Blockchain technology is impacting the iGaming and eSports industries in exciting ways by enabling new forms of engagement, creating provable ownership of assets, and decentralizing in-game economies. The integration of cryptocurrencies in the iGaming sector also drives innovation, allowing developers to create fresh solutions that encourage growth and development.
There are several benefits to the widespread integration of cryptocurrency in eSports and iGaming. For instance, digital assets streamline the industry by simplifying withdrawals and deposits. Using blockchain technology, users can complete transactions and wagers faster than other methods. In addition, crypto enables innovation because it allows for easy integration with novel gambling services such as Telegram casinos. Players can now engage in Telegram casino crypto gambling using a wide range of digital assets to enjoy classic or reimagined versions of popular casino games, in addition to high-stakes sports betting.
While there are several thousand different digital assets actively trading in the cryptocurrency sector, some of them have had a notable effect on iGaming and eSports and are likely to continue contributing significantly to the industry. The following are a few of these impactful coins.
Ethereum (ETH)
The second-largest cryptocurrency in the market, ETH remains one of the most significant coins because of its extensive support for smart contracts. The blockchain’s flexibility allows developers to build decentralized applications (dApps) that are suitable for online gambling and eSports, introducing more fairness and transparency to the sector.
The iGaming sector can benefit from Ethereum integration through decentralized betting platforms where people can place wagers securely and transparently. The decentralization also ensures that the process is cost-effective because traditional bookmakers and other expensive intermediaries are not required.
The Ethereum blockchain popularized NFTs through its ERC-721 standard, which enables iGaming platforms to integrate tokenized assets. These assets may include digital collectibles, virtual chips, and exclusive rewards that players can trade and own. NFTs on the Ethereum blockchain continue to dominate the market, indicating that the blockchain is one of the most preferred for non-fungible tokens.
In addition, Ethereum is valuable because it supports smart contracts. These smart contracts facilitate fair and instant payouts that reduce the risk of human error. They also help to automate payments to ensure customer satisfaction and continued patronage.
Bitcoin (BTC)
Bitcoin is the world’s largest cryptocurrency by market capitalization and the most popular asset in the cryptocurrency market. Like many other cryptos, Bitcoin is also decentralized, inspiring trust and ensuring security among holders. While BTC is a popular choice for cryptocurrency investors, it is also an excellent option for players in the iGaming industry.
Some online casinos offer BTC as rewards for high-stakes tournaments, choosing the asset because of its security, stability, and popularity. In addition, Bitcoin’s popularity means it’s a universal currency accessible to nearly all players regardless of their physical location.
BTC is not without a few setbacks, including scalability. The Bitcoin blockchain’s throughput sees the network processing about 7 transactions per second (TPS), a relatively low figure compared to most other blockchains. This affects scalability and may limit the adoption of BTC for eSports and iGaming. However, the asset’s overwhelming success and popularity more than makes up for this inconvenience, primarily because Bitcoin has one of the highest liquidity rates in the cryptocurrency market.
XRP
Ripple is known for facilitating fast cross-border payments and deploying tools that make the XRP token valuable for international eSports tournaments and the iGaming sector. XRP’s speed is ideal because it caters to a growing population of gamers and gamblers who need to move funds quickly between platforms or across borders. Adopting XRP can help eSports platforms organize and run global tournaments, using the token for registration fees and prize payouts.
Another area where XRP payments are valuable is microtransactions. Since transaction fees are low, casino players can easily make multiple bets without losing a large percentage to charges.
Litecoin (LTC)
Litecoin is a notable asset suitable for iGaming and eSports because of its low fees. The asset forked from Bitcoin in 2011 to create a cryptocurrency that operates like Bitcoin but offers higher throughput and improved scalability.
Like Bitcoin, LTC is accepted on several betting platforms and boasts faster transaction times and much lower fees. This makes the asset a great choice for gamers who prioritize transaction speed. Often described as the silver to Bitcoin’s gold, Litecoin is one of the oldest cryptocurrencies and is still one of the 20 largest assets in the market.
Enjin Coin (ENJ)
Enjin Coin is an asset designed for gaming. It allows developers to create and manage blockchain assets easily, also enabling the introduction of player-driven economies into eSports and iGaming.
