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Crypto Terms:  Letter E
Jun 19, 2023 |
updated Apr 02, 2024

What is Esports?

Esports Meaning:
Esports - competitive digital gaming scene where players compete in tournaments against each other solo or in teams for a certain prize or title.
3 minutes

Let's find out Esports meaning, definition in crypto, what is Esports, and all other detailed facts.

Esports, short for electronic sports, refers to competitive digital gaming tournaments. Players compete either solo or in teams, depending on the type of the game, in regional or national competitions for a title and prizes which in many cases are monetary. Some prize pools for esports tournaments can be in the thousands or millions of dollars.

Following the example of traditional sports, esports are typically streamed live on online gaming platforms or, in some cases, on TV. Esports players receive sponsorship deals and exposure for their gaming capabilities. Tournaments may take place online remotely or on LAN. Some esports arenas have been built to provide fans with a live competitive experience.

While there is a range of games that can be played competitively, some of the most common esports genres are:

  • Multiplayer online battle arenas (MOBAs);
  • Team-based or solo-based first-person shooters;
  • Battle Royale;
  • Digital card games.

Between the live attendees and the digital livestreams, esports events can garner viewership in the millions. The 2021 League of Legends World Championship took place in Reykjavik, Iceland, and garnered a peak concurrent viewership of nearly 74 million. Other popular esports gaming titles include Rainbow Siege 6, Overwatch, Valorant, and Fortnite.

Esports tournaments are highly competitive and often offer the teams of individual players massive prize pools. The reward for the Dota 2 International 2021 winning team was estimated at over $40 million. Additionally, the events generate huge revenues through ticket and merchandise sales.

Esports players often go by their in-game handles rather than their actual names. In some cases, they may be able to conceal their identities altogether. Players may grow their audience outside the game on streaming platforms like Twitch. Furthermore, teams often recruit streamers with outstanding game performance as players.

Alongside players, other important entities of esports are coaches and, in some instances, official team streamers. Coaches often are former players who retired from their professional gaming careers. Team streamers are gamers hired to promote the team on their preferred streaming platforms.

Esports teams often sign sponsorship deals with traditional or digital companies. If the teams are regional, for example, representing a specific city or country, they may have regional sponsors.

The crypto world is slowly developing its own esports ecosystem. In 2021, blockchain research and advisory firm CoinFund made a $2.3 million investment in the esports startup Community Gaming. The cryptocurrency exchange platform Coinbase partnered up with Berlin International Gaming (BIG) to boost the crypto community engagement.

A few of the best-known blockchain-based multiplayer games, such as Axie Infinity (AXS) and CryptoBlades (SKILL), may become the benchmark for crypto esports and the future of blockchain gaming.