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Glossary

Esports

November 21, 2023 - Around 4 mins mins to read

Esports, short for electronic sports, refers to competitive video gaming where professional players from around the world compete against each other in tournaments to showcase their skills and win prizes. It has rapidly gained popularity and has revolutionized the gaming industry by turning gaming into a competitive and spectator-oriented activity.

Esports encompasses a wide variety of video games, including popular multiplayer online battle arenas (MOBAs) like League of Legends, first-person shooters like Overwatch and Counter-Strike: Global Offensive, survival battle royales like PlayerUnknown’s Battlegrounds (PUBG) and Fortnite, and even virtual recreations of physical sports like FIFA and NBA 2K.

What sets esports apart from casual gaming is the professional nature of the competitions and the immense following they have garnered. Esports events can draw audiences comparable to those seen at professional sporting events, with millions of viewers tuning in to watch their favorite teams and players compete.

For example, the League of Legends World Championship in 2017 attracted over 80 million viewers, making it one of the most-watched esports events in history. This level of viewership has caught the attention of major media outlets, with ESPN and Disney XD signing multi-year contracts to broadcast esports competitions.

The popularity of esports has resulted in substantial prize pools for tournaments. Top esports competitions offer millions of dollars in prize money, with the winning teams taking home a significant portion of the winnings. For instance, in 2021, the PUBG esports tournament awarded the victorious team a prize of $1,296,189.

These lucrative prize pools have made esports a viable career option for skilled players. Similar to traditional athletes, top esports players can earn substantial incomes from prize money, sponsorships, and endorsements. Some players have even achieved celebrity status, with millions of fans following their every move.

One example is Tyler Blevins, also known as Ninja, who rose to fame playing Fortnite and is estimated to earn around $500,000 per month from streaming, sponsorships, and endorsements. Another example is Saahil “Universe” Arora, a professional Dota 2 player who consistently earns six-figure sums from major events.

It’s important to note that while the top players may earn significant amounts of money, the majority of esports players do not reach this level of success. Just like in traditional sports, it takes exceptional skill, dedication, and a bit of luck to make it to the top.

The world of cryptocurrency and blockchain technology has also taken notice of the potential in the esports industry. Blockchain research and advisory firms have invested in esports startups, recognizing the intersection of gaming and blockchain. The integration of blockchain technology in the esports sector has the potential to enhance transparency, security, and ownership of in-game assets.

Additionally, cryptocurrency exchanges like Coinbase have partnered with esports organizations, demonstrating the growing synergy between the two industries. This partnership signifies the recognition of crypto experts regarding the immense potential of the esports sector and its integration with blockchain technology.

Furthermore, the rise of blockchain-based games like Axie Infinity and CryptoBlades indicates that blockchain gaming events could become global phenomena in the future. These games leverage blockchain technology to create unique digital assets that can be owned, traded, and used within the game ecosystem. This introduces a new level of ownership and value to in-game items, allowing players to monetize their time and effort spent in the game.

In conclusion, esports has transformed gaming into a competitive and spectator-oriented industry. It encompasses a wide range of video games and has garnered a massive following, with millions of viewers tuning in to watch esports tournaments. The top players have the potential to earn substantial incomes from prize money, sponsorships, and endorsements. The integration of blockchain technology in the esports industry opens up new opportunities for transparency, security, and ownership of in-game assets. As the popularity of blockchain-based games grows, we can expect blockchain gaming events to become global phenomena in the future.

Author

Coincu

Glossary

Esports

Esports, short for electronic sports, refers to competitive video gaming where professional players from around the world compete against each other in tournaments to showcase their skills and win prizes. It has rapidly gained popularity and has revolutionized the gaming industry by turning gaming into a competitive and spectator-oriented activity.

Esports encompasses a wide variety of video games, including popular multiplayer online battle arenas (MOBAs) like League of Legends, first-person shooters like Overwatch and Counter-Strike: Global Offensive, survival battle royales like PlayerUnknown’s Battlegrounds (PUBG) and Fortnite, and even virtual recreations of physical sports like FIFA and NBA 2K.

What sets esports apart from casual gaming is the professional nature of the competitions and the immense following they have garnered. Esports events can draw audiences comparable to those seen at professional sporting events, with millions of viewers tuning in to watch their favorite teams and players compete.

For example, the League of Legends World Championship in 2017 attracted over 80 million viewers, making it one of the most-watched esports events in history. This level of viewership has caught the attention of major media outlets, with ESPN and Disney XD signing multi-year contracts to broadcast esports competitions.

The popularity of esports has resulted in substantial prize pools for tournaments. Top esports competitions offer millions of dollars in prize money, with the winning teams taking home a significant portion of the winnings. For instance, in 2021, the PUBG esports tournament awarded the victorious team a prize of $1,296,189.

These lucrative prize pools have made esports a viable career option for skilled players. Similar to traditional athletes, top esports players can earn substantial incomes from prize money, sponsorships, and endorsements. Some players have even achieved celebrity status, with millions of fans following their every move.

One example is Tyler Blevins, also known as Ninja, who rose to fame playing Fortnite and is estimated to earn around $500,000 per month from streaming, sponsorships, and endorsements. Another example is Saahil “Universe” Arora, a professional Dota 2 player who consistently earns six-figure sums from major events.

It’s important to note that while the top players may earn significant amounts of money, the majority of esports players do not reach this level of success. Just like in traditional sports, it takes exceptional skill, dedication, and a bit of luck to make it to the top.

The world of cryptocurrency and blockchain technology has also taken notice of the potential in the esports industry. Blockchain research and advisory firms have invested in esports startups, recognizing the intersection of gaming and blockchain. The integration of blockchain technology in the esports sector has the potential to enhance transparency, security, and ownership of in-game assets.

Additionally, cryptocurrency exchanges like Coinbase have partnered with esports organizations, demonstrating the growing synergy between the two industries. This partnership signifies the recognition of crypto experts regarding the immense potential of the esports sector and its integration with blockchain technology.

Furthermore, the rise of blockchain-based games like Axie Infinity and CryptoBlades indicates that blockchain gaming events could become global phenomena in the future. These games leverage blockchain technology to create unique digital assets that can be owned, traded, and used within the game ecosystem. This introduces a new level of ownership and value to in-game items, allowing players to monetize their time and effort spent in the game.

In conclusion, esports has transformed gaming into a competitive and spectator-oriented industry. It encompasses a wide range of video games and has garnered a massive following, with millions of viewers tuning in to watch esports tournaments. The top players have the potential to earn substantial incomes from prize money, sponsorships, and endorsements. The integration of blockchain technology in the esports industry opens up new opportunities for transparency, security, and ownership of in-game assets. As the popularity of blockchain-based games grows, we can expect blockchain gaming events to become global phenomena in the future.

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