Esports and cryptocurrencies have always been on corresponding trajectories. A decade or two ago, the general public wasn’t even aware of their existence, yet now they are taking the 21st century by storm. However, there’s always been a gap between the two. Esports took the shape of vivid gaming spectacles delivered by a handful of gifted professionals, while cryptocurrencies came from a world of numbers, statistics, and financial transactions. And – until recently – it didn’t even seem like the two belonged in the same sentence.
Enter esports ecosystem crypto!
Just as the name implies, it seeks to unite esports, cryptocurrency, and all the things surrounding them into a single powerful infrastructure, and if it succeeds, it might very well introduce the joy of competitive gaming to millions of gamers from all the world. But first things first…
What is Esports Ecosystem Crypto?
If you strip away all the buzzwords, esports ecosystem crypto (or ESE) is a digital currency created with the goal of becoming the go-to cryptocurrency for all things esports. That is, ESE tokens are meant to be used for trading merchandise, paying tournament buy-ins, crypto esports betting, and providing additional streams of revenue to pro players.
Most importantly, they can act as fuel for tournament prize pools.
It’s no secret that most gaming competitions are only available to a small group of top-tier professionals. To make matters worse, the majority of these professionals don’t even get to see any tournament winnings because they fall behind their peers or simply fail to show up on the match day. It’s a very closed community that only rewards the most elite members.
ESE seeks to challenge this status quo by using its gaming coins crypto tokens to alter the entire tournament payout structure. For example, a regular event could provide only the top 10 best-performing competitors with a portion of its prize pool, but an esports ecosystem crypto tournament of a similar scale would reward the top 100 competitors with various amounts of ESE tokens.
With that, casual players would finally be able to play for more than bragging rights. Granted, the tokens wouldn’t be as significant as cash—at least, not at first—but they would still give players bigger incentives to try their hardest at higher levels of competition. In theory, they could even open up a clear path to pro for some of the most talented amateurs.
Tournament organizers could also benefit from this system. The ability to increase the prize pool with esports cryptocurrency is tempting in and of itself, but it gets even more lucrative when you consider that it allows tournament organizers to engage larger numbers of players. Moreover, ESE founders seem to be very willing to give back to the community by sponsoring players, tournaments, and competitions, which sounds like a win-win situation for all parties involved. This brings us to the next question…
Who is Behind This?
Grand innovations rarely come out of thin air, and ESE is no exception. Its CEO – Lap Chi Duong – is well-known as the mind behind one of the largest esports companies in North America, Canada Cup Gaming. He has a rich history of organizing fighting game tournaments, which gives him the perfect platform to test the ESE esports cryptocurrency in a controlled environment before introducing it to the global market. On top of that, the connections Lap Chi Duong built with other companies, players, and tournament organizers should make it much easier to integrate ESE tokens into the world of competitive gaming.
He’s joined by a cryptocurrency expert in Peter Nguyen and a living legend of the fighting game scene in Justin Wong. Both will be instrumental in merging digital currency with competitive gaming and creating functional esports ecosystem crypto tokens. Combine that with talented executives, dedicated developers, and esports enthusiasts with a deep understanding of the industry, and ESE seem to have ticked all the team building boxes.
Of course, a good team doesn’t guarantee results. Surrounding yourself with the best professionals available doesn’t exempt you from mistakes, especially when you’re tackling something as daunting as creating a unified esports cryptocurrency. But it does give ESE a solid foundation to work with.
Esports & Crypto: Questions to Answer
As enticing as the idea of the ESE esports cryptocurrency sounds, there are questions left to be answered. For starters, the concept seems to be great for competitive titles with open tournament circuits like Dota 2, Counter-Strike: Global Offensive, various fighting games, and battle royale titles. However, it might be difficult to implement in games with league structures like Overwatch and League of Legends.
It also remains to be seen whether video game developers will even accept using third-party crypto tokens in their esports ecosystems. Companies like Riot Games and Activision Blizzard are notorious for being very controlling of their games. And while other developers might be more lenient, it will still take a lot of time and effort for ESE to reach most competitive titles.
Last but not least, the concept of gaming coins crypto tokens implies that said tokens have intrinsic value. The success or failure of a cryptocurrency is often dictated by the number of people that adopt it and believe in its worth enough to use it as a payment method. With that, ESE will need to create complex contracts and sponsorship agreements to ensure that their tokens can be exchanged for goods and services. And while they seem to have enough talent to pull this off, it’s still a very steep hill to climb.
3 Other Esports Cryptocurrency Companies to Follow
ESE aren’t the only ones trying to merge gaming and cryptocurrency. If you’re willing to look at gambling and crypto esports betting operators, there are many other companies deserving your attention. With that in mind, here are 3 other esports cryptocurrency startups you should be following.
On the surface, Unikrn looks like a regular esports betting site. However, it stands out from the rest, by introducing Unicoin Gold and Unicoin Silver to its customers. The former is a gaming utility token. Its primary use is esports crypto betting, but it can also be used to enter daily jackpot contests, play custom tournaments, and even bet on the outcome of your own games in competitive titles like Dota 2, League of Legends, and Fortnite! On top of that, there’s an entire United Masters League (UML) in Counter-Strike: Global Offensive that’s been sponsored by the funds from crypto esports betting payouts.
Meanwhile, Unicoin Silver acts as an in-house currency. It can be used to place esports gambling crypto wagers on various competition and take part in Unikrn Jackpots. Both cryptocurrencies are fairly close to the concept behind ESE, although they don’t have its scope or ambition. Still, if your interests revolve around crypto esports betting, it’s definitely worth checking Unikrn out. Read our full Unikrn review.
BitStarz takes a more conventional approach to the crypto topic. Unlike with Unikrn, there’s no esports crypto betting to be had here yet. However, BitStarz makes up for it by providing a wide selection of classic gaming slots, jackpots, table games, and live casino games that can be played exclusively with bitcoin. This isn’t exactly crypto esports betting, sure, but these games are perfect for enjoying the thrill of online gambling or simply blowing off some steam. Not to mention that the fusion of gambling and cryptocurrency is fascinating in and of itself.
ArcaneBet is a relatively new bookmaker in the world of esports betting, but it’s already giving most older sites a run for their money! Its user interface is slick, its markets are vast, its odds are competitive, and its bonus offer is one of the best in the industry.
Moreover, ArcaneBet is one of the few sites that fully embraces Bitcoin esports wagers. With that, you can find plenty of esports gambling crypto betting opportunities on games like CS:GO, Dota 2, League of Legends, Hearthstone, Overwatch, VainGlory, and much, much more. Of course, being limited to a single cryptocurrency can be frustrating, but Bitcoin esports wagers can provide a lot of value if you’re gambling on a site like ArcaneBet. You can read our ArcaneBet review here.
Our Verdict on Esports Ecosystem Crypto
Esports ecosystem crypto might be a work in progress, but it’s hard to deny its potential. It has everything it needs to completely revolutionize competitive gaming and make it much more inclusive to casual gamers from all over the world. And considering the existing examples of functional esports and cryptocurrency pairings, the road is paved for ESE to succeed.
Photo Credits: LoL Esports