P2P Platforms like Skrilla are Changing The Gaming Industry
Skrilla is a functional Esports platform where you can engage in daily fantasy and Esports competition, betting, and social interactions in a completely decentralized blockchain ecosystem. They’re conducting an ICO now.
Check out their industry and product in detail:
Blockchain technology is causing massive disruptions across a wide range of industries, markets, and economies. Bitcoin is probably the most popular application of Blockchain technology – the cryptocurrency has the potential to alter the course of history. Bitcoin is essentially decentralized money that takes fiscal authority from the hands of governments by replacing fiat currency with peer-to-peer money whose value is influenced by the fundamental factors of demand and supply.
Blockchain technology is also being applied towards payments, smart contracts, IoT, cybersecurity, real estate, and the supply chain of diamonds among other things. Interestingly, the inherently digital nature of Blockchain technology is putting it at a vantage position to change the face of the global gaming industry.
Skrilla wants to use Blockchain to disrupt the gaming industry
Two renowned Australian gaming companies, Puntaa and GAMURS Group have collaborated to create a licensed, fully regulated, global Esports wagering brand called Skrilla. Skrilla is live and functional Esports platform where you can engage in daily fantasy and Esports competition, betting, and social interactions in a completely decentralized blockchain ecosystem.
Current betting platforms are currently centralized in nature, you essentially bet against the house, but the inherent lack of transparency makes it incredibly hard to know if the betting odds are fair. On Skrilla, esport enthusiasts will get a chance to be part of a betting exchange, head-to-head competitions, and betting pools. The decentralized nature of Blockchain adds transparency to the betting process by creating immutable transaction documents on wagers. A blockchain ledger of wagers, positions, and game outcomes also improves audibility by making records tamper-proof.
The idea of creating a blockchain based Esports platform is fundamentally innovative and incredibly practical. To begin with, a blockchain-based Esports platform has the potential to be a truly global platform because the peer-to-peer nature of Blockchain eliminates the barriers that lock some potential players out of the market. More so, adopting blockchain technology in the gaming industry also removes intermediaries from the gaming process since gamers and spectators can place peer-to-peer bets. The elimination of intermediaries, in turn, reduces fees, helps gamers to cut costs, and it increases the price pool on payouts.
Cryptocurrency will incentivize gaming engagement, referral, and retention
Secondly, Skrilla has leveraged Blockchain technology to create a gaming cryptocurrency known as the SKR token. SKR is ERC20 token built on the Ethereum Blockchain. It will be used for placing bets, getting payouts, and getting other member benefits. SKR also creates a global currency pool that further expands the total addressable market for Esport stakeholders.
Stakeholders in the Esports industry, gamers, developers, and creators of ancillary gaming services would love the fact that there’s an opportunity to get a first-mover advantage into the ownership of SKR tokens. Skrilla will start the token sale for SKR soonest and no further SKR tokens will be mined once the total token supply has been reached.
To buy SKR in the token sale, you’ll need Ethereum in exchange for SKR. On the Day 1 of the crowd sell, 1 ETH will fetch you 2400 SKR. by the third round of the token sale, 1 ETH will be exchanged for 2000 SKR.
The potential for an uptrend has already been built into the token sale of SKR such that inherent value of the SKR token goes up as the token sale continues. As more and more people start to pay attention to the disruptive power of blockchain in the gaming industry, you can reasonably expect an increase in the demand of SKR tokens. Since, Skrilla is the leading blockchain solution for the gaming industry, an increase in the demand for SKR without a corresponding increase in its supply will only cause the value of SKR to increase.
Impressive growth on the horizon for Esports
The global gaming industry is growing impressively fast even though the industry is still in its formative years. Virtual gaming, online gaming, and Esports are steadily growing in popularity because of on increased accessibility to the internet globally.
Newzoo’s latest Global Games Market Report submits that the global gaming market will grow to $108.9 billion this year and it will grow by another 19% to $128.5 billion by 2020. Another gaming industry report submits that the Esport gaming market segment will book $696 million this year.
The Esport gaming market segment is also expected to record a CAGR of 35.6% through 2020 to record revenue of $1.48 billion. Between 2016 and 2017, the global Esports market has recorded a 41.3% year-over-year increase.
The global gaming industry is still in infancy but blockchain technology is shaping up to be a massive growth driver in the industry. From the DOTA 2 competitions that millions of dollars to winners, to Call of Duty where prize pools run into the millions, eSports is gradually gaining prominence and there’s very little that the traditional sports industry can do to stop the trend.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.