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Crypto gaming distinguishes itself from traditional gaming by providing gamers with a level of transparency that enables them to own the assets they earn and purchase within the crypto gaming . In comparison, traditional gaming usually does not offer such ownership rights to gamers, and the assets owned by players in traditional games tend to hold little value outside of the .
Although traditional gaming is still successful and enjoyable, it limits owners' ability to own and monetize their . However, Crypto gaming, while offering great potential, may not be accessible to everyone due to issues such as knowledge or high entry . The solution to this accessibility issue could lie in a mass migration to the blockchain and NFTs in the near .
At the end of 2022 the esports industry took a big hit due to the collapse of FTX, a popular cryptocurrency . FTX declared bankruptcy after a report revealed that the company lacked the funds to back customers’ . The collapse of FTX has left the cryptocurrency industry spiraling, and the esports industry found itself caught in the . The situation has made it clear that esports is over-reliant on brand partnership revenue, specifically from riskier industries such as crypto and . FTX was particularly prominent in the esports scene, with Bankman-Fried personally negotiating a 10-year, $210 million naming rights deal with esports org TSM in June . FTX is also a title sponsor of Riot Games’ League of Legends Championship Series and a major partner of the leading Brazilian esports team .
The connections between FTX and the esports industry have already begun to . FURIA discontinued its partnership with the crypto company, and TSM announced that it would be suspending its partnership with FTX as . Despite multiple setbacks, TSM’s partnership arm is still chugging along, even in the cryptocurrency . The esports org still plans to announce another, relatively smaller, crypto partnership next month, perhaps banking on the pre-existing connections between esports fans and the crypto space to avoid any negative effects from the FTX . TSM is one of the largest esports organizations, and one of few that claims to be . However, other esports companies reliant on crypto-industry dollars might not be as well-prepared to weather the coming . The collapse of FTX is only the beginning of a difficult period for companies across the crypto
There is a significant difference in career opportunities between developing nations and developed westernized countries due to various societal and structural . However, the advent of the internet and its application has opened up new avenues for people to earn a living as long as they have an internet connection and relevant software. Interestingly, countries such as the United States, Canada, and the United Kingdom have low engagement rates, but people are open to trying out crypto. On the other hand, developing nations like India, Hong Kong, and the United Arab Emirates have the highest rates of . Countries like Nigeria, the Philippines, Vietnam, and Brazil also have large numbers of users engaging in crypto . The negative press surrounding cryptocurrencies in the US and UK has contributed to lower readings compared to other . Moreover, financial regulations in developed nations are more stringent, making access and publicity another factor that many may struggle .
It is fascinating to witness how crypto gaming has created opportunities for developing countries, temporarily putting the economic downturn on hold as people open up new doors to create income with little or no barriers to . As we move more into 2023, it will be interesting to see how crypto gaming continues to . As the esports industry reorganizes to avoid shutdowns like FTX, it will be imperative for esports companies to diversify both their revenue streams and brand partnerships to be able to react more decisively to such . The esports industry should take cues from the traditional sports industry’s response to controversies such as . Consumer brands are the lifeblood of sports because they are stable, low risk, and generally responsive to .
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