Video games have quickly become a massive market for mainstream entertainment , with competitive games, better known as eSports , drawing widespread attention and driving growth across the industry.
The gaming industry has looked at esports as its next big potential gaming product for some time now, waiting for an audience to emerge or for innovation to take it to the next level.
That innovation is coming, as use cases for Bitcoin SV , “eSports on the blockchain, ” have been explored .
Favored eSports Platforms: Take Twitch
We already know that the esports industry has grown a tremendous audience, with millions of concurrent viewers on platforms like Twitch and billions in annual revenue predicted for the near future.
As eSports as its own industry continues to mature, more complementary companies like Twitch are expected to emerge in an effort to capitalize on the wave of future revenue.
In the blockchain space, use case examples are already starting to emerge with solutions aimed at addressing issues in the space related to fairness and digital ownership, and others offering new ways to generate revenue.
Take Twitch, it’s the video streaming platform favored by eSports broadcasters that achieved unicorn status when it was sold to Amazon for $970 million in 2014, long before eSports even really started to grow. Twitch averages more than 2.5 million concurrent viewers, while generating more than 1.7 billion hours of content viewed each month.
eSports on Blockchain
Now, for Blockchain solutions to be effective in this space, their networks must be fast and capable of handling significant volumes of large transactions , but they must be able to do so at a cost that makes financial sense for players and providers alike. Only Bitcoin SV has the stability and scalability to provide the platform for Blockchain-based eSports solutions.
That is why CryptoFights parent company Kronoverse sees Bitcoin SV adding impressive functionality every step of the way, and in particular, in ways that benefit the gaming industry.
Kronoverse is providing a dedicated eSports platform that will enable developers to monetize their game in new ways , with features related to in-game elements and game integrity.
By implementing iGaming on the Blockchain, esports can take on many of the same qualities as poker, while retaining its inherent qualities of sports betting.
BSV for eSports: eSports use cases. Video games have quickly become a massive market for mainstream entertainment, with competitive gaming
Bitcoin SV in eSports provides trust
The strength of eSports is the ability to play from home: People can compete as a professional gamer . By adding traceability to every game action, by recording every step on the BSV blockchain , regulators can be confident that a game is being played the right way and accept it as a gambling product.
That trust comes from how companies like Kronoverse (to name a few) use BSV to protect the integrity of a party. By recording each game item on the blockchain through microtransactions, a permanent record is made of each input and result. Then, using smart contracts, bets can be cashed out or paid out.
And unlike other private blockchain solutions out there, the public nature of the BSV blockchain makes your data pristine . Without a database that can be changed behind closed doors, and with all the data publicly available and verifiable, the integrity of the game immediately takes on a new look.
Kronoverse created the CryptoFights game in 2017 and since then, the project has changed its ambition and now they aim to be one of the leading examples of how blockchain technology can be implemented.
CryptoFights, now being developed under the Kronoverse umbrella, is an online role-playing game built entirely on the BSV blockchain. It also capitalizes on different unique elements of the blockchain, incorporating verifiable results, betting on matches, and an in-game item ownership system based on the same ownership principles as Bitcoin.
Kronoverse has cited advantages unique to blockchain, such as verifiable results, betting on matches, and ownership of game items, as reasons why they chose to build their competition on Bitcoin. They also viewed Bitcoin BSV as more technically capable than Ethereum and its gaming platform Enjin .
There has been a lot of debate over the years about whether esports can be classified as “legitimate sports”.
Some market projections, however, claim that esports could even dwarf popular sporting tournaments like Formula One or the UEFA Champions League in revenue, topping $2.3 billion by 2022.
Furthermore, those projections were made before March 2020, when the world began to prefer online interaction over physical ones thanks to the COVID-19 pandemic .
The truth is, esports tournaments have often taken place in real stadiums. But if it’s the type of game or tournament that can be played online, esports is actually more accessible to more potential competitors, adding to its appeal.
Kronoverse hopes to be the leader in this sector, because of them, it has been beta testing CryptoFights since the end of 2019. It hopes to have more open betas in the coming months and launch a market by the end of this year 2020.
While Bitcoin SV is not the only platform trying to catapult a market niche that is still undervalued, it seems to have the tools to compete in this field alongside other newer ones in the crypto space such as Matic Network, FLETA, and even Enjin itself.
The new era of gaming based on blockchain or at least a decentralized payment gateway is gaining more traction among gaming fans and many traditional platforms as well as mainstream studios are beginning to experience a demand for it. sense that it could help massify the use of cryptocurrencies in general.