Electronic sports, commonly known as e-sports, is a term used for digital gaming competition, in which players battle against each other in an individual or team-based format often in a competition or event that offers huge monetary rewards to the winners. Some e-sports games are also available in a single-player mode.
Esports has introduced the aspect of competitiveness in the world of gaming. Players from all over the world participate in esports gaming competitions and the winners walk away with millions.
Esports players are offered appealing possibilities for valuable corporate sponsorships because of their tremendous popularity; certain tournaments regularly draw more than a million viewers. Esports are competitive video games performed in a highly structured atmosphere. These games can vary from renowned multiplayer online battle arenas (MOBAs) for teams, to single-player first-person shooters, survival battle royales, and virtual recreations of physical sports.
Esports competitions and other events can draw audiences that equal those seen at most professional sporting events. The 2017 League of Legends World Championship attracted over 80 million viewers, making it one of the most-watched esports events of all time. ESPN and Disney XD announced in July that they had signed a multi-year contract to broadcast the Overwatch Competition, a brand-new worldwide league with 12 clubs based on the wildly popular multiplayer first-person game, Overwatch.
PUBG, which is an Esports multiplayer shooter game, had an event hosted in 2021 where the winning team Susquehanna Soniqs walked away with a prize of $1,296,189 in total winnings.
These prizes are common in the esports industry owing to its total valuation reaching $1,084.1 million dollars in 2021, which is a 50% increase from 2020.
Players in the esports industry, like conventional athletes, can earn millions of dollars in prize money from online and offline tournaments, which is usually shared between the players of the winning teams. That implies that the best players in the world may easily make seven figures in a year. Ticket sales for these contests help both teams and event organizers with generating huge revenues.
Furthermore, sponsorships, money for producing YouTube promotional videos, and even signing with gaming clubs are all possibilities for exceptional players in the e-sports world. Some popular examples include Tyler Blevins, commonly known as Ninja, a Fortnite prodigy, who is estimated to earn around $500,000 per month. Another player, Saahil "Universe" Arora, earns six figures from Dota 2 in every major event. However, only a small percentage of players qualify at that level.
The crypto world is also moving towards the e-sports gaming trend. Recently, CoinFund, blockchain research and advisory firm invested $2.3 million in an e-sports startup. Another popular example is Coinbase, a cryptocurrency exchange platform that announced its partnership with Berlin International Gaming (BIG) which implies that crypto experts see a huge potential in the e-sports sector and its transformation in the blockchain world.
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