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Can eSports Introduce The Blockchain To The Olympics?

 
Can eSports Introduce The Blockchain To The Olympics?
Breaking News / Blockchain

The discussion about eSports potentially becoming an Olympic sport have been going on for quite some time now, especially with Russian media outlets and players, due to a growing eSports market in the country. Although some of our favorite video games are still not recognized as one, the Olympics Committee has recognized it as a legitimate professional sport at least.

Although this is already a massive achievement for this young industry, it is still in the development phase as talks continue if games are included in the next summer Olympics.

The committee says that it’s possible to include a game or two on the 2024 Olympics to display the games to a much wider range of audience. It will act as a type of a demonstration, a test one may say.

As mentioned above, the motion is heavily supported by Russian media outlets, players and experts. According to the opinions of those local experts, the Russian eSports industry could be a key player in supporting the adoption of the sport in the Olympics, as they’ve already been a host for the Winter events.

Although the Summer Olympics may not be coming to Russia anytime soon, the Russian eSports theme could be chiming in with the athletes in the future.

But what does eSports have to do with blockchain and how can it introduce the technology to the Olympics?

Video games using cryptocurrencies

As many crypto investors may have already heard, a few games, including eSports games have included cryptocurrencies on their platforms.

Although there’s a whole slew of Bitcoin games online, those are not the primary focus for the crypto enthusiasts. Large eSports games have a large adoption rate are the focus, and they’re becoming more and more common as we speak.

One such example is League of Legends referral system where the company included cryptos instead of in-game items as rewards, but those are not enough as well.

What needs to be taken into consideration is the Twitch subscription crypto payments, which have returned not too long ago.

Ways Twitch can affect the Olympics

Regardless of whether or not eSports are recognized as an Olympics sport or not, most of the events will still be viewed on Twitch.

For example, the Olympics Committee may be expecting to stream these games on major sports channels, but it’s unlikely to gain much traction regardless.

At that moment, it’s imperative to include Twitch one way or another.

That is where we may see some major sports news outlets start creating Twitch channels and stream specific eSports events that way. This will expose this large industry to crypto payments for subscriptions which are slowly becoming a more common occurrence due to added liquidity on Bitcoin.

Blockchain already discussed on Olympics

Another issue that needs to be discussed is the already existing relationship between the blockchain technology and Olympics.

Many crypto traders may remember when the petition for making XRP the official currency for the 2020 Olympics was ongoing. Naturally, it hasn’t happened yet, but there is still some hope for adoption.

The Committee most likely had issues about completely switching to XRP and introducing the viewers to unnecessary complications with understanding the crypto transactions.

However, should they integrate crypto payments on events where viewers are already crypto literate, it could potentially work.

How would the integration look like?

As already mentioned it’s most likely that blockchain’s integration with the Olympics will happen through Twitch subscriptions and donations.

Noting how a large majority of most watched streamers are eSports players, it could also mean additional viewers for the Olympics in general and a potential spillage of the blockchain over to “more traditional sports”.

Other ways are of course the betting industry adopting the Olympics on their platforms but that’s a more unethical way of integrating the two sectors.

Overall, there is no confirmation as of yet, there’s only a possibility, but that much is already enough to give both eSports and crypto enthusiasts some hope to push the adoption even further as more and more game studios include cryptos in their game models.

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