Gaming has rapidly become one of the world’s biggest industries valued at USD 173.70 billion in 2020 with forecasts predicting USD 314 billion by 2026.
Nationwide lockdowns have accelerated markets growth with more people turning to the gaming platforms to pass the time. These platforms are attracting more than hundreds and thousands of new visitors in online traffic.
Esports is one of the fastest growing sectors within gaming ,Leagues and tournaments with lucrative cash prizes are taking place worldwide on a monthly basis for the best gamers to go head to head, streamed live to millions across the world. Brands worldwide are fighting to get in on the action by providing sponsoring and buying start-ups in the market.
This is great for professional gamers giving them the opportunity to hone their skills in the hope of turning pro and actually earning a living from gaming.
Whilst this is great, the Esports market excludes the majority of gamers who have no desire to turn pro. Statistics show most gamers can be classed as casual gamers furthermore the fastest growing gaming format is mobile games.
This segment of casual gamers have no way to earn from their skills, the games which Esports gamers play can be considered hardcore and at odds with the category of games a casual gamer is likely to play.
The most common way for developers to monetize their games is through the Freemium model. This is where users are able to start the game for free but to progress and get the best game experience the user must purchase in-game items.
This burdens the user with non-transferable in-game assets which are useless once completing the game. Most players choose not to bother making any in-game purchases and Many of those who do experience buyer’s remorse after making their purchase.
The advent of blockchain technology has brought about countless possibilities to disrupt gaming. What was once a hobby or means to pass time can now be a means for users to earn from their skills and time as well as presenting developers with new ways to monetize their games without intrusive advertisements and non-transferable in game items.