As cryptocurrency and its pillar blockchain make an entrance in every industry, in Italy its application in the eSport arena market is enabling the country to make millions while streamlining the sector into one. Besides getting rid of challenges, blockchain is also opening new doors for businesses hence propelling the growth of Italy eSport arena to the next level.
Italy eSports sector had an annual turnover of $1 billion the highest ever with professional competitive video gaming experiencing the fastest growth. The latter had a yearly compound growth at 32.6% since 2012.
As crypto continues to penetrate Italy’s eSport sector, many applications are being developed to harness its power. Now there are initial coin offering being held within the sports sector to gather funds together with developers making applications on blockchain’s distributed ledger to reward users.
Further on through blockchain technology, professional players and streamers can broadcast their games live and generate some revenue via digital coins. Live streaming enables the latter to advertise products on their channels and can also lure in sponsors from their channels.
Furthermore, sports fanatics together with entities and institutions can support their favorite teams by making donations in digital coins. On the other hand, when it comes to blockchain technology, its technology can do so much through its decentralized nature.
First and foremost, blockchain will bring in transparency, improve security and also increase sports fanatic’s confidence in the system when it comes to payments, cash prizes and making sales. Furthermore, blockchain decentralized nature will come in handy at helping streamline the unregulated betting market.
Similarly, it will also get rid of the clashes evident in the sector. In the betting industry blockchain will bring transparency through decentralizing placing of bets with smart contracts coming to play. Moreover, through blockchain cases of corruption will be a thing of the past.
Apart from being used to place bets, smart contracts will be of help to professional players since they can be used to sign contracts with their teams. While some people are still skeptical of seeing crypto being accepted as a payment option, many industries are warming up to the idea of having crypto as an alternative method of payment.