Crypto Is Entering Esports: The Games and Economics of Future

Crypto Is Entering Esports- The Games and Economics of Future

Crypto Is Entering Esports: The Games and Economics of Future

Video games have grown into a big business. In 2022, the video game segment had sales of $200 billion worldwide. Esports tournaments, with skilled professional gamers competing with each other for big prizes, touched the sky with $2 billion in total payouts. Even watching games has become a booming business as Twitch said it hiked up to 770 billion minutes watched in 2022 alone, with five months still to go for the year’s end. We’ll be entering the metaverse, but it won’t be as soon as tomorrow. After the hardware gets better, we’ll need the apps that drive adoption, and we’ll need newer generations. One dangerous idea is poised to change competitive gaming even faster than new immersive AR/VR hardware: crypto.

Today it’s crypto that’s in the centre, with Nobel prize winners criticising cryptocurrency, several governments banning and vocal social media reactionaries, and critics writing letters to congress to get it banned. But, with time, crypto will witness the same trajectory from hated outsider to mainstream staple. It will get more mature, faster, safer, and smarter.

The evolution of crypto will mirror the jump from 8-bit sprite-level technology to photorealistic gaming engines like Unreal 5. Currencies will get built-in password reset capabilities and a stronger safeguard system on wallets. It will get prepared into those next-gen AR contacts and glasses so people can zip money around in the blink of an eye. Folks who used it on the Darknet or tripped it on exchanges around the globe or to trade with their buddies will grow up into the policy-making people of tomorrow and the video games in future, too. It’s not just science that proceeds one funeral at a time; it’s ideas, technologies, cultural evolutions, law and more beyond science that make it a fact.

Crypto gaming

Moreover, game designers will find crypto a natural fit with video games; both of them share a history of shifting from outsider to insider. Currently, most of the money that empowers the million-dollar prizes comes from crowdsourcing or small subscription fees that raise money to host the tournaments. Crypto will make it easier to raise those funds, with localised tokens generated by the games themselves or by large pools of games. It will also make paying international players directly a lot more convenient, as gamers from countries outside the modern financial system loop get paid without having to open a banking account and navigate the complex system of today. It’s not so difficult to imagine rookie and pro gamers making a living, hustling through notorious loot fest contests, hunting for gear that they can flip on an open market or that pays them simply to play. Earlier, players may work their way up or just get some summer spending money by playing games. Some will go on to be pro players in the pages of the gaming future.

Inevitably, that will grow blowback and controversy, with new reactionaries screaming about whether crypto-laced games have fair wages or are even a real job but the trend will persist despite them. Prizes are the foundation of game design, and crypto can give those rewards real-world value. All of a sudden, earning extra health or more magic potions of absolute power will convert into real-world wealth. It would be closely impossible to do this with fiat money. Bank accounts and money transfer systems can’t take constant micro-payments without getting frozen in seconds as anti-money laundering algos and checks kick in. Money just didn’t move that fast in the traditional world, and the system can’t match up with the load.

Tournaments will get bigger, and prizes will get bigger, too, as the pools of money rise quickly with the rise of crypto payouts. More and more people will make a living in the virtual world and live a good quality of life in the real world too. Technology is neither good nor evil; it’s both and everything in between. The bond between video games and crypto will bestride both edges of the spectrum. It will deliver brand new opportunities and livelihoods to some, exploit others and make still others extremely wealthy. If that sounds like the way things today mutate into a new mould, that’s because that’s exactly what it is. Video games interweave with crypto will follow the same well-designed paths of the past but do it with a new twist, as it has with all technologies since the dawn of time.

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