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Monday, July 15, 2024

The Future of Esports Innovations In The Age of NFTs

Next to cryptocurrencies, NFTs have also shaken the gambling world, especially regarding e-sports. And because so many people lost out on the chance to invest in crypto when it was new, they jumped on NFTs.

They were not willing to miss out twice, and FOMO (the fear of missing out) took the lead on many of the investment choices regarding NFTs. So, what is the relationship between NFTs and e-sports, and how has this impacted e-sports?

The Rise of E-Sports

E-sports have been a hit ever since it became possible for people to make money from gaming online. The premise is simple. Players learn how to play games exemplarily, go head-to-head as teams or players, and whoever wins the game racks up points. The popularity of the games eventually paved the way for e-sports tournaments which bettors could wager on in esports betting sites that have grown quite fast. Understanding how e-sports work is easy. But their relationship with NFTs? – That’s the tough part.

NFTs and E-Sports

NFTs, non-fungible tokens, are digital assets that have real-world value. That includes anything from a ticket to a concert to an image to an audio file – yes, NFTs are that varied! Some have even sold for millions! And people have been looking for ways to get their assets more value in the open market. Anyone with an NFT can sell or trade it, while those who don’t have one can buy one. But how can digital assets be sold for such high prices without someone creating a fake or a replica of the same things?

That’s where things get interesting. Each NFT has a unique token that is not easy to replicate. And that means that if you have one such asset, you can hold on to it or sell it later at a higher price point.

How Do NFTs Relate to E-Sports?

And now we get to the answer we have been heading to all this while. What exactly is the relationship between e-sports and NFTs? Interestingly, almost everything in online games can be an NFT. Remember that NFTs are digital assets. And that means that:

  • The game can be a digital asset. 
  • The characters can be digital assets. 
  • The powers or skills accorded to the characters can also be digital assets. 

You get the gist. But not all parts of the game can be monetized. It would help if you found those you can convert into tokens and sell in the digital market. For example, you can develop a character in the game and offer this as an NFT. The money acquired from the sale can then be used in the real world because it is a form of cryptocurrency.

Have NFTs Helped the E-Sports Industry?

NFTs have further pushed e-sports into the limelight. Previously, the easy way to make money from e-sports was to:

  • Provide a game,
  • Organize a gaming tournament,
  • Learn how to play a game and participate in the tournament, 
  • Blog/ vlog about gaming, 
  • Train people how to game, or
  • Bet on gaming.

And now? You can get a piece of the cake by focusing on NFTs. More people want to learn how they can convert games or their assets into NFTs to make money from the same. Some players and teams are now using this to increase their revenue streams. They sell the NFTs to their fans and other interested parties, so they still make money even when they are not actively competing in tournaments. Of course, before investing in these digital assets, you should take the time to learn how they work to ensure you turn a profit.

David Wojnicki
David Wojnicki
"He who licks knives will soon cut his tongue."
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