With Enjin, developers can create unique tokens and in-game assets designed with specific intrinsic value that improve user experience since they can be collected, traded, or redeemed by the asset. This encourages decentralized governance and allows members of an online casino or eSports platform’s community to shape the platform to fit the community’s preference.
Furthermore, Enjin has several partnerships with multiple gaming platforms, which support the integration of digital assets in online casinos and betting sites. ENJ’s unique focus on creating assets with value fosters a rich environment that contributes to asset collection, monetization, and trading.
USDT
Stablecoins are a very versatile crypto asset class with varied uses across multiple industries. These assets provide participants of the iGaming and eSports industries with stability and reliability where many other assets can not. USDT, the world’s largest stablecoin and the third-largest asset by market capitalization, is one of the best assets that gamers and gamblers can use.
Firstly, USDT’s stability makes it an ideal asset for betting. It allows players to wager as much and as often as they like, without worrying about price fluctuations. With many other assets, the value of a wager can significantly crash depending on the state of the market. However, USDT solves this problem by maintaining its value to the dollar at 1:1.
Another advantage is USDT’s international accessibility. As one of the largest stablecoins, anyone can access USDT nearly anywhere in the world. The asset is available on most crypto exchange platforms and trading sites, ensuring that any interested gamer or gambler can buy some to wager or participate in a tournament. In addition, USDT is available on multiple blockchains, including Ethereum, Tron, Solana, Binance Smart Chain (BSC), Avalanche, Arbitrum, and Polygon. Its presence on several networks means that people can still access the stablecoin even when one or more blockchains are congested.
Tron (TRX)
Tron is a blockchain that was created to revolutionize digital media, especially with sharing and monetization. The platform’s goal was the transformation of the entertainment industry, enabling straightforward peer-to-peer content sharing and eliminating popular intermediaries.
Tron is popular for its high throughput and low-cost transactions. It was created to host decentralized applications (dApps) that can be used to directly interface with customers to receive and make payments. This model is very useful in entertainment, especially for online casinos and esports.
Firstly, Tron supports frequent and cheap transactions that can be applied to the online betting market, and powers a wide range of gambling dApps. In addition, the platform supports smart contracts that allow players to wager TRX tokens, win prizes, or otherwise function in a transparent environment where the risk of cheating or manipulation is significantly reduced. Furthermore, Tron has partnered with several iGaming and gaming-related platforms to introduce players to wagering via TRX and select supported tokens.
Cardano (ADA)
Another cryptocurrency known for its high scalability, ADA is a larger market-cap asset that online platforms are gradually adopting for their operations. Although not the most popular coin in iGaming or eSports, ADA’s blockchain structure and support for smart contracts enables automation, increases security, and simplifies gaming, wagering, and blockchain transactions.
In addition, Cardano supports the design and launch of decentralized gaming dApps that offer peer-to-peer action without the need for intermediaries. This helps to provide a transparent and verifiable way for players to participate in the budding sector.
Cardano has also established a few partnerships with various platforms, including e-commerce services, allowing players to trade unique Cardano NFTs they may acquire or earn through gameplay. Additionally, with its focus on decentralized governance, Cardano ensures that critical decisions are taken through community consensus, assuring that members’ voices are heard.
NFTs (Non-Fungible Tokens)
NFTs have had a strong influence on iGaming because they allow players to truly own assets. Since they are tokens representing unique assets on a blockchain, players can easily buy, sell, and trade in-game items, such as weapons, skins, and character upgrades.
Games like Axie Infinity helped to popularize economies that thrive on NFTs where players can exchange assets. In addition to iGaming as a leisure activity, the Axie Infinity model created a financial motivation for players because they successfully turned gaming into a form of investment and could earn a living from playing the game. This model is also transferable to online gambling.
NFTs can be used as rewards for winners or runner-ups in eSports or iGaming tournaments. Platforms hosting these tournaments can create actual trophies that can be awarded on a blockchain and later sold for money. Furthermore, many NFTs are interoperable, allowing players to exchange valuable assets between platforms and adding an extra layer of value to the iGaming industry.
