Esports market is growing faster with every single day and most of the Asian and European countries have recognized the potential of this new sporting ecosystem. In India, where the gaming industry is taking a giant stride is expected to generate the revenue of close to $11 billion at the end of 2025.
Along with E Sports, the world of metaverse, Web 3.0 and NFT are the future and you never know there comes a time when all the manual currencies will be replaced with the digital one.
On January 12th 2022, game publisher “Valve” shared a heart-breaking incident for all ardent Esports fans where they stated that Dota 2 tournament will be cancelled due to coronavirus. Fans were not disappointed with the cancellation of DOTA 2 , they were sad as there was no alternate plans to host the event in future.
Facebook, Microsoft are working extremely hard on Meta Verse concept as they belief it is the future with Facebook already stating in different media outlets that they want to change their domain of becoming a meta verse company from a social media company.
The question arises is it possible to host Esports tournament via Metaverse? Let us ponder the answer in detail.
Before we jump at the answer we need to understand the concept of Metaverse? Let us understand Metaverse in a very simple language so Meta means “Beyond” and Verse means “Universe” if you add this word it will become Beyond Universe.
Metaverse is a network of 3D world whose purpose is to build social connection and meet like minded personalities. With this technology user can purchase, view and interact with other person in a virtual world with the help of Web 2.0 and Web 3.0.
They can offer solutions to cancellation of Esports event in the real world by organizing events through building social community and allowing players to compete from different parts of the world and eventually it will boost players and fan interactions.
Unique NFT (Non fungible tokens)can be made exclusively for Esports tournaments and they can be minted and sold in the bigger market like Versaity and organizers had to ensure that the payment fraud will not happen in NFT which can be checked through “Proof of View Technology”. NFT can be used in a virtual world whose importance is similar to cash rewards and goodies which are distributed to a player in a real world .
If the concept of Meta Verse based Esports tournament comes to reality, it will help fans to interact with digital avatars of their favourite E sports player and they can easily buy merchandise from block chain based store but to make it reality lot of works needs to be done behind the scenes.
The biggest question that Esports tournament organizers have to solve is to find a balance of organizing Esports event in a virtual world with the help of meta verse and using NFT based on block chain technique to simulate the same kind of experience that any professional gamers receive in the real world.