The esports industry can be changed for the better as the use of blockchain technology increases. There’s so much more to blockchain technology than the use of cryptocurrency for buying products or investing. As an industry, esports is on a fast track to greater growth with a fan base that rivals major sports leagues like the NFL and the NBA. Despite this growth, there are at least a handful of areas within the esports industry that is ready for change. Here are a few ways blockchain technology can disrupt the esports industry.
You own your in-game items
If you’ve been playing traditional video games for some time now, you probably have realized that you don’t own any items in any of the games you’ve played. In-game items you acquire in traditional video games are not yours to keep. However, you do own in-game items you’ve acquired in blockchain games. This includes items that you’ve traded for, purchased through a virtual marketplace, or have won through gameplay. Every single item you own stays in your virtual wallet and is there to stay unless you decide to trade it away or sell it. For games built on Bitcoin SV like CryptoFights, you won’t have to worry about high transaction fees or networks crashing. Bitcoin SV can handle millions of transactions without failure.
Did you know that every action taken in a blockchain game is saved and can’t be changed in any way? Everything from moves you’ve made in CryptoFights to each transaction that’s happened in an in-game marketplace is recorded on the blockchain. Blockchain acts as a public ledger that documents everything permanently and can be reviewed by everyone from gamers to developers. No one can go back and alter the history of a match to change the end result. This is key especially when large cash prizes are on the line since some competitive gamers are willing to cheat in order to win.
Blockchain technology makes it possible for game replay. All past games are archived forever and can be replayed at any time in the future. This gives you a chance to review and analyze all of your past matches and figure out better strategies in future matches. The ability to replay games will give competitive players a chance to improve their skills the same way traditional athletes review film to create better game plans.
Scalable solutions for regulators
As the esports industry becomes more mainstream, there will be an increase in involvement by government regulators as demonstrated by the number of laws and regulations surrounding traditional sports. These regulations include policies to combat doping and cheating in any way. Since all actions are permanently recorded as mentioned earlier, gaming regulators will be able to review matches thanks to the data collected by blockchain games.
As more people realize the potential blockchain technology has to change the esports industry, esports will evolve for the better. It won’t be surprising to see competitive gaming surpass the revenues and audience size of traditional sports in years to come.