The eSports project, Eloplay, has recently announced that it has begun integrating blockchain-based solutions into its platform’s operation. This could signal the growth of blockchain acceptance right across the growing eSports industry.
What is eSports?
eSports is a booming industry. It’s a form of competitive online gaming and has actually been added to the programme of the 2022 Asian Games. It could even be a new discipline in the 2024 Olympics. Such is the popularity of eSports, it is expected that the overall industry revenue is likely to top $1.5 billion by 2020.
Where does blockchain come in?
eSports start-ups are increasingly embracing the opportunities presented by blockchain-powered solutions, even holding ICOs to fund their development. Industry experts expect that the market will soon experience pervasive tokenisation and the introduction of smart contracts across all platform and games. It may also be the case in the future that the purchase and customisation of games will take place solely through the use of cryptocurrencies.
In fact, the platform, FirstBlood, that has been operating for over a year, already provides its users with the opportunity to play, place bets, and earn rewards via Bitcoin and other cryptocurrencies. The platform also plans to add many more games to its currently rather limited portfolio.
Gilgam.es is another good example of an eSports platform that uses blockchain. The company intends to offer individual smart contracts for every match held, in addition to betting functionality in a project that is scheduled to complete at the end of this year. Gilgam.es will also use AI to confirm winning teams and players, in addition to detecting and banning those who try to cheat.
Eloplay has been on the market for nearly two years and has just introduced blockchain to its set-up. The company runs what they refer to as ‘smart tournaments’ with decentralised prize fund pools that are gathered by the players themselves or by the sponsors of a particular tournament. Participation is free of charge. Blockchain will also be used to provide gamer statistics and advertising. Games currently available on this platform include the most popular games, such as Hearthstone, Dota 2, and Global Offensive.