The time has come to pick up your gaming controller and move your character onto the blockchain.
Competitive gaming as a concept began in October 1972 with a game called SpaceWar. Hosted by Stanford University, the gaming tournament, Intergalactic Spacewar Olympics, offered a chance to win a free year’s subscription to Rolling Stone magazine. This movement eventually led to the 1980’s video competition hosted by Atari for Space Invaders.
ESports has awoken from its slumber in today’s digital age, bringing new platforms and genres of gaming to old and new demographics. The eSports space isn’t reticent of its barriers and obstacles. Gaming, however, is at a decline when it comes to gamer retention and replay value. Only one hero who can save the day–blockchain.
Where Has eSports been?
The problem of betting on the result of sporting events is one that has been around for decades. On Monday, the U.S. Supreme Court moved to break Nevada’s monopoly on legal sports gambling, and legalize it in other states, allowing them to reap the tax benefits. The Professional and Amateur Sports Protection Act was atypical in that it did not ban sports gambling nationwide as a matter of federal law, but instead, it stipulated that the United States was not allowed to permit it.
The Supreme Court noted that the federal prohibition was on betting on the outcomes of sporting events.
Capitalizing on the eSports space means individuals are tapping away at their controllers while also making significant profits. The issue in the area though, is that there is a finite supply of revenue. ESports revenue was around $696 million in 2017, which went up about $100 million from 2016.
Many are surprised by the fact that people are happy to spend their time watching others play video games. However, there is a massive prospect for market size and capitalization that opens up.
The gaming space has gone through significant changes by platforms such as Amazon’s Twitch service. Users can now stream and watch digital video broadcasts, recording video game play. Consequently, this has brought the average gamer into the living rooms, bedrooms, as well as gaming areas of professional players across the world.
If one were to apply the concept of Twitch onto the blockchain, one could end up with platforms resembling, for instance, those of, Enjin, Bountie, Firstblood.io, UNIKRN, Playkey.io, Hero and G-nation, the gaming and banking opportunity existing in all of them. Bountie, for instance, seeks to monetize the space by featuring seasonal leaderboards and also weekly tournaments for professional gamers, enabling them to earn coins or tokens.
A limited Replay Value
3-6 months is the lifespan of most games, and a modern console lasts about six months. Players easily lose interest in the game after they have completed it for the first time. This “replay value” continues to decline as factors remain stagnant.
Replayability is based on many subjective factors like music, graphics, plot lines, or even brand/product loyalty are often attributed to whether an individual continues to play the game after running through it. The problem, however, is that with a lot of games today, individuals aren’t so concerned about playing it again after completing it.
A powerful incentive is required for users and gamers to play that game again. Providing a reward program and ways in which players can be rewarded to replay a game that they like.
The gaming experience needs adaptability and readiness for change even in altered formats and platforms.
Scouting professional gamers is tough
At the moment, with a large number of gamers across the world, it is not possible to pinpoint any single one, save by following them through Twitch. Imagine though, if there was a way to search for a skilled gamer, or even create a database with accurate gamer profiles, statistics, and rankings?
The database would add not only to the capitalization of the space, but it also adds to the authentic market size of the eSports world.
The Asia-Pacific region has for years dominated the global video game market. Calculated in 2017 that the revenue from the games market in just that region amounted to $51.2 billion, almost twice the income of the second-ranked North American gaming market.
Bountie, for instance, is seeking to expand the gaming ecosystem into Asia due to almost 49% of eSports revenue emanating from Asia, specifically from South Korea. South Korea was one of the first markets to treat eSports players as celebrities and public figures. The extreme popularity of esports led to these figures being very widely viewed, mostly attributing their stardom to games like Starcraft, League of Legends, and Overwatch.
The importance of diminishing and indeed eradicating the instances of high transactional fees and fraud remains as high as ever. Things like chargebacks –a scheme where money is donated but later reposed –remain prevalent in the gaming world. Most disputes between gamers are unfair, as players almost always lose or are kicked off the servers or from the game itself.
Players, when it comes to payment, are often compensated days later because of the complexity of conventional payout systems. Platforms like Bountie and its competitors seek to create a gaming ecosystem that revolves around the gamers, making it fun to compete, all while making a living. Even Ubisoft is sponsoring a Blockchain Gaming Summit in September.
The gaming space needs to wake up again and provide a continuous space for individuals to play competitively, but also have fun while playing.