What is Esports?
Let's find out Esports meaning, definition in crypto, what is Esports, and all other detailed facts.
Esports, short for electronic sports, refers to competitive digital gaming tournaments. Players compete either solo or in teams, depending on the type of the game, in regional or national competitions for a title and prizes which in many cases are monetary. Some prize pools for esports tournaments can be in the thousands or millions of dollars.
Following the example of traditional sports, esports are typically streamed live on online gaming platforms or, in some cases, on TV. Esports players receive sponsorship deals and exposure for their gaming capabilities. Tournaments may take place online remotely or on LAN. Some esports arenas have been built to provide fans with a live competitive experience.
While there is a range of games that can be played competitively, some of the most common esports genres are:
- Multiplayer online battle arenas (MOBAs);
- Team-based or solo-based first-person shooters;
- Battle Royale;
- Digital card games.
Between the live attendees and the digital livestreams, esports events can garner viewership in the millions. The 2021 League of Legends World Championship took place in Reykjavik, Iceland, and garnered a peak concurrent viewership of nearly 74 million. Other popular esports gaming titles include Rainbow Siege 6, Overwatch, Valorant, and Fortnite.
Esports tournaments are highly competitive and often offer the teams of individual players massive prize pools. The reward for the Dota 2 International 2021 winning team was estimated at over $40 million. Additionally, the events generate huge revenues through ticket and merchandise sales.
Esports players often go by their in-game handles rather than their actual names. In some cases, they may be able to conceal their identities altogether. Players may grow their audience outside the game on streaming platforms like Twitch. Furthermore, teams often recruit streamers with outstanding game performance as players.
Alongside players, other important entities of esports are coaches and, in some instances, official team streamers. Coaches often are former players who retired from their professional gaming careers. Team streamers are gamers hired to promote the team on their preferred streaming platforms.
Esports teams often sign sponsorship deals with traditional or digital companies. If the teams are regional, for example, representing a specific city or country, they may have regional sponsors.
The crypto world is slowly developing its own esports ecosystem. In 2021, blockchain research and advisory firm CoinFund made a $2.3 million investment in the esports startup Community Gaming. The cryptocurrency exchange platform Coinbase partnered up with Berlin International Gaming (BIG) to boost the crypto community engagement.
A few of the best-known blockchain-based multiplayer games, such as Axie Infinity (AXS) and CryptoBlades (SKILL), may become the benchmark for crypto esports and the future of blockchain gaming.
The hash value produced via Ethash must be below the provided threshold, which determines the difficulty. The Ethereum network regularly adjusts the threshold to be more or less difficult. This manages the <strong>mining pace<\/strong> – if the mining pace rises, the difficulty level is automatically increased and the threshold along with the number of valid hashes is lowered.<\/p>\n<p>Similarly, if the <strong>mining pace slows down<\/strong>, the network increases the threshold. This leads to a higher number of discoverable valid hash values.<\/p>\n<p>Ethash can help determine how many computing resources a miner requires to locate the sequence number, or <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-nonce/">nonce, which makes it possible to propose new <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-block/">blocks to be added to the chain. On average, a new block is generated every 12 seconds.<\/p>\n<p>Miners often adjust the memory clock frequency of the GPU. This helps them <strong>yield more Ethash hash rates<\/strong>. This process produces more heat and requires higher electrical resources. Therefore, miners may rely on manually managing power control or setting their fans to higher speeds.