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Blockchain and Crypto Tokens Settle Deep in the eSports Industry

The industry of eSports is a field which has a lot on offer, considering the large audience it has and the big number of players which participate in it. In the rapidly-developing gambling industry, it is not a surprise to anyone that the blockchain technology is settling deeper in the sector of competitive video gaming and eSports events. This gives green light to major eSports tournaments which implement digital currencies to the ultimate degree and the first which relies on digital currency prizes solely is scheduled to take place on 24th February in Belarus, Minsk.

With the help of the vastly incorporated virtual currencies, people have the chance to bet on eSports events and put their general knowledge of the matter to the test while winning money. This is considered a form of gambling and many jurisdictions have their regulations applied to it. It could be recalled that back in the fall of 2017 the developers of Unikrn introduced their concept involving a digital currency called UnikoinGold, which has the objective to make the betting process effortless and easier for anyone interested in placing a bet during such type of event.

Since some states in the US still do not permit sports betting and there are strict rules against them, the players residing in those locations have the chance to utilize the cryptocurrency UnikoinSilver, which is an exclusively virtual one and could not be cashed out. This comes to show the close-knit relationship competitive video games have with digital currencies and it all has the underlining spirit of gambling. It has been recently announced that the eSports company Play2Live will introduce the first-ever competitive video gaming tournament which features a big prize that will be offered by utilizing the platform’s own Level Up Coin token.

Details around the Crypto eSports Tournament

The discussions whether virtual currencies are reliable and should be taken seriously never seem to stop as more and more people become involved in them. They are considered a form of gambling by experts in the field, because of their fluctuting nature, and a form of investment by many people around the globe.

The said eSport tournament will feature a main prize amounting to $100,000 in LUC tokens and in order to lay their hands on the big prize, a total of eight international teams will have to compete in a CS:GO tournament. With this move, the people responsible for the operation of the platform aim to make the process of interaction between players, management, and viewers seamless and to implement a diversity and an alternative to fiat currencies when it comes to the monetization of the whole process.

The idea behind bringing the blockchain technology and eSports tournaments and betting on them is to create an environment which brings benefits to all parties involved and to give out generous prizes to both the players which demonstrate their potential behind the monitors and the viewers which place their bets for the winning team. The last day in which participants can purchase the in-platform tokens in its pre-sale phase is 6th February. This tendency will only deepen the relationship between eSports and digital currencies, further establishing it as a convenient one.

 Author: Hannah Wallace

Hannah Wallace has been part of our team since the website was launched. She has a master’s degree in IT.