Global Esports Federation named Ripple’s Flare Network as its Official Global Partner for Blockchain Ecosystems. This partnership will further expand and grow the use case of emerging blockchain technologies like NFTs and Metaverse into the dynamic world of Esports.
Scope of Partnership: Global Esports Federation and Flare Network
Adrian F. Lismore, GEF Board Member and Chair of Finance, Legal and Admin Commission, personally welcomed Flare to their #worldconnected campaign. He pointed out that this deal promotes one of their core values: innovation. Ultimately, the goal of GEF is to use new technologies to build a more competitive esports and entertainment industry.
He said, “Our global community had asked us to lead the way and provide the guidance, framework, and integrity measures appropriate to enhance their trust. This global partnership with Flare Networks will help the GEF, our Members and Partners, light the way for our community to engage with blockchain.”
GEF stands to benefit from the Flare Network’s scalable and sustainable blockchain with low carbon footprint.
Hugo Philion, Co-Founder and CEO of Flare Networks, is bullish over this partnerhsip. He said, “Gaming and esports are an area where we think Blockchain has exciting applications. Through this fantastic partnership with the GEF, we hope to foster an enriched, democratized and better-connected esports community, #UnlockingValue.”
Huge Potential Between ESports and Blockchain
Statista valued the 2021 global Esports Market at over $1.08 Billion. This represents a 50% increase from last year’s figures. In contrast, Axie Infinity, the top NFT-backed game, generated $1.09 Billion in NFT Sales. $776.6 Million of the total volume was from the past 30 days.
This side-by-side comparison alone shows the massive potential of Esports and blockchain integration. NFT games launched only this year have reached astronomical heights. Therfore, the future looks bright for Esports: Its a mature industry with a strong following and good track record.
The concept of digital items is already ingrained in the gaming world. Thus, Esports Industry can just expand and build on this. Moreover, game publishers and esports organizations can use NFTs to create new revenue streams. For example, Esports companies can mint and sell unique highlights of popular online games such as League of Legends.
Apart from GEF, Esports organization Dignitas also spotted the opportunities in using NFTs. Two weeks ago, it announced its partnership with NFT production studio Zytara Labs for the issuance of digital cards. Meanwhile, European esports organization OG Esports generated almost $1 million with just three NFT drops.
The Global Esports Federation promotes the credibility, legitimacy and prestige of esports. Plus, it convenes athletes, players and industry leaders together on one inclusive platform. GEF has established 125 global partnerships including over 100 Member Federations, global brands, publishers,developers and strategic partners.
Its primary mission is to develop the connection between esports and technology. Hence, the decision to tap with Ripple’s Flare Network.
Meanwhile, the Flare Network is a new decentralized network bringing full smart contract utility to the XRP ecosystem. However, its parent company, Ripple is an established blockchain-based digital payment network and protocol with its own cryptocurrency, XRP.