will be analyzed, and the Ethereum network will be utilized accordingly. A sidechain, “dAppChains” and delegated proof of stake (DPoS) can be used on dApp to improve the scalability of the dApp.
- Step 4- Install the required tools
After, all the required dApp tools will be downloaded and installed for the development of Ethereum dApp. Some tools are testrpc, Web3.js, Truffle, MetaMask, etc. Once installed, the configuration of tools will be done.
- Step 5- Review relevant smart contracts
Before constructing smart contracts, we review relevant smart contracts to implement the required esports functionalities. It becomes easy to acknowledge how the functionalities work, like in-app purchases.
- Step 6- Build and test smart contracts
Post reviewing similar esports crypto games; our developers start building smart contracts using Solidity language.
After developing smart contracts, we test them following basic procedures. We buy dummy Ether, check the MetaMask connection to Ropsten, deploy the smart contract to Ropsten, and test the smart contracts.
- Step 7- Create crypto tokens
Now crypto tokens for the esports dApp are developed using ERC20 and ERC721 token standards.
- Step 8- Deploy smart contracts
Following a standard deployment approach for smart contracts like navigating Truffle directory, buying real Ether, etc., we are finished with creating an in-app purchase system for crypto esports.
You can contact our business analysts to get more insight into our in-app payment system development. We are just a call away!
The crypto industry is revolutionizing every sector in today’s world. Why should the Esports sector be left behind? If you have gone through the whole blog, you might have analyzed how lucrative it is to build a crypto Esports game platform.
There is so much more to this field that is still yet to be uncovered. For this, visit us or call now! We make sure to guide you through all ins and outs of the crypto business in Esports.
Suffescom Solutions is a highly acknowledged NFT game development company that can cater to your needs with dedication and efficiency. Contact now!