Cryptocurrencies are making their way into eSports with the recent partnership of Chinese e-gaming firm Fujian eGaming Tournament Group partnered with little-known digital currency Asura Coin to boost its King of Glory competition.
The agreement underscores China’s emergence as an important eSports market with the country producing some of the most famous eSports teams in the world. The deal also comes at a time when the King of Glory tournament is gaining popularity and Fujian eGaming is focused on exploiting the momentum. The company has scheduled several tournaments in the city and the provinces for the game.
A spokesman for the company commented:
“The majority of our players and audiences are under the age of 30. They are both very interested in gaming and cryptocurrency, with many preferring to have cryptocurrency instead of RMB. So it was only natural for us to add cryptocurrency as a reward for tournament winners. We think this will help us establish ourselves uniquely in the Chinese market.”
The report added that Fujian eGaming is planning on launching five new eSports arenas across the country, which is seen as a big boost to China’s expanding eSports space in the coming years. Moreover, the company said it wants to institute a reward-based platform, combining cryptocurrencies and RMB as payments for gamers.
However, the plan does not include payments in Bitcoin, Bitcoin Cash, Ethereum, Litecoin, XRP or other popular coins. Its partnership with Asura Coin means cryptocurrency rewards will come in the form of an altcoin that is still relatively unpopular. Asura Coin is based on the NEO blockchain and is specially developed for the eSports market.
Crypto creeping into eSports
In April, DreamTeam launched a new project that aims to monetize eSports to unlock the potential of the $50 billion industry. The move is targeting the estimated more than 200 million people who play eSports or monitor the competition.
DreamTeam founder and CEO Alexander Kokhanovskyy commented:
"By offering an all-in-one network interconnecting all parts of the eSports ecosystem under one roof, our goal is to make esports accessible to everyone willing to join and compete.”
And last week, Game Stars said it would create a blockchain platform targeting professional cyber athletes.
The project said it wants to provide “cyber athletes with opportunities to play, compete, make money, and grow professionally. The concept of the platform has been developed by professional cyber athletes with a deep understanding of industry problems and personal experience in e-sport.”
This article appeared first on Cryptovest
