WordPress Hosti
HomeCryptocurrencyFirstBlood Cryptocurrency Looking to Revolutionize the Global eSports Gaming Industry

FirstBlood Cryptocurrency Looking to Revolutionize the Global eSports Gaming Industry

Best Jumia Tech Week Deals

FirstBlood is one of those new cryptocurrencies that has hit the market with the aim to revolutionize the global eSports gaming industry.

When an innovative product, service or technology is introduced into the global market, for the very first time, it is very hard to predict the impact that it will end up having.

There are hundreds of cryptocurrencies available in the market today, each of them with their own set of special features.

FirstBlood Specifically Targets eSports Industry

firstbloodcryptocurrency

Newzoo, a market leader in the eSports industry, estimated the global eSports industry to hit $696 million by the end of 2017 and grow to $1.5 billion by 2020.

FirstBlood wants to take advantage of this potential billion-dollar eSports industry and establish itself as the first cryptocurrency to cater to the eSports industry.

FirstBlood is a digital platform that gives eSports players the opportunity to sync their Steam account with the platform and then compete against other eSports players for in-game rewards.

- Advertisement -Fiverr Business

FirstBlood founders believe that the global eSports operators can greatly benefit by leveraging the cryptocurrency and blockchain technology to provide their players with enhanced safety and security, instant rewards and it’s unique ‘juror’ system that allows players to review their match results in case of a dispute.

The FirstBlood token launched in September 2016 and currently has a market cap of over $41 million.

FirstBlood And Dota 2 Form Partnership

Dota 2

FirstBlood started to get the attention of eSports players from around the world after it partnered with Dota 2.

- Advertisement -AliExpress Anniversary Sales

Dota 2 is one of the most popular eSports games that is played between two teams comprising of 5 players each. This is a free-to-play multiplayer online battle arena (MOBA) eSports game that was developed by Valve Corporation and released in 2013. The game can be played by a single as well as multiple players.

eSports Pseudo-Gambling Maybe Learning from Traditional Online Gambling Industry’s Embrace of Bitcoin

The FirstBlood platform will indicate to players which in-game custom lobby they must enter once the competition window becomes live. Dota 2 players will be able to spend their FirstBlood tokens on themselves and play the game. The winner will end up with the entire bunch of cryptocurrency tokens.

As the tokens have real-money value at cryptocurrency exchanges, this also raises the question of if this is gambling, and, if so, is it a legal form of gambling in every territory?

Usually, skill games are exempt from anti-online gambling laws, but would legislators see it that way if FirstBlood gains enough traction?

Ultimately, the nature of cryptocurrencies themselves may work to their advantage, as evidenced by this widespread adoption in the online gambling industry.

Websites offering real-money wagering on online poker, casinos games, and sports contests were quick to adopt Bitcoin and other cryptocurrencies. As industry website Beat The Fish notes, online poker sites open to US citizens are able to avoid banking and legal restrictions because they’re technically not doing business with banks. Player privacy is also much greater than charging credit cards and cutting checks.

FirstBlood may avoid legal headaches by following the same path. If Dota players are depositing and withdrawing cryptocurrency, short of shutting down the entire Internet, who could feasibly stop or track them?

FirstBlood Wants to Partner With More eGaming Operators

FirstBlood Crypto

FirstBlood is looking to partner with multiple eGaming operators and has its platform integrated into popular eSports games. While there are clear positives of using the cryptocurrency, it may not be all that appealing to some of the eGaming providers.

The biggest positive is that when you use FirstBlood and the blockchain technology that it runs on, you automatically end up enhancing your security features. This is because Denial-of-service (DDoS) attacks cannot penetrate blockchain technology as it runs on a de-centralized network.

The second positive is that processing a cryptocurrency like FirstBlood is instantaneous which means that players will get their winnings transferred immediately. The eSports industry is also concerned about potential match betting and its legal implications. Blockchain technology will eliminate these concerns and enable the cryptocurrency to provide eSports operators with a great advantage.

FirstBlood Makes Inroads Into Chinese eSports Market

FirstBlood made major inroads into the global gaming industry earlier this year when it partnered with China General Administration of Sport. They bagged the rights to host the China University Esports League (CUEL).

Thousands of eSports players from Universities all across China take part in this league and it was a great opportunity for FirstBlood to promote its brand.

FirstBlood Will Have To Address Challenges

FirstBlood is in talks with a number of operators but is yet to confirm which eSports game it is likely to be involved in next. One of the challenges that the cryptocurrency will have to address in its attempt to partner and network with other eSports providers is regarding its competitive advantage.

Popular eSports games like Overwatch already have inbuilt reward and skill rating systems. This means incorporating the platform will not do much for these games. It is quite possible that new eSports games will make it customary to incorporate skill rating and reward systems, which will then put the FirstBlood platform at a disadvantage.

Related Topics

AliExpress 11 11 Sales
NaijaTechGuide may receive financial compensation for products/services purchased through affiliate links on this site. See full Affiliate Disclosure Here
Noman Asghar
Noman Asghar
Noman Asghar is a Blogger, Internet Marketer, and Creative Designer. He is Passionate and Knowledgeable about Digital Marketing, Computers, and Electronic Gadgets and shares his expertise about these subjects on NaijaTechGuide.

Recommended Read on NaijaTechGuide

Best Marketing Automation Software 2024

You need the best marketing automation software to scale your business fast and convert...

Best Content Marketing Tools for 2024

As a content marketer, you have a lot of tasks to accomplish. You need...

Best VPN Services Providers for 2024

The internet is one of the greatest achievements of humanity, but it is also...

Best Laptops for Students 2024: 11 Top Picks to Choose From

So, you are a student who is looking to get the best laptop they...

Samsung Phones and Prices in Nigeria 2024

Samsung Galaxy Phones are the secret of Samsung's dominance in the smartphone market. Samsung...

Cheap Android Phones 2024 – Price, Specs, and Best Deals

Android phones are the most popular smartphone category. The popularity of Android phones are...

Best Android Phones 2024 – Price, Specs, and Best Deals

New Android Phones are launched into the market every week. This means that if...

Best Web Hosting Services for Building Websites in 2024

A good and reliable web hosting service will make a big difference for your...
Fiverr Business

More like this

The Ethical Considerations of Bitcoin Investment

Bitcoin, the first decentralized cryptocurrency, has won massive recognition and interest from individuals and...

Analyzing Market Trends: A Guide to Successful Bitcoin Investment

Investing in Bitcoin, the pioneering cryptocurrency, calls for a deep knowledge of marketplace developments...

A Step-by-Step Guide for Beginners: Investing in Bitcoin

Bitcoin, the pioneering cryptocurrency, has captured the imagination of investors worldwide with its ability...