The Curious Case Of Cryptocurrency and E-sports

 

Heard about GTA, NFS, FIFA, etc.? These are the most played game app development companies video games. In the 2000s, gaming culture was not predominant. Fast forward to 2022, and the gaming industry has experienced unprecedented growth. Gaming is a popular career choice for many Indians. E-sports in India is still relatively new. This market was created by Player Unknown's Battlegrounds (also known as PUBG). Multiplayer games made it possible to compete and win cash prizes. Gaming and esports differ in that players compete against each other rather than against the artificial Intelligence embedded within the game by game app development companies.

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E-sports has been a hugely popularized digital interactive content form during the COVID era. This enabled the audience, mostly the Gen-Z's, to interact with and engage with others, creating a sense of community and offering support during times of need. As the audience grew, so did the number and types of players, creators, agents, tournament organizers, mobile game app development companies, and agents. They continued to explore new avenues for e-sports.

EY and FICCI esports reports for 2021 indicate that esports will produce more than INR300m in revenue by 2025 and exceed INR14 billion in in-app revenues by 2025 from esports tournaments. Indian esports market revenues are expected to quadruple by 2025 to INR11 trillion. This industry is experiencing a 46% compounded annual growth rate, drawing attention from domestic and international investors.

"The esports industry is expanding and provides a platform for gamers, game creators, and players to interact with their favourite esports characters, earn rewards, and collect gaming-related collectables. Gamers are often the first ones to adopt new technology.

People can now see gaming differently thanks to the Metaverse and Web3. Uniform has recently partnered with Sportzchain World's first Engage to Earn platforms, Gameyoo, Battleverse and Wizards. We also partnered up with DCD Ecosystem and Wizards. Blockchain improves gaming by giving you digital ownership and getting rewarded when you play the game," said Tarusha Mittal, co-founder and COO at Unifarm.

Participation in crypto is also possible through mobile game app development companies. Crypto is slowly making its way into the e-sports industry. Cryptocurrency has been controversial, especially in India. The Union Government is hesitant to allow the crypto industry. Despite this hesitation, Indians continue to trade and buy cryptocurrency. This activity has been halted due to the steep decline in cryptocurrency trading. Also, the Union government has imposed a tax on profits.

Due to sharp falls in cryptocurrency prices, the cryptocurrency market is in turmoil. The Federal Reserve FOMC (Federal Open Market Committee) announced in November 2021 that taper would be launched. Experts in crypto and the best mobile game companies think that the taper will affect Bitcoin's prices. Experts believe taper refers to a decrease in bond purchases, leading to less marginal liquidity.

Despite the dramatic fall in cryptocurrency prices, they have not been prevented from entering the Esports market. There has been an increase in the adoption of crypto tokens and crypto tokens in gaming, esports and sponsorship payments by esports companies.

E-sports are digitally oriented, so the potential for NFT is much greater than traditional sports. Crypto promises to enable NFT trading and give creators a transparent, secure and easy way to monetize content.

An Inevitable Partner

Gaming and crypto by best mobile game companies share a common bond. Gaming has been subject to a lot of criticism and controversy. When it first emerged in the late 1980s, the gaming industry was criticized for making children fat and lazy. It was also blamed for preventing children from developing social skills. It was also blamed for the Columbine High School massacre, which saw the sector become the victim of violent video game addiction. The gaming industry took 50 years to become financially viable and accepted worldwide. Similar trends can be seen in the crypto sector. Crypto was introduced in 2009 by Satoshi Nakamoto, who discovered Bitcoin. It has been criticized and threatened with being banned. Crypto may or might not be on the same track as gaming, with declining records.

There are many ways to cross-pollinate both industries, such as adopting in-game crypto payments (crypto gaming) and creating Web3-based games (gaming with crypto). Both initiatives are popularly adopted by high-risk, tech-savvy individuals and gaming development companies who are open to the idea that they can be fused and make the most of both emerging spaces. Crypto payments are designed to make payment more accessible, safer, faster, more transparent, and free from cross-country currency fluctuations. 

In-game payments can be integrated into games to make it easier for users to purchase in-game items without worrying about any of the previously mentioned factors. It will also make it much easier for game developers of gaming development companies to integrate in-game crypto payments," Rohit Agarwal (founder and director of Alpha Zeus) stated. This next-generation marketing agency specializes in gaming & lifestyle.

The adoption of crypto tokens to purchase in-game items is a constant topic. Crowdsourcing and subscription fees are the primary sources of money for million-dollar prizes. Crypto will make it simpler with localized tokens generated by games or by large pools of games featuring exciting line-ups. International players will be able to pay quickly with crypto without having to convert currency.

"The thing that complements both the token- and esports sectors is that they are both limitless in terms of their opportunities, and it isn't defined by any calendar or competition incident. Both can complement one another's growth faster. Rooter founder and CEO Piyush Kumar said that e-sports and sports teams would adopt their tokens quickly.

 

The Tech-Savvy Future

Despite being in decline, the crypto sector is still a massive industry with great potential. Combining gaming and crypto would make it a more efficient and faster payment option than the currently used fiat money.

Due to many fans on both sides, esports and crypto companies have entered into partnership agreements that help each other grow. Both sides have a more significant brand impact as marketing reaches larger audiences. Due to their high competitiveness and rapid adoption, Esports and cryptocurrency share a special bond. "top game development companies, Coinbase and Uniswap have partnered with major leagues since 2021 to take advantage of the opportunity to converge markets," stated Kumar Gaurav, founder, and CEO, of Cashaa.

E-sports and gaming are slowly making their way into blockchain and the metaverse. Many online games have Web3 support. Many partnerships exist between crypto companies worldwide and e-sports top game development companies. It's only a matter of time before crypto plays a significant role in the gaming/e-sports ecosystem.