The Esports industry is growing globally very quickly so are NFTs with the advancement of technology. Esports and NFTs both are the most popular topics in recent times. Furthermore, these two worlds are coming together, or we could say within the world of esports the use of non-fungible tokens (NFTs) is growing day by day. NFTs can be created and can be traded in an open market.

Last year more than 450 million people worldwide were watching events/tournaments of esports online. If we keep this progress in mind, then every year almost 9% of the total amount of esports public will increase, and due to the increase in public, the popularity will increase which will increase revenue.

According to Newszoo the revenues of esports were $856 million in 2019 and are expected to grow to $1.79 billion by 2022. And now NFTs are changing how the public and players experience esports competition daily as NFTs can allow fans around the globe to connect in different ways they have never before. NFTs are not changing everything so the fans can rest assured because they will still enjoy esports competition as they were or maybe they will enjoy it more.

Why Are NFTs Important In Esports

NFTs are not something new almost everyone is aware of them. The use of NFTs is vast, they can be used in digital items to create provably scarce digital artworks, or they can be used to confer tangible ownership in-game items. Owning a game previously was not considered a digital asset but now thanks to NFTs it can be considered one.

Using NFTs is different than getting something from the official franchise of a particular game, with NFTs various parts of games can be used as an investment you can turn them into tokens that you can trade off, buy, or sell in the real world so we can say that this is like a currency.

We already know how esports teams and fans have benefitted from NFTs in esports by embracing NFTs including Formula one racing, UFC, and Basketball.

Advantages of NFTs

As we know that any community that is included in trade has tremendous importance in society. In the past esports was only limited to the gaming communities or included with the sponsorship but relying on a sponsor is a little risky so with the introduction of NFTs, the esports world is getting more attention and it is fair to say that NFTs will bring the industry of esports further attention.

Almost everyone is interested in investment, so people are already interested in investing in video games to turn them into digital assets. Esports teams can now offer their NFTs up for exchanging and selling which is giving them huge support in return.

A rare or limited edition NFT could allow the owner to experience amazing things such as enjoying private virtual spaces or getting access to other limited edition NFTs, and even meet and greets with famous public figures or celebrities.

Broadening of Metaverse

The era of Metaverse and web 3.0 is in near the near future and the technologies like virtual reality and augmented reality. With these new features, players and fans will get to experience something new and unique. This is a development that falls directly under the concept of NFTs and Cryptocurrency.

The platforms related to the metaverse are already coming to the light and their purpose is to engage millions of fans globally with their favorite teams via a unique metaverse experience.

Currently, YEsports, a web 3.0 and NFT marketplace are the ones providing experiences such as creating a new forum for esports teams to interact with fans and releasing unique generative NFT packs and these platforms have the potential to raise the popularity of the esports industry even more than it already is across the world.

NFTs As A Revenue System For Esports

NFTs can offer a long-term revenue system that can bring stability to the finances of organizations such as esports only if they are used well. Let’s take an example of how NFTs can be used to tokenize esports merchandise and the holder of that certain NFT can get access to new drops of merchandise each year, no matter where they live. This will result in expanding the global reach of esports teams and creating additional revenue systems that matter long term.

Many people record their gameplay to capture some moments as no one would believe happened if were not recorded or some epic moments in esports, such types of moments can be transformed into NFTs too.

A 2021 survey conducted, by over 2000 gamers revealed that 63% of gamers want virtual goods with a real-world value that can be exchanged or sold. And 64% said this functionality would lead them to play more.