How Gamers Can Earn Cryptocurrency Through Esports

The esports industry has recorded gradual growth over time as gamers, streamers, and other members of the industry continue to show support. From a market valuation of about $1.38 billion in 2022, the global eSports market is expected to hit $1.87 billion by 2025, with North American and Asian participants responsible for the largest regional markets by revenue.

There are now several tournaments with large prize pools and professional teams of players who can secure major funding and sponsorship deals. Esports is now a trusted career path for many gamers who are gradually gathering large audiences from interested people across the globe. This phenomenon also transcends video games and stretches into the online casino industry. There are several exciting tournaments on major gambling sites listed on techreport.com where players can build large and thriving communities of followers.

Cryptocurrency and Gaming

While cryptocurrency is not the most popular part of the esports sector, it meets pressing needs of several players. Gamers who understand digital assets know that the entire esports industry can benefit from finding the integration of digital assets. Important benefits include:

• Anonymity: Cryptocurrency payments offer gamers increased anonymity, ensuring that details of their transactions are not public. Using digital assets, gamers can keep their earnings, deposits, and other specific figures under the radar to avoid unwanted attention.
• Security: In addition to anonymity, cryptocurrency provides an added layer of protection for transactions via blockchain technology. Cryptocurrency transactions are protected by the blockchain’s inherent security features, which also maintain transaction integrity by ensuring all recorded data is publicly accessible through a blockchain explorer.
• Cheaper Transaction Fees: Crypto is a cost-effective alternative to traditional banking options because transaction fees are considerably lower. Players can enjoy cheap withdrawals, a crucial benefit for gamers who need cross-border transactions to withdraw their earnings.

Ways to Earn Cryptocurrency in eSports

• Content Creation and Streaming: Platforms like YouTube Gaming and Twitch can provide gamers an avenue to earn money by monetizing their content. For instance, streamers may use the subscription model, which requires users to pay a monthly fee to support their favorite streamers or content creators. Gamers may also install payment gateways that allow subscribers to make crypto payments or convert fiat payments into a stablecoin like Tether’s USDT.

In addition to subscriptions, gamers may receive donations and tips via crypto. Since cryptocurrencies support microtransactions, gamers can set up gateways to easily receive tips from interested donors. Furthermore, gamers can receive ad revenue from networks that pay cryptocurrencies to display advertisements.

• Tournament Prizes: Any gamer, regardless of popularity, can earn cryptocurrencies by entering tournaments that offer winners their earnings in digital assets. As crypto adoption improves, tournament hosts will likely increase their support for crypto payments and pay out winnings using digital assets.

• Endorsements and Sponsorships: Companies in the crypto space are increasingly securing partnerships with traditional players in several sectors, including gaming. These partnerships may include sponsorship deals and endorsements that could directly benefit gamers. For instance, crypto companies trying to gain some popularity among members of the gaming community could become ambassadors, with fees and earnings paid in crypto.

• Play-to-Earn (P2E) Games: P2E Games allow players to earn cryptocurrency simply by playing or hitting specific milestones. In addition, players may truly own in-game assets represented as non-fungible tokens (NFTs) that can be sold for crypto or exchanged for other assets. For instance, Axie Infinity players trade, breed, and battle creatures called Axies. By playing, users can earn the game’s Smooth Love Potion (SLP) or Axie Infinity Shards (AXS) tokens that can be withdrawn and sold outside the game’s ecosystem. On The Sandbox, players can earn SAND tokens by building and selling assets as well as completing game tasks. This type of tokenization can also benefit the crypto gambling sector, allowing players to earn participation or skill trophies and use them to boost their online profiles.

• Yield Farming and Staking: Gamers can earn cryptocurrency through staking and yield farming. Although this is an indirect method of earning as a gamer, it is a trusted passive income stream that allows players to deposit tokens into liquidity pools to earn rewards. Both methods require users to lock up assets for specified periods to earn more tokens or transaction fees. However, while the primary aim of staking is to secure and validate blockchain networks, yield farming helps DeFi platforms improve liquidity.

Conclusion: The Future of Cryptocurrency and eSports

There is a strong potential for increased use of cryptocurrencies in the eSports industry. With time, major platforms will likely consider integrating cryptocurrencies and blockchain technology to streamline their processes or make their operations more cost-effective. This integration exposes gaming platforms to a broader pool of players who are crypto enthusiasts. In addition, developers may consider focusing on blockchain games or tokenizing in-game assets. While this integration is in its early stages, both industries are likely to evolve together, creating more opportunities for players and service providers alike.