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Esports Business Models to Survive the Pandemic

The COVID-19 pandemic has laid waste to global economies and annihilated entire industries. However, some industries have fared better than others during the outbreak. One of these is the esports sector and its unique business models. Once the reserve of video gaming enthusiasts, the esports market grew in popularity in recent years and managed to […]

The post Esports Business Models to Survive the Pandemic appeared first on Esportz Network.

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The COVID-19 pandemic has laid waste to global economies and annihilated entire industries. However, some industries have fared better than others during the outbreak. One of these is the esports sector and its unique business models. Once the reserve of video gaming enthusiasts, the esports market grew in popularity in recent years and managed to weather the COVID storm as necessity drove gamers and spectators online.

2020 Esports Business Model

The global online gaming sector experienced a surge in profits in 2020, with more than 21.1 billion dollars generated in just 12 months. This equates to significant year-on-year growth, with the growth margin unprecedented when compared to previous years. While the online gaming market always fared well, this boom in revenue is largely down to gamers being forced to play online by necessity. By the end of 2020, there were more than 2.69 billion gamers worldwide. By the end of 2021, that number looks set to exceed 2.8 billion.

How Has Esports Survived?

One of the key reasons the esports industry thrived during the pandemic is that months-long lockdowns forced consumers to pursue new pastimes away from their usual routine. With billions at home without 9-to-5 to keep them busy, user engagement with video gaming and esports rose substantially.

Although live events and attendance have long been a staple of esports, the nature of virtual gaming has allowed the sector to overcome the issues that have throttled conventional sports. That is not to say that the pandemic hasn’t caused disruption to esports tournaments. Many major live events, including the Summer Game Fest, Gamescom and Capcom Pro Tour, all adjusted to restrictions. Some events were canceled entirely, while others moved exclusively online.

By and large, esports organizations and their business models managed to adapt fairly well to the logistical nightmares presented by the pandemic. However, a handful of organizations failed to adapt quickly enough. One of the losers of the pandemic has been North Esports, a Danish organization that announced it was ending operations in February 2021.

Despite the near-exclusive move to online broadcasting and streaming, esports events still proved lucrative. With a substantial rise in the number of those playing video games and watching esports events, the sector is more attractive than ever to sponsors and advertisers.

Additionally, it is now incredibly easy for esports enthusiasts to remain updated on league and tournament developments. Platforms such as 1337PRO provide a wealth of resources for esports enthusiasts, while also serving as a centralized destination for online streaming.

Can Esports Sustain Growth?

As COVID vaccinations become more accessible and populations become unshackled of lockdown restrictions, the question remains as to whether esports business models can continue to capitalize on its surge in popularity. One of the clearest indicators that this upward trend will continue is the upswing in engagement. The biggest esports titles, such as League of Legends, are likely to continue attracting new players in the millions. Likewise, the audience figure peaks that online tournaments have enjoyed in recent months are likely to remain high.

Future of Esports Business

Esports organizations are also likely to maintain the new approaches they have had to adopt during the pandemic. The move from live events to exclusively online tournaments has demonstrated that high engagement is still possible. What’s more, sponsors and advertisers have also seen that wholly online audiences can still provide a lucrative revenue stream.

While there are winners and losers during the pandemic, as within any other industry, esports remained largely untouched by COVID-19. However, the societal changes and move to online engagement has allowed the sector to capitalize on its inherent strengths and innovation.

Written by Esportz Network

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Source: https://www.esportznetwork.com/esports-business-models-to-survive-the-pandemic/

Blockchain

Cardano must remain above this level to revive from current lows or else…

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Cardano, following the lead of Bitcoin and Ethereum was falling today. In fact, in some ways, the third-generation coin has been following the second-generation coin. ADA’s price movement has been imitating ETH’s price action. It is important to consider what this means for the investors. We know they are hit by losses but how bad is that hit? Can they recover from it?

Cardano following Ethereum?

The coin has seen a consistent price fall in the same 5 day period as Ethereum did, falling by 15.08% at press time. At $2.12, things do not look good for ADA holders.

Cardano’s 15.08% drop | Source: TradingView – AMBCrypto

Those who bought ADA for around $2.41, are presently struggling to sell their holdings. As mentioned due to the price falling to $2.14 these people are dealing in losses. At the moment they represent 67% of all ADA investors.

