Blockchain: The Next Step in Esports and Gambling

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esports gambling

When it comes to the future of esports, one thing is certain: it is happening. At this point, no one can dispute that esports will remain with us and grow in importance sooner or later, at least as long as we have the skills.

Given the astronomical rate of technological advancement, the question arises: what does the future of esports look like? Will it include video games like Bitcoin Dice, virtual reality, or other futuristic concepts?

Many people believe that Bitcoin gambling is only destined for greater, and that crypto will play a significant role. There are several applications for blockchain expertise, some of which are yet to be discovered. It is only natural that a completely digital business like esports would try to capitalize on the advantages of this brilliant innovation, and that is precisely what has been happening in recent weeks.

The Gaming Business

With so many possible applications, it’s no surprise that blockchain is quickly gaining traction in the gaming industry. Crypto casinos are gaining popularity, and with them comes Bitcoin Cube, a simple wagering game.

Although the cube is digital, it does contain a random roll of numbers, the outcome of which may be any number. The player picks a number between one and one hundred and wagers on whether the cube roll will auto-generate a value more or less than the specified number.

It’s a variant of one of the most basic and pure forms of play. And, like with any form of gambling, the greater the risk, the greater the return. Then there’s the case of playing with cryptocurrency, which brings the long-forgotten sport back to life.

When it comes to the gaming industry, blockchain is used in more than just on-line casinos. For a long time, a few bookies have offered esports betting in various cryptocurrencies, and a few even have their own digital currency. CryptoFights for example, uses a Dungeons-and-Dragons- style dice-rolling mechanism that isn’t all that different to Bitcoin cube. Remember what FYX CEO Kling said: esports may evolve into something comparable to online poker, with grassroots esports taking place on platforms like FYX.

Crypto is a natural fit for both the esports and gaming sectors, as seen by firms’ fast adoption of the technology. Not because of its growing popularity, but because of its unique benefits and almost infinite potential in so many other areas.

Most importantly, blockchain has the potential to help the esports industry overcome some of its current challenges and act as a driver for its future growth.

Esports

Esports organizations and match organizers began working with cryptocurrency companies, and a few, like Virtus.pro, G2, and FLASHPOINT, even announced their NFT collectibles, aiming to capitalize on the NFT excitement while also providing value to their fans.

While NFTs are largely a fun addition to esports firm’s revenue streams, the crypto era is undoubtedly only getting started. Some believe that, to a large degree, grassroots esports will be based on the blockchain.

We’re witnessing a surge in real-money gaming platforms, with many of them utilizing
blockchain technology. FYX Gaming, a blockchain platform whose flagship title is aptly named ‘CryptoFights,’ uses the Bitcoin SV blockchain. Using blockchain technology has numerous advantages, including permanent data storage, detection and deterrence of scammers, the potential for useful in-game merchandise drops in the form of NFTs, and much more.

Given the possibility of real-money gaming at a grassroots level, FYX CEO Adam Kling told The Esports Journal in April that he sees esports as “online poker on steroids.” Finally, blockchain has the potential to improve aggressive integrity and safety in esports, as well as “democratize esports,” as Kling sees it.

Legal Issues Surrounding NFTs in Esports

The extent of rights that the NFT represents is one of the most important legal concerns with NFTs. An NFT often indicates a license to the instance of digital media connected with the NFT, but the copyright owner retains the underlying copyright. While sites that sell NFTs may allude to ownership of NFTs, it’s essential to remember that while the token portion of the NFT may be held by the purchaser, the rights to the digital media file are generally not.

The NBA has granted Dapper permission to manufacture NBA highlight NFTs. Licensing rights in esports may be more complicated. There are various entities in esports that may have rights that are significant. This might include the game’s publisher, as well as teams, leagues, players, tournament organizers, and perhaps others. Anyone who wants to create an esports-based NFT should make sure they have all of the required permissions from the appropriate company or entities.

Unless the fair-use doctrine or another exemption applies, it may be essential to secure rights from the game publisher if an NFT incorporates esports highlights that represent playing the
game.

Lisa T is part of our editorial staff and writes about the latest online gambling industry news and related articles from around the globe. https://www.casinoplayersreport.com.

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