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 is one of those new cryptocurrencies that has hit the market with the aim to revolutionize the global eSports gaming industry.
FirstBlood Specifically Targets eSports Industry
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 FirstBlood platform and then compete against other eSports players for in-game rewards.
FirstBlood founders believe that the global eSports operators can greatly benefit by leveraging FirstBlood 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
FirstBlood started to get the attention of eSports players from around the world after it partnered with Dota 2.
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 FirstBlood cryptocurrency tokens.
As FirstBlood 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 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 FirstBlood 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 thus FirstBlood provides 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. FirstBlood 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 FirstBlood 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 FirstBlood 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 FirstBlood platform at a disadvantage.