The addresses in profits did not suffer much, however, but those at break-even did. These addresses went into losses and the total number of addresses in loss rose by 4%.

4% Cardano addresses move into losses | Source: Intotheblock – AMBCrypto

These losses further led to the average balance on every Cardano holders’ address dropping from $40k to $37k.

Cardano addresses’ average balance falls | Source: Intotheblock – AMBCrypto

So are there any hopes of recovery?

Hopes of recovery are alive but for that Cardano will have to maintain its strength somehow. Already its correlation to Bitcoin has dropped to 0.71. 

But that hasn’t stopped bullish investors from trying to gain as much profit as possible. The market books show a 16 million ADA worth $34.2 million higher demand for buying even during such a market.

Cardano continues to be bought | Source: Intotheblock – AMBCrypto

At present, $2 is the immediate and critical support. To minimize losses Cardano must remain above it as a fall from it could lead to further downfall.

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Source: https://ambcrypto.com/cardano-must-remain-above-this-level-to-revive-from-current-lows-or-else

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Blockchain

Webcams Site, BongaCams, Becomes Next Major Player to Accept Dogecoin

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The success and popularity of the cryptocurrency asset, Dogecoin, continues to trend upward as BongaCams has just become the next on a growing list of market-leading companies announcing their adoption of the digital currency as a payment option.  Dogecoin, now the world’s 8th largest digital asset, is surging once again and continues to enjoy support from investors and celebrities alike, including Tesla CEO Elon Musk, who has tweeted favorable comments about the currency on multiple occasions, even calling Dogecoin the “future currency of Earth.”

BongaCams, the biggest webcam site on the web, and recipient of multiple industry awards, has formally announced that they will be the next major name to begin accepting Dogecoin.  BongaCams has built a reputation for being closely aligned to the needs of their customers and the company has made extensive efforts to provide an accessibility experience that is fast, easy, and comfortable.  When it came to offering payment options that customers wanted BongaCams couldn’t ignore all that DogeCoin had to offer in terms of fast and anonymous payment options for their customers, and broad market acceptance.

And what’s not to love about Dogecoin?  After soaring 15,000% in value and reaching a market cap of $88 billion, the cryptocurrency has built one of the largest and most active communities in the cryptocurrency world and is now considered a great alternative for payment options.  Dogecoin’s popularity along with the abundant praise from research analysts who expect the ascent to continue have helped Dogecoin succeed where other cryptocurrency coins have struggled.

For those interested in using Dogecoin as a payment option – BongaCams offers wide array of helpful resources and exchange services with instructions on how to easily purchase Dogecoin online.
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Source: https://www.livebitcoinnews.com/webcams-site-bongacams-becomes-next-major-player-to-accept-dogecoin/>

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The IRS says it plans to award contract for crypto startup’s cross-chain tracing software

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A notice published last week by the Internal Revenue Service indicates that the U.S. tax agency wants to beef up its capacity to track cross-chain transactions.

The term “cross-chain” generally applies to the ability for two or more blockchain networks to interact or communicate with one another, often in the context of users being able to transact from one to the next via so-called bridges. The IRS notice, published on September 16, suggests that the agency wants more insight into these processes as part of its criminal investigatory efforts.

The notice states:

“There are multiple cryptocurrency tracing platforms in the market today, however based on the way blockchain technology works, a significant portion of the intelligence and coverage each provides is unique to each provider. Additionally, the TRM Forensics Web-Based tool provides unique capabilities not currently found in tools from other providers. CCU is requesting this specific platform due to its cross-chain analysis tracing capabilities and unique methods for visualizing various cryptocurrencies across blockchains.”

The notice refers to a contract it wishes to award to TRM Labs Inc., a U.S.-based company. TRM raised a $14 million Series A funding round this summer, led by Bessemer Venture Partners. Backers of the company include PayPal Ventures, the payments company’s venture arm.

The Block reported in June that the IRS is seeking a broad expansion of its crypto capabilities. The agency is seeking more funding from Congress in order to grow its crypto-related enforcement efforts and hire outside experts.

On Monday, crypto exchange operator Coinbase struck a deal with the U.S. Department of Homeland Security for the use of its own analytics software.

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Source: https://www.theblockcrypto.com/linked/118092/the-irs-says-it-plans-to-award-contract-for-crypto-startups-cross-chain-tracing-software?utm_source=rss&utm_medium=rss

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