Esports, Smart Contracts and Transient — the next Holy Grail
Esports and Gaming are coming to the blockchain faster and probably in a different way from what you previously imagined.
Exponential is a word often and widely used to describe growth and impact in the tech space, whether we’re deep diving on a new transformational platform, the adoption of a new product or how communities react to an array of new and engaging experiences. When we talk about the velocity of growth in esports — or the mainstream coming to grips with the impact of the crypto ecosystem — the term ‘exponential’ pales in significance when assessing the impact of their contribution to a new and informed world of interaction.
Through the trials and tribulations of headline grabbers like the volatility of Bitcoin, the adoption as legal tender in El Salvador and a number of countries publicly acknowledging the need to adapt over recent months, the mainstream is more aware and attentive as ever to understand how this emergence will affect them day to day and what opportunities present themselves in a post-traditional finance world.
A similar story can be said for esports — where whilst not a primary factor — the world of COVID has once again catapulted an already tremendous trajectory of the industry. Combining those looking for a new way to entertain themselves and with more entry points than ever, the ability to consume a new type of content and become part of the esports community has resulted in significant increases of new audiences and more eyes on the industry than ever.
When we review and try to understand the underlying attributes related to the success stories of both these previously non-traditional industries it is evident there are a number of clear parallels that are consistent — it would be remiss to talk about parallels between esports (moreso Gaming in general) and blockchain without acknowledging heavy-hitters in the space Axie Infinity and more recently the $60m raised by Sydney, Australia based start-up building a platform that uses NFTs to help monetize games.
Three Key Attributes are at the Core of This Success:
1. Community-driven
Building and maintaining an organic and loyal community is a staple in both Esports & Gaming and blockchain & cryptocurrency landscapes — the nature of the demographics across both means that social engagement across platforms such as Twitter, Reddit and YouTube is the way users consume information — being able to leverage two huge communities in the same sphere is an interesting proposition to say the least, the opportunities of cross-pollination of knowledge and utilising varying ways to problem solve is extremely exciting.
The principle of community-first and the fact this information is distributed and consumed directly allows those members to become all of consumers, participants, and end-users in control of their own destiny — with no dictation of messaging, no bias or uninvited views and an ability to choose their own adventure.
2. Technology-driven
None of the success of either Esports & Gaming or blockchain & crypto would exist without individuals — and core communities’ members — pushing the boundaries on what is capable (or creatable) with the technology at our disposal. Striving to constantly evolve the way we solve problems, utilise new ways of thinking and inevitably design solutions is paramount enabling powerful experiences.
It is a credit to all that have contributed to both industries in one way or another to put us in a position to heavily leverage each other’s strengths as we converge on delivering these experiences… enter the Metaverse.
3. Future-thinking
At the core of the parallels is the ability to challenge the status quo and stop looking backwards for inspiration or guidance — the phrase ‘if you’re not going forward, you’re going backwards’ fits perfectly here — for blockchain and cryptocurrency an overarching desire to move to a decentralised world is based on the experiences pioneers and now communities faced is a centralised financial and social system. It is a testament to the desire of the community that in a relative short-period of time — when sats weren’t being stacked as they are today — that anywhere in the world you have the option to participate and consume all that is crypto to facilitate everyday life.
For Esports & Gaming, the proof is clear — as an industry, the creativity and breaking down of barriers to expand games, content and social acceptance have been key attributes to it’s continual success.
Smart Contracts in Esports
For those that may be joining us from the esports community and without a knowledge of Smart Contracts, put simply, Smart Contracts are pieces of code that automatically executes terms or conditions based on an agreement which is subsequently stored on the blockchain.
Smart Contracts are the mechanism powering NFTs, in-game tokens and distributed data streaming — we are in a great position that we have a number of these platforms at our fingertips — the downside, however, is that very few platforms allow a non-coder to utilise and explore the opportunities it represents.
Transient is one of those very few platforms, where we put the user in control — using our intuitive platform to allow creation and management of Smart Contracts with absolute ease — with no dev tools or blockchain experience required,
Whilst the list is long, three highly valuable low-hanging examples of where the user can be in control with Transient, while leveraging Smart Contracts:
Peer-to-peer (P2P) interactions:
Leveraging Smart Contracts to add excitement of playing or consuming esports content by expanding experiences such as creating your own competition betting pools for tournaments, matches or outcomes or hosting your own player v player competitions that your friends and community members can interact with — building an ecosystem with engagement and loyalty.
Tournament Management
Create Smart Contracts and harness the power of the broader blockchain ecosystem to remove pain points with running competitions, such as creating self-executing prize-pool payments based on outcomes and distribution in a consistent manner accessible and transparent.
Player Control
Building Smart Contracts focussing on a consistent governance and voting mechanism allows teams to operate transparently — significantly reducing the risk of match-fixing and gives back control to the team members.
Keep an eye on our socials to see in first hand how Transient is entering the esports space.
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