Esports and crypto gaming are two relatively new fields of business that have seen explosive growth over the past years. Until now, the two have operated for themselves, but as both industries develop, it has been proven that they have a lot in common and can benefit each other.
Esports is a term that has been around for decades but has been a niche for a long duration of years. Competitive gaming has always been something that only the mainstream audience didn’t understand, but over the past five to ten years, that has changed dramatically. You could look at esports and say it has finally entered an area of mainstream adoption, something that crypto gaming is still fighting to reach.
Crypto gaming is a newer concept than esports but has already taken everyone by storm. With crypto technology and gaming becoming one, this new concept has taken the industry by storm. Just like esports, crypto gaming appeals to a young and large audience. While crypto gaming is still in its infant stage, we are already starting to see the potential.
People have quickly realized how crypto gaming and esports can go hand in hand. Businesses began to see this during the pandemic when crypto companies saw esports’ real value and started investing in it. Today, some of the biggest tournaments and organizations have one or more crypto sponsors.
These partnerships seem to be the beginning, as the collaboration potential between esports and crypto gaming is still pretty much undiscovered. It’s an obvious match, and the two business segments are already moving closer.
Photo via: LoL Esports
The esports industry is still new and immature in many ways. But comparing it to crypto, esports should be considered the “veteran” of the two.
Esports has started booming during the past ten years, with League of Legends entering the gaming and esports scene and changing all standards. With older games like Counter-Strike and DOTA being able to follow up on the esports hype, the industry is in a spot where several esports titles have built a stable foundation to be around for many years.
In short, esports went from a niche to becoming a real mainstream sport that millions tune in to watch across the globe. Esports are broadcast daily on live streams and national TV stations with top-professional setups.
Esports’ growth has reached a point where it has earned a mainstream audience. This is clear for CS:GO in Europe and the Americas and League of Legends in the majority of Asia. The pandemic gave the mainstream adoption of esports a big boost, as it was one of the only sports that could be played remotely and continue during a global lockdown.
Regular fans and businesses have seen the real potential of esports during the past years, and people are starting to get convinced that the future of sports likely includes esports as well.
Crypto gaming is much newer than esports, but diving into it has some of the same aspects that got esports to where it is today. On top of that, crypto gaming has the tools to be profitable – something that esports is still struggling with despite its growth.
Because of crypto technology, crypto gaming has the edge over some of the biggest titles in esports. Besides a dedicated following, crypto games such as Axie Infinity and The Sandbox have become big successes because of underlying crypto technology and, of course, a solid game.
These are just the first generation of crypto games to show the potential, so you can only imagine what will come. And if esports and crypto gaming start integrating, doesn’t that leave us in a “best of both worlds” situation?
Photo via: Axie Infinity
Even though esports and crypto gaming has seen a lot of positive progress recently, there are still challenges in both industries that need to be considered. Understanding the challenges helps us know how the two can benefit each other moving forward.
Esports is currently battling one big challenge and has done so far year. The industry is having a hard time becoming a profitable business. This goes for tournament organizers as well as the teams. Even the biggest out there aren’t turning a profit and rely heavily on investor money. Without investors pumping money into the project and believing in the industry’s potential, esports would be in a rough place.
It has gotten to a point where some people speculate if esports is currently in a financial bubble. This could, in theory, be true, especially if esports doesn’t find a way to turn a profit.
On the other side of the table, crypto gaming is doing fine in the financial department because of crypto technology. Even during a rough market state in 2022, crypto gaming has done okay, considering the circumstances.
Esports need stable finance that sets up the industry long-term without relying on investors. Crypto gaming needs a competitive foundation and dedicated crowd that makes investing in a competitive scene worth it. Do you see where we are going with this? The two need each other to solve the issues.
The promising takeaway is that the two industries are already moving closer to each other. Crypto is already a part of the esports industry and has opened up ways to make money through NFTs, metaverse, and coins that can enable the fans in a whole new way.
Photo via: Axiecon
Esports is also slowly starting to pop up in the crypto gaming world. A recent example is Axie Infinity’s event Axiecon, where players competed in an actual tournament. This seems like the beginning of Axie Infinity’s competitive scene, and other games will likely follow the troop.
It leaves us in a place where the following years of esports and crypto gaming will be exciting. If this match made in heaven will keep developing is hard to say, but one can only hope.
If esports and crypto gaming start integrating more, we could look at a landscape that will change drastically in the coming years. One thing is for sure, BingX will keep an eye out and report on it on our blog.