Electronic sports, abbreviated as e-sports, are commonly characterised as playing online video games with professional players competing in professional leagues.
E-sports activities take the shape of multi-player video game competition organisations, particularly among professional players, who compete alone or in teams.
These organisations have a significant number of viewers thanks to the popularity of platforms like Twitch, Vimeo, and Facebook Live.
The overall number of spectators of e-sports activities was estimated to reach 474 million by the end of 2021.
The e-sports sector has grown to be a significant global industry, with an estimated worth of $1 billion by the end of 2021. This value is expected to reach roughly 1.62 billion USD by the end of 2024 as a result of rapid growth in the sector.
NFTS and E-Sports
NFT, as it is often known, refers to a single digital token specified as an immutable “token” on any blockchain. On the blockchain network, many goods such as films, artwork, gifs, and collectibles are “tokenized” with NFTs.
Although the digital assets in the games are subject to in-game purchasing, they can also be converted to NFT and circulated through the blockchain where they were produced, as previously stated.
In truth, exchanging digital assets in games was not dissimilar to the concept of purchasing NFTs over the blockchain. In this context, with NFTs entering the digital world, it was thought that one of the industries where NFTs would be most visible would be the digital gaming industry.
Recently, blockchain-based games have emerged; it has been seen that the digital assets in these games are purchased as NFTs.
Furthermore, it has been seen that numerous digital products related to e-sports teams, particularly limited-signed player cards, are converted to NFT and sold at exorbitant prices to fans.
With the proliferation of this notion, it is feasible that the concepts of metaverse and NFT will be integrated in the near future. With this merger, digital assets that may be bought and sold in-game in NFT format will be able to be sold between games.
As a result, they will become assets that can be employed in a distinct universe.
Why it can work
Bockchain is built on the fairly philosophical premise that if enough of us assign a certain value to anything – anything, in fact, even if it doesn’t exist as a physical object in the actual world – that value becomes real, functioning, and tradeable.
When it comes to the virtual world, the difficult part is reaching an agreement on exactly what is valuable. Particularly when there is no real scarcity, as opposed to jewels and natural resources, and when the virtual object’s meaning is entirely dependent on the game’s larger context, is there a sound made when a tree falls in the forest and no one is around to hear it?
Only time will tell if NFTs can take over the gaming industry but as of now, you can only be a betting man!