<\/p>\n<p>Those involved in Ether mining may <strong>build custom PCs containing six or more powerful GPUs<\/strong>. This helps achieve cost-effective mining. The strategy of using custom-built PCs is often employed by <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-mining-farm/">crypto mining farms<\/strong><\/a>.<\/p>\n<p>The <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-block-reward/">rewards for a successfully discovered block that can be added to the chain are:<\/p>\n<ul>\n<li>A <strong>static block reward<\/strong> (3 ETH);<\/li>\n<li>The <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-gas-price/">gas fees<\/strong><\/a> of the mining process are covered by the execution of all transactions recorded in the block;<\/li>\n<li>Additional rewards for including <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-stale-block/">stale blocks<\/strong><\/a>, or uncles, in the block.<\/li>\n<\/ul>\n<p>Ethash is designed to be <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-asic-resistant/">ASIC-resistant, thus making the overall process of mining Ether fairer. It is expected that Ethereum 2.0 will move from Proof-of-Work to the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-proof-of-stake-pos/">Proof-of-Stake (PoS)<\/strong><\/strong><\/a> consensus algorithm, taking the Ethash mechanism out of commission.<\/p>","definition":"Proof-of-Work (PoW) mining method used in the Ethereum ecosystem.","status":"published","meta_title":"What is Ethash? Definition & Meaning | Crypto Wiki","meta_description":"Ethash meaning: Ethash - Proof-of-Work (PoW) mining method used in the Ethereum ecosystem.","meta_keywords":null}" :prev-section="{"id":323,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Escrow","level":"medium","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2023-12-01T07:31:32.000000Z","slug":"what-is-escrow","title":"What is Escrow?","section":"E","keyword":"Escrow","content":"<p>Escrow refers to a <strong>financial mechanism where a third party is designated to hold the assets<\/strong> while the buyer and the seller negotiate the deal. Escrow accounts are required if either of the parties is uncertain whether the terms of the transaction can be completed.<\/p>\n<p>Escrow accounts originated in traditional markets for property transactions. A third party holds the funds until the seller and the buyer sign the property purchase agreement. The escrow then releases the funds to the seller, while the buyer receives the property. In addition to this, escrow accounts may be used for banking, mergers, and acquisitions, among other purposes.<\/p>\n<p>Escrow accounts have become increasingly popular among cryptocurrency investors. According to Business Insider, hackers acquired over $4 billion worth of cryptocurrency in 2021. Escrow services can be employed if crypto investors wish to <strong>exchange their crypto assets for fiat currencies<\/strong> but are unsure if the other party will follow through with the deal.<\/p>\n<p>Blockchain-based escrow accounts can be automated by employing <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-smart-contract/">smart contracts<\/strong><\/a>. In many cases, the accounts are overseen by dedicated service companies. Blockchain is advantageous for escrow accounts due to the security of the <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-distributed-ledger/">distributed ledger<\/strong><\/a>. They may be less prone to hacks or scams, although cases of human error are still possible.<\/p>\n<p><strong>Escrow service companies act like third parties<\/strong> responsible for temporarily holding the funds and regulating the transaction payment. This helps ensure that both the buyer and the seller follow through with the terms of the agreement. The companies may charge a commission for their service of around 1-2%. The payment may be withdrawn from either or both sides of the agreement.<\/p>\n<p>Crypto escrow services may be subject to national regulations and consumer compensation schemes to ensure transparency and legitimacy. Regulated firms can provide better reliability as the buyers and sellers entrust them with valuable assets.<\/p>","definition":"a financial mechanism where the assets are held by a third party throughout deal negotiations between the buyer and the seller.","status":"published","meta_title":"What is Escrow? Definition & Meaning | Crypto Wiki","meta_description":"Escrow meaning: Escrow - a financial mechanism where the assets are held by a third party throughout deal negotiations between the buyer and the seller.","meta_keywords":null}" :model="{"id":324,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Esports","level":"medium","author_id":1,"created_at":"2023-06-19T06:58:59.000000Z","updated_at":"2023-12-01T07:40:56.000000Z","slug":"what-is-esports","title":"What is Esports?","section":"E","keyword":"Esports","content":"<p><strong>Esports<\/strong>, short for electronic sports, refers to competitive digital gaming tournaments. Players compete either solo or in teams, depending on the type of the game, in regional or national competitions for a title and prizes which in many cases are monetary. Some prize pools for esports tournaments can be in the thousands or millions of dollars.<\/p>\n<p>Following the example of traditional sports, esports are typically streamed live on online gaming platforms or, in some cases, on TV. Esports players receive sponsorship deals and exposure for their gaming capabilities. Tournaments may take place online remotely or on LAN. Some esports arenas have been built to provide fans with a live competitive experience.<\/p>\n<p>While there is a range of games that can be played competitively, some of the most common esports genres are:<\/p>\n<ul>\n<li>Multiplayer online battle arenas (MOBAs);<\/li>\n<li>Team-based or solo-based first-person shooters;<\/li>\n<li>Battle Royale;<\/li>\n<li>Digital card games.<\/li>\n<\/ul>\n<p>Between the live attendees and the digital livestreams, esports events can garner viewership in the millions. The 2021 League of Legends World Championship took place in Reykjavik, Iceland, and <a href=https://www.bitdegree.org/"https:////www.sportsbusinessjournal.com//Esports//Sections//Media//2021//11//Worlds-2021-Finals-AMA.aspx/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong><strong>garnered a peak concurrent viewership of nearly 74 million<\/strong><\/strong><\/a>. Other popular esports gaming titles include Rainbow Siege 6, Overwatch, Valorant, and Fortnite.<\/p>\n<p>Esports tournaments are highly competitive and often offer the teams of individual players massive prize pools. <a href=https://www.bitdegree.org/"https:////en.wikipedia.org//wiki//The_International_2021/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong>The reward for the Dota 2 International 2021 winning team was estimated at over $40 million<\/strong><\/a>. Additionally, the events generate huge revenues through ticket and merchandise sales.<\/p>\n<p>Esports players often go by their in-game handles rather than their actual names. In some cases, they may be able to conceal their identities altogether. Players may grow their audience outside the game on streaming platforms like Twitch. Furthermore, teams often recruit streamers with outstanding game performance as players.<\/p>\n<p>Alongside players, other important entities of esports are coaches and, in some instances, official team streamers. Coaches often are former players who retired from their professional gaming careers. Team streamers are gamers hired to promote the team on their preferred streaming platforms.<\/p>\n<p>Esports teams often sign sponsorship deals with traditional or digital companies. If the teams are regional, for example, representing a specific city or country, they may have regional sponsors.<\/p>\n<p>The crypto world is slowly developing its own esports ecosystem. In 2021, blockchain research and advisory firm CoinFund made a $2.3 million investment in the esports startup Community Gaming. The <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-exchange/">cryptocurrency exchange<\/strong><\/a> platform Coinbase partnered up with Berlin International Gaming (BIG) to boost the crypto community engagement.<\/p>\n<p>A few of the best-known <strong>blockchain-based multiplayer games<\/strong>, such as Axie Infinity (AXS) and CryptoBlades (SKILL), may become the benchmark for crypto esports and the future of blockchain gaming.<\/p>","definition":"competitive digital gaming scene where players compete in tournaments against each other solo or in teams for a certain prize or title.","status":"published","meta_title":"What is Esports? Definition & Meaning | Crypto Wiki","meta_description":"Esports meaning: Esports - competitive digital gaming scene where players compete in tournaments against each other solo or in teams for a certain prize or title.","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}" :chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? The Pros & Cons","status":"published","modified_content":null},{"chapter_id":2,"order":4,"slug":"coin-vs-token","title":"Coin VS Token: How Do They Differ?","status":"published","modified_content":null},{"chapter_id":2,"order":5,"slug":"what-are-stablecoins","title":"What are Stablecoins, Altcoins & Wrapped Coins?","status":"published","modified_content":null},{"chapter_id":2,"order":6,"slug":"what-is-a-bitcoin","title":"Bitcoin: the Pioneer of the Crypto World","status":"published","modified_content":null},{"chapter_id":2,"order":7,"slug":"what-is-ethereum","title":"The Ultimate Blockchain for dApp Creation: Ethereum","status":"published","modified_content":null},{"chapter_id":2,"order":8,"slug":"what-is-cardano-in-crypto","title":"What is Cardano and What is It Used For?","status":"published","modified_content":null},{"chapter_id":2,"order":9,"slug":"what-is-shiba-inu-coin","title":"Shiba Inu: the Dogecoin 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Crypto","status":"published","modified_content":null}]},{"id":3,"title":"Crypto Exchanges","slug":"crypto-exchanges","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-exchanges.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-exchanges-101.jpg","rating":80,"sections":[{"chapter_id":3,"order":1,"slug":"how-do-cryptocurrency-exchanges-work","title":"How do Cryptocurrency Exchanges Work?","status":"published","modified_content":null},{"chapter_id":3,"order":2,"slug":"dex-vs-cex","title":"DEX VS CEX: Two Sides of the Crypto Exchange Industry","status":"published","modified_content":null},{"chapter_id":3,"order":3,"slug":"crypto-day-trading","title":"Crypto Day Trading: The Difference Between Buying, Trading, and Swapping","status":"published","modified_content":null},{"chapter_id":3,"order":4,"slug":"kyc-crypto","title":"KYC & AML: The Key to Complying With Legal Industry Standards","status":"published","modified_content":null},{"chapter_id":3,"order":5,"slug":"how-to-buy-crypto","title":"From Fiat to Crypto: How to Buy Crypto for the First Time","status":"published","modified_content":null},{"chapter_id":3,"order":6,"slug":"fiat-to-crypto","title":"Taking Profits: Turning Crypto Into Fiat","status":"published","modified_content":null},{"chapter_id":3,"order":7,"slug":"how-to-use-crypto","title":"You\u2019ve Got Crypto: What Can You Do With It?","status":"published","modified_content":null}]},{"id":4,"title":"Crypto Wallets","slug":"crypto-wallets","updated":false,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-wallets.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-wallets-101.jpg","rating":80,"sections":[{"chapter_id":4,"order":1,"slug":"what-is-a-crypto-wallet","title":"What is a Crypto Wallet?","status":"published","modified_content":null},{"chapter_id":4,"order":2,"slug":"hot-wallet-vs-cold-wallet","title":"Hot Wallet VS Cold Wallet: Which One to Pick?","status":"published","modified_content":null},{"chapter_id":4,"order":3,"slug":"non-custodial-wallet","title":"What are Non-Custodial Crypto Wallets?","status":"published","modified_content":null},{"chapter_id":4,"order":4,"slug":"what-is-metamask","title":"Metamask: The Leading Non-Custodial Wallet","status":"published","modified_content":null},{"chapter_id":4,"order":37,"slug":"how-safe-is-cryptocurrency","title":"The Key Crypto Wallet Safety Practices: How Safe Can Crypto Be?","status":"published","modified_content":null}]},{"id":5,"title":"NFTs","slug":"nfts","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-nfts.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/nfts-101.jpg","rating":100,"sections":[{"chapter_id":5,"order":2,"slug":"how-to-trade-nfts","title":"NFT Trading: The Ins and Outs","status":"published","modified_content":null},{"chapter_id":5,"order":3,"slug":"buying-nft","title":"Tips and Tricks of Choosing the Right NFTs","status":"published","modified_content":null},{"chapter_id":5,"order":4,"slug":"how-to-store-nft","title":"How to Store NFTs: Best Practices","status":"published","modified_content":null},{"chapter_id":5,"order":5,"slug":"how-to-create-an-nft","title":"How to Create Your Own NFTs?","status":"published","modified_content":null},{"chapter_id":5,"order":6,"slug":"how-to-make-passive-money-with-nft","title":"Making Passive Money with NFTs","status":"published","modified_content":null}]},{"id":6,"title":"dApps & Defi","slug":"dapps-and-defi","updated":true,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-dapps.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/dapps-defi-101.jpg","rating":80,"sections":[{"chapter_id":6,"order":1,"slug":"what-are-nfts","title":"What are Non-Fungible Tokens (NFTs)?","status":"published","modified_content":null},{"chapter_id":6,"order":1,"slug":"what-is-defi","title":"What is Decentralized Finance (DeFi)?","status":"published","modified_content":null},{"chapter_id":6,"order":2,"slug":"what-is-defi-2-0","title":"DeFi 2.0: The New Version of Decentralized Finance","status":"published","modified_content":null},{"chapter_id":6,"order":3,"slug":"what-are-dapps-in-crypto","title":"What Are dApps and How Do They Work?","status":"published","modified_content":null},{"chapter_id":6,"order":4,"slug":"defi-dapps","title":"Picking the Right dApps: Dos and Don'ts","status":"published","modified_content":null},{"chapter_id":6,"order":5,"slug":"what-is-web-3-0","title":"Web 3.0: The Future of the Internet","status":"published","modified_content":null},{"chapter_id":6,"order":6,"slug":"what-are-smart-contracts","title":"What is the Core Purpose of Smart Contracts?","status":"published","modified_content":null},{"chapter_id":6,"order":7,"slug":"what-is-a-dao-in-crypto","title":"The Notion of a Decentralized Autonomous Ogranization (DAO)","status":"published","modified_content":null},{"chapter_id":6,"order":8,"slug":"what-is-staking-in-crypto","title":"What is the Goal of Staking Crypto Assets?","status":"published","modified_content":null},{"chapter_id":6,"order":9,"slug":"what-is-liquidity-pool-in-crypto","title":"What is a Liquidity Pool and How Does It Work?","status":"published","modified_content":null},{"chapter_id":6,"order":10,"slug":"what-is-automated-market-maker","title":"Automated Market Maker: the Cornerstone of the Decentralized Crypto Exchange Industry","status":"published","modified_content":null},{"chapter_id":6,"order":11,"slug":"what-is-yield-farming-in-crypto","title":"The Main Yield Farming Techniques","status":"published","modified_content":null},{"chapter_id":6,"order":12,"slug":"what-is-an-oracle-in-crypto","title":"Crypto Oracles: The Link Between Blockchain and Outside World Data","status":"published","modified_content":null},{"chapter_id":6,"order":13,"slug":"crypto-gambling","title":"The Peculiarities of Decentralized Crypto Gambling","status":"published","modified_content":null},{"chapter_id":6,"order":14,"slug":"what-is-the-metaverse","title":"Metaverse: A New Perception of Reality","status":"published","modified_content":null}]},{"id":7,"title":"Trading & Investing","slug":"trading-and-investing","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-crypto-trading.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/crypto-trading-101.jpg","rating":80,"sections":[{"chapter_id":7,"order":1,"slug":"where-to-trade-crypto","title":"Where Can You Trade Cryptocurrencies?","status":"published","modified_content":null},{"chapter_id":7,"order":2,"slug":"how-to-invest-in-crypto","title":"Investing in Crypto: What Investing Options Do You Have?","status":"published","modified_content":null},{"chapter_id":7,"order":3,"slug":"ico-vs-ido","title":"ICO vs IDO vs IEO: Which One is the One?","status":"published","modified_content":null},{"chapter_id":7,"order":4,"slug":"what-is-an-airdrop","title":"What are Crypto Airdrops and How to Get Them?","status":"published","modified_content":null},{"chapter_id":7,"order":5,"slug":"how-to-get-free-crypto","title":"How to Get Free Crypto Assets?","status":"published","modified_content":null},{"chapter_id":7,"order":6,"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main Principles","status":"published","modified_content":null},{"chapter_id":7,"order":7,"slug":"what-is-a-perpetual-contract","title":"Perpetual Contracts: Futures Contracts Without an Expiration 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