By 2026, the crypto tech market’s value is expected to be around $2.3 billion. Crypto and blockchain adoption by banks across Europe, Asia, and the United States have played a defining role in this market’s recent successes. However, research has found two other industries have been a driving force behind the increasing mass adoption of crypto tech.
Already the iGaming industry has started accepting cryptocurrencies as payment methods. For instance, online casinos allow individuals to deposit or withdraw in Bitcoin, Ripple, Ethereum, and other well-known virtual currencies. That’s not surprising, though. The online casino industry has always been quick to adapt to trends in technology.
For instance, when live streaming was popularized, gaming operators like Paddy Power added live games to their collection of online bingo, roulette, and poker games. Live games work by connecting players to real-life dealers via a live stream, and these individuals communicate in real-time. Live streaming has made online casino games more enjoyable, which is what game developers are trying to improve on by incorporating blockchain technology.
According to Chris Trew, CEO of Stratis, blockchain can improve a player’s gaming experience by rewarding them with the chance to acquire real-world value. For instance, game developers are reportedly looking at in-game digital currencies and NFTs that grant ownership of in-game items or act as prizes.
There are around one billion online gamers worldwide, and by 2025, this figure will surpass 1.3 billion. Online casinos are only one niche of this industry, which means if video and mobile games also start incorporating crypto tech, mass adoption could arrive sooner than anticipated. In fact, there are already mobile games that use a play-to-earn (P2E) model. P2E games like Coin Hunt World are blockchain-based platforms that pay gamers to participate in crypto-yielding games.
The sports industry is also driving the growth of the crypto tech market. There are dozens of top leagues and clubs that have entered into partnerships with crypto exchanges, including Formula 1 and the English Premier League. These partnerships have resulted in an increase in crypto branding on jerseys and equipment.
Wolves X @bitcicom
Welcoming our new official sleeve sponsor.
— Wolves (@Wolves) June 1, 2021
Most recently, Staples Centre in Los Angeles was renamed to Crypto.com Arena. The popular crypto website, which also has a partnership with Formula 1, bought the naming rights to the iconic arena, and the change will go into effect on December 25, 2021. Professional athletes have also started to voice their support for blockchain and non-fungible tokens (NFTs).
For instance, in November 2021, Premier League star Son Heung-min signed an exclusive license agreement with an NFT trading platform. Under the terms of the deal, the platform will sell NFT collectibles authorized by the South Korean icon. Exposing the crypto tech market through the billion-dollar sports industry is a great business strategy. To achieve mass adoption, you have to appeal to the masses, and who doesn’t love sports?
The advantages of the crypto tech market speak for themselves, but everyone/everything needs help sometimes. Fortunately, the online gaming industry and the sports sector are exposing new demographics to crypto tech. Working together will allow this industry to see mass adoption sooner than later.
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