This weekend, Play2Live is hosting the world’s first eSports tournament with a cryptocurrency prize pool worth $100,000. Cryptocurrency has exploded in popularity among the video gaming community in recent months, and this tournament is yet another example of crypto’s meteoric growth among gamers.
Of course, this is no surprise given the similarities between cryptocurrencies and the digital items that are popular in online video games (and by popular, we mean it’s a $50 billion global industry, and growing).
Gamers who trade in-game virtual items, sometimes called skins, share similar experiences to cryptocurrency traders. They both deal in digital property of substantial real-life value, face counter-party risks trading with strangers across the world, and share common concerns about the security of their online wallets and transactions. They also both endure the difficulties of trading digital items in a fiat-centric world, such as currency conversion fees and lack of available options to convert fiat into digital items of value. Transactions range from pennies to tens of thousands of dollars.
That’s why we, the team behind OPSkins.com, developed the Worldwide Asset eXchange™. WAX will make it easier, faster, safer, and cheaper for gamers to buy and sell digital in-game digital items. WAX aims to bring cryptocurrency to the mainstream among these 400 million gamers, bringing the much-fabled mass adoption of cryptocurrencies into reality — all starting with skins.
Video gaming will drive mass adoption of cryptocurrencies. The recent announcement of a crypto prize pool for a CS:GO tournament — the most popular Steam game that offers in-game item trading — further cements the union of these two industries. Next up? WAX.