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eSports is a form of competitive gaming. It is a relatively new phenomenon, but one that has really caught fire and managed to spawn a booming industry. It has become so popular, that it has already been added to the 2022 Asian Games and there is even talk about it being included in the 2024 Olympics.
In terms of revenue, eSports is growing by leaps and bounds. In 2017 alone, eSports will have generated an estimated $696 million – an increase of over 41% from the previous year. Furthermore, with the number of online gaming platforms steadily increasing, the overall revenues of the industry is predicted to reach $1.5 billion by 2020.
eSports’ audience is expanding as well, with nearly 400 million people tuning into events in 2017 alone, of which 191 million consider themselves to be devoted enthusiasts. This is particularly impressive when you consider that baseball, basketball, and football (American), three of the world’s Top 10 sports, have audiences of 500, 400, and 390 million people, respectively.
What is Eloplay
Tournaments are the most exciting eSports events. The overall prize pool at major events where prize funds exceed $5,000 has reached $93.3 million in 2016. Major tournaments are organized and funded by global brands and game developers, but there’s only a handful of elite players that can compete for those prize pools. This situation creates disparity in eSports and leaves amateurs with no chance to compete for major prize pools.
Eloplay introduces Smart Tournaments with decentralized prize organized by individual players, organizations or brands. These tournaments work on Ethereum smart contracts. The team also implemented Eloplay Tokens (ELT) to support the Smart Tournaments ecosystem.
This solution enables the entire ecosystem to be scaled up by attracting a great audience of enthusiasts to eSports tournament and opens the gate for the platform’s expansion to new markets.
How does it work?
Eloplay is an eSports platform that allows players to organize and participate in tournaments with decentralized prize pools. Already on the market for almost two years, Eloplay made the recent decision to introduce blockchain technology to its ecosystem. The team came up with what they call Smart Tournaments that are essentially regular tournaments with decentralized prize pools gathered by the players themselves, or by sponsors of a tournament which, in this case, is free to participate.
Other blockchain-enabled options of the EloPlay platform include betting, gamer stats, and advertising. However, those are yet to be deployed. Games available at Eloplay include Counter Strike: Global Offensive, Hearthstone, Dota 2 and other popular games.
Currently, Smart Tournaments are the only opportunities for an amateur player to battle for a major prize pool, which can be scaled from $5,000 to $1,000,000 and so on.
Prize pools of $5,000 and higher are considered major. In order to raise such funds for a tournament of 1024 players, one player would have to pay only $4.88. The organizing player would have 8% of this fund, i.e. $400. It is important to note, however, that USD prices are for explanatory purposes only, and in actuality, all settlements will be conducted in Eloplay Tokens.
Implementation of smart contracts on Eloplay is primarily focused on providing players with a completely new opportunity for independent formation of prize pools. Those tournaments will ensure a high degree of players involved in the project and sports events by making them independent of third parties. Everyone will be able to organize or take part in a tournament to win a great prize.
There are hundreds of players playing on Eloplay monthly. Soon sponsors of tournaments and advertisers will join Eloplay, and will generate the major revenue on the project. All of them will need an Eloplay Token to enjoy all the features of the platform.
Eloplay token and ICOEloplay tokens are the main accounting unit at the platform. