The appeal of blockchain in cyber sport

The appeal of blockchain in cyber sport

The Eloplay project on its blog has announced the integration of blockchain solutions in the work of its platform. The project team statement highlights the growing appeal of blockchain to the entire cyber sports industry in Peru.

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A little about cyber sport

Cyber ​​sport is a relatively new phenomenon, yet it has managed to create an entire branch of the business. Being essentially competition in computer games, this discipline has become the part of the Asian games in the year 2022 and can reach the official program of the 2024 Olympic Games.

The total number of online gaming platforms is constantly growing and the total profit of the industry companies by 2020 will reach $ 1.5 trillion. The audience for sporting events in 2017 alone amounted to 400 million people, 191 million of whom are dedicated followers. Regarding the players, it is reported that by the end of this year their number will be no less than 58.4 million.

This explains the great interest in the industry not only by the players, but also by large companies that see the opportunity to advertise their products and services to the new public. In common sports, advertising is generally one of the main elements of income, but in the field of cyber entertainment the case is somewhat different. However, the authors of the report argue that in 2020 advertising will become the second source of income, the amount of which could reach $ 224 million.

Most of these platforms ignore the opportunities offered by blockchain. However, there are many examples of online platforms that have already implemented blockchain solutions in their work or at least expressed their intention to do so soon.

Blockchain and cyber sport

Various online casinos and platforms happily enjoy online casino in malaysia the opportunities that the blockchain offers them. Some of them pass ICOs to raise the funds for development. Some experts believe that the market will undergo massive integration of tokens and the introduction of smart contracts. There is also a bolder hypothesis, according to which the customization and purchase of games will be exclusively with cryptocurrency.

An example of these platforms is FirstBlood. There users can play, compete against each other and win online casino prizes. For now only Dota 2 is available, however, the administration intends to add Counter Strike, FIFA 18, Hearthstone, League of Legends, and Call of Duty.

Another platform – Gilgam – recently held ICOs and at the end of 2017 is planning to launch a beta version of its product. Smart contracts will also be implemented for each match, the betting functionality, as well as artificial intelligence, which will confirm the fact of victory for one or the other team. In time, the same system would be used for cheaters. Set of games in it is identical to that offered by FirstBlood.

Lastly, the Eloplay mentioned above, has existed for more than two years, but only now decided to introduce decentralized technologies in its work. The project team has developed the “smart” tournaments that are actually the common tournaments with decentralized prizes. These funds are raised by the players or the tournament sponsors (in this case a tournament for the players is free). Among other options available after the blockchain application are advertising, gaming statistics and betting.

The decentralized future of cyber sport

Of course, there are other projects that implement blockchain solutions for the cyber sports industry: some offer the special token for purchases on the Internet, others focus on the gambling industry and offer the advanced options for betting.

Unlike banks, logistics, security systems, and other industries, where blockchain technology, despite its revolutionary potential, has yet to find widespread use, the cyber sports business apparently takes pleasure in innovative solutions. .

As more projects integrate the decentralized elements into their platform, the massive integration of tokens in the cyber sport industry may be a matter of no time.