How Metaverse and NFT Technology Are Revolutionizing Esports

In esports (short for esports), players compete against each other. Players can play in teams or as a one-on-one player. Sebastian Coen, CEO of YEsports, wants to capitalize on NFTs in the ever-evolving esports industry.

The merging of gaming, NFT technology, and Metaverse will transform the burgeoning esports market. Better new revenue streams, greater and more vibrant fan engagement are just a few of the unique advantages of NFTs and Metaverse that fit the esports market almost perfectly.

Microsoft’s recent acquisition of Activision Blizzard showed that while we’re still in the early stages, esports’ shift towards the Metaverse is already a reality.

With its $69 billion acquisition of Microsoft, the company wants to provide “the building blocks for the Metaverse.” It also aims to solidify Microsoft’s position in esports, allowing the company to integrate and develop new gaming content and community elements – two cornerstones of success in esports and the Metaverse.

Add to that the active work on NFTs from game publishers like Epic Games, EA and Ubisoft and it becomes clear where the esports industry could be headed.

Why is NFT technology important to the esports market

NFTs (Non-Foldable Tokens), as the name suggests, are unique tokens that take advantage of decentralized and immutable ledgers to transfer verifiable digital ownership.

NFTs can be used in many different ways. Can be paired with physical goods to enable merchandise authentication; Can be linked to digital items to create rare digital artwork; It can also be used to transfer ownership of in-game items.

Especially for esports fans, the use of NFT can bring many advantages. For example, NFTs can be used to access VIP rooms, clubs, and channels for esports teams. This allows fans to develop a deeper connection with their favorite teams and creates a sense of synergy that makes esports communities more vibrant. NFTs can evolve into digital tools for audiences, memberships, rewards, and access.

NFTs from Yesport

NFTs as sources of income

For esports teams, NFTs, when used judiciously, provide a sustainable and predictable source of income. Teams can have stable and often much needed financial security. For example, teams can use NFTs to mark up esports merchandise, as owners get access to new merchandise that goes down every year. And no matter where they live. This increases the global reach of esports teams and creates additional revenue streams that could be very important in the long run.

Additionally, game clips of memorable and memorable esports moments can be captured, converted to NFT, and then sold.

Another obvious – but very important – example of the use of NFTs in esports is the connection of in-game objects, achievements, and prizes to the real world. A survey of more than 2,000 gamers conducted in 2021 found that 63% of gamers want virtual goods with real value that they can sell and sell. And 64% said it would make them gamble more.

The esports market is already experiencing one of the highest levels of fan engagement. The global live audience has grown at a cumulative growth rate of 15.7% between 2017 and 2022. This year, the global live audience is expected to grow to 728.8 million people. This is 10% more than in 2020. In 2024 there are supposed to be 920.3 million people. With the opportunity to get real ownership of esports assets, user activity can increase much more.

NFT
NFT- Image from BeInCrypto.com

How does the Metaverse fit into esports?

The basic idea behind Metaverse is to create a permanent and interoperable digital environment. In this, users can interact with each other and make transactions in virtual stores and with like-minded people. This vision of the Metaverse fits almost perfectly into the current esports lifestyle. Several small tightly knit communities have emerged on popular social media platforms such as Twitch and Discord.

Generation Z’s desire for highly connected communities has a positive impact on platforms that enable peer-to-peer interactions. Often these virtual communities are now export communities.

With the aim of building on these communities, dedicated Metaverse-based platforms have already emerged, designed to enable millions of esports fans around the world to connect directly to their favorite teams through personalized Metaverse experiences. YEsports is a Web 3 Esports Engagement and NFT Marketplace platform that is a place that creates a new format for esports teams to interact with fans and sell unique NFT packages or unique NFT collectibles. Additionally, YEsports offers fans access to the esports metaverse. This allows fans to interact directly with their favorite teams and with other fans.

metaverse
Metaverse- Image from BeInCrypto.com

Esports: Will the market turn into entertainment?

NFTs can act as keys that their owners can use to obtain privileges, content, and special privileges. These include, for example, access to the metaverse and private content. Or, for example, VIP access to Discord’s private servers, signed fan articles or exclusive video content.

Owning rare NFTs can give access to private virtual rooms or access to other limited NFTs and even real-life experiences such as celebrity meetings.

In short, NFT technology, Metaverse-based platforms, and metaverse-based platforms such as YEsports have the potential to transform what is still a relatively small market for esports into a globally recognized and widely consumed entertainment market that will shape the future of digital media and fan engagement around the world.

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