Video games have always been popular since their inception a few decades ago. Estimates by Statista indicate over 3.2 billion players in 2021, most of whom are in the Asian region. And with cryptocurrency entering the picture, they’re predicted to become even more explosive.
Unlike traditional video games of the bygone era, which used the pay-to-play scheme, crypto games follow the play-and-earn or play-to-own model. Every game rewards players with cryptocurrency or digital coins and game items or non-fungible tokens (NFTs) by performing specific tasks or missions, like learning how to breed Axies to start earning.
These virtual assets become a player’s property, which can be used to enhance gameplay or traded for real-world money or fiat currency. When played in tournaments, crypto games can even be more enticing. Here’s how.
Crypto games make tournaments more exciting
Tournaments as a game model have existed since ancient times. Think about how gladiators fought each other in the arena hundreds of years ago.
That said, the concept of playing tournaments has evolved with a few variations. Regardless, it involves a series of matches between multiple players who must outwit and outperform each other to win the grand prize.
But watching crypto game tournaments is enough entertainment for most, primarily because it’s highly accessible. A video game live-streaming service has reported 2.5 million average concurrent viewers and 92,600 average concurrent streamers in 2022. A few of the most popular free and paid video streamers are gamers.
Besides tournament games, some spectators engage in the action by watching the matches and predicting the winner.
E-sports integration in crypto games
In 2021, the e-sports gaming market was valued at $2 billion. Because of its continuing popularity, the sector is expected to grow 21.9% cumulatively from 2022 to 2030.
Esports tournaments have recently entered the crypto gaming world, uplifting the latter’s status as an official sport. This recognition has, in part, professionalized crypto gaming. As mentioned above, live gaming streamers, influencers, sponsors, and event organizers have helped boost the global popularity of crypto gaming tournaments. Forward-thinking schools and universities offer Esports in their curriculum.
Whether official or unofficial, some game fans organize betting systems in tournaments that level the playing field, like handicap wagers for these specific matches. E-sports integration into the crypto-gaming industry has stirred more interest in regular sports like tennis, football, basketball, etc.
Crypto gaming makes tournaments easier to fund
In the past, gaming tournaments were sourced from subscription fees and sponsors, mainly from the sports or information technology industry. While these matches were able to raise impressive amounts for a hefty price, the intricacies of agreements and other requirements could have discouraged some businesses from donating.
With cryptocurrency, anyone from anywhere can help fund the game anytime. Because a central agency doesn’t govern crypto, unlike official currencies, it isn’t subject to certain regulations just as real world-money is. As such, tournaments will get bigger and offer heftier sums because of crypto payouts.
But funds don’t just go to crypto gaming tournaments. Official sports like football, basketball, ice hockey, etc., have recently benefited from crypto companies. For instance, Crypto.com was the official sponsor for the 2022 FIFA World Cup and boasted partnerships with other professional sports leagues either as a sponsor or as an official trading and exchange platform for virtual currencies used in these real-world games.
Crypto gaming tournaments pay serious money
According to Statista, the largest prize pot in esports history was USD$ 32.85 million, paid for in the 2022 Dota 2 tournament. If channeled through traditional means, financial transactions must have been a nightmare to winning players, considering the amounts at stake.
Cryptocurrency platforms make paying all parties, including players and game developers, easier. For instance, tournament winners pre-crypto typically have to wait for traditional payment systems to clear the transaction. With crypto in the picture, tournament winners can receive the cash instantly, no matter where they’re located.
Similarly, one of the most famous crypto games, Axie Infinity, is poised to become an esports tournament to boost its massive popularity further. As it is, Axie game developers earn money through in-game purchases, breeding fees, and so on.
On the other hand, users earn by making and selling their monsters. The best part is that these virtual assets have actual value in the real world, meaning players can exchange them for physical money.
Crypto game tournaments are for everyone
Crypto games typically have the same regulations as video games, and developers can impose certain restrictions that protect their rights over the product. Besides the rules on playing and earning tokens, selling and trading crypto assets don’t have geographical and other restrictions imposed by financial institutions. With such decentralized transactions, crypto gaming tournaments can open their doors to adult players regardless of their social status, age, gender, etc.
While you need to open a crypto account or wallet and fund it to start playing, you don’t need to submit identification documents every time you withdraw or fund an account—helping keep transactions anonymous, fast, and secure.
Crypto gaming has become a massive hit by lifting certain restrictions on traditional gaming. One of its major draws is the P2E framework, which lets players earn for the time they spend on the game.
Besides the quick and easy means to earn tokens, crypto-run tournaments can also attract more sponsors and donors to accumulate a massive prize pot. This win-win model drives more players, which, in turn, pushes developers to create great-quality titles to develop the industry further.