ConsenSys is one of the largest and most influential blockchain development hubs in the world and now the organization is working alongside the North American Collegiate League on a project that will put an esports tournament platform on the Ethereum blockchain, according to a press release published by the firm.
More on the NACL
The North American Collegiate League is a non-profit organization dedicated to advancing the esports industry. It’s one of the first-ever esports organizations to broadcast competitive video gaming as entertainment on a wide scale.
The NACL is affiliated with more than 200 universities and boasts an average global audience of 400,000 to 500,000 viewers over the last six months.
Popular games featured in tournaments run by the organization include NBA2K, Madden, League of Legends, Fortnite and more.
What the Blockchain Will Do for This Partnership and for the Future of Esports Gaming
ConsenSys is launching this project in order to deal with many of the issues that plague esports gaming today. One thing it will do is make it easier for players to report a problem with anything going on during a tournament. It will also lower the amount of time it takes to verify the end result of the game as it will reduce the need for third parties and administrators to review outcomes.
Making Payments for Players Easy
Blockchain technology is proving time and time again that it offers clear use cases when it comes to provably fair gaming and verifying the validity of data. It’s used in many different facets of business, sports and gambling, not just e-gaming.
That said, the most natural fit for any cryptocurrency is in the area of payments. With this partnership between ConsenSys and the NACL, esports gamers will be able to accept tournament winnings and other forms of payment related to their gaming via the Dai stablecoin or Ethereum tokens.
The coolest part is that the gamers themselves don’t need to know anything about cryptocurrency or even have a wallet open in order to accept payment. Should they happen to not have a wallet, one will be opened for them and they will be able to exchange their Dai or Ethereum tokens for fiat whenever they choose.
Both Bitcoin and Esports are Booming
The price of Bitcoin is up nearly 25 percent over the last 30 days as the price now sits over $13,000 US. That’s up well over 300 percent since the coronavirus pandemic hit North America back in March. Part of the reason for that is because of all of the institutional investment money that’s getting poured into the cryptocurrency market. Literally hundreds of millions of dollars have entered Bitcoin’s coffers over the last several months.
But institutional capital and the coronavirus isn’t just helping cryptocurrencies. It’s also giving more and more young adults an excuse to pick up esports as a hobby. The pandemic isn’t just leading to more casual gamers becoming professionals, it’s leading to more people watching professionals on streaming services like YouTube and Twitch.
The esports world is already worth many billions of dollars and regardless of whether or not fans are able to sit in stadiums and watch people game in the near future, the bottom line is esports and e-gaming is already a global phenomenon.
Think about that for a moment. Consider that the Ethereum blockchain is going to process more than $1 trillion worth of transactions by the end of this year just because of the decentralized finance boom that grabbed hold of the cryptosphere in the last six months.
Blockchain development firms like ConsenSys are racing to improve scalability and continue to build interesting projects. Institutional investors continue to back projects with big money. Developers are on the cutting edge of whatever’s next. For all of those reasons, this partnership between ConsenSys and the NACL is sure to take esports to the next level.