Video games have quickly become a mass market for conventional entertainmentl With competitive games, better known as eSports, that draw wide attention and drive growth in the industry.
The game industry has been seeing eSports as their next big potential game product for some time, waiting for an audience to show up or for innovation to take it to the next level.
This innovation comes as the Bitcoin SV use cases “eSports on the Blockchain” have been investigated.
Preferred eSport platforms: Take Twitch
We already know that the esports industry has a huge audience, with millions of simultaneous viewers on platforms like Twitch and a forecast of billions of annual sales in the near future.
As eSports continues to mature as a separate industry, more complementary companies such as Twitch are likely to emerge. to benefit from the wave of future income.
In the blockchain space, use cases are already emerging with solutions aimed at addressing equity and digital property problems, and others offer new ways to generate income.
Take Twitch, the eSports-preferred video streaming platform that achieved unicorn status when it was sold to Amazon in 2014 for $ 970 million. long before eSports will really grow. Twitch has an average of more than 2.5 million simultaneous viewers and generates more than 1.7 billion hours of content every month.
For blockchain solutions to be effective in this area, their networks need to be fast and able to process significant amounts of large transactions.But they should be able to do this at a price that makes financial sense for players and providers alike. Only Bitcoin SV has the stability and scalability required to provide the platform for blockchain-based eSport solutions
This is why Kronoverse, the parent company of CryptoFights, sees Bitcoin SV adding impressive features every step of the way. and especially in a way that benefits the gaming industry.
Kronoverse offers a special eSports platform that developers can use to monetize their game in new ways, with properties related to the elements of the game and the integrity of the game.
By implementing iGaming in the blockchain, eSports can acquire many of the same features as poker, while maintaining the inherent features of sports betting.
Bitcoin SV in eSports offers trust
The strength of eSports is the ability to play from home: people can play as professional players. By adding traceability to every action in the game and recording every step on the BSV blockchain, regulators can be assured that a game is being played correctly and accept it as a betting product.
This trust comes from how companies like Kronoverse (to name just a few) use BSV to protect a party’s integrity. By recording every element of the game in the blockchain through microtransactions, a permanent record of every input and every result is created. With intelligent contracts, bets can then be redeemed or paid out.
And in contrast to other private blockchain solutions used, the public nature of the BSV blockchain makes your data error-free. Without a database that can be changed behind closed doors and with all publicly available and verifiable data, the integrity of the game immediately gets a new look.
Kronoverse created the game CryptoFights In 2017 and since then, the project changed its ambitions and is now said to be one of the main examples of how blockchain technology can be implemented.
CryptoFights, which is now being developed under the Kronoverse umbrella, is an online role-playing game that is completely based on the BSV blockchain. It also uses various unique blockchain elements that include verifiable results, betting on matches, and an in-game element ownership system based on the same Bitcoin ownership principles.
Kronoverse has cited exclusive blockchain benefits such as verifiable results, match betting, and possession of in-game items as reasons why they chose to base their competition on Bitcoin. They also saw Bitcoin BSV as technically more powerful than Ethereum and its Enjin gaming platform.
There has been much debate over the years as to whether electronic sports can be classified as “legitimate sports”.
However, some market forecasts predict that eSports could even outpace popular sports tournaments like Formula 1 or the UEFA Champions League and could generate sales of over $ 2.3 billion in 2022.
In addition, these forecasts were made before March 2020, when the world began to prefer online interaction to physics thanks to the COVID-19 pandemic.
The truth is that esports tournaments have often taken place in real stadiums. However, when it comes to the type of game or tournament that can be played online, e-sports are more accessible to more potential competitors, which increases their attractiveness.
Kronoverse hopes to be a leader in this area. Kronoverse has been testing Beta CryptoFights for them since the end of 2019. Expect more betas to open in the coming months, and launch a market later this year in 2020.
While Bitcoin SV isn’t the only platform trying to catapult an undervalued niche market, it seems to have the tools to compete in this area along with other newer crypto space players like Matic Network, FLETA, and even Enjin itself.
The new era of blockchain-based games or at least a decentralized payment gateway is becoming increasingly important for video game fans Many traditional platforms, as well as conventional studios, are seeing a demand in this regard that could help to massage the use of cryptocurrencies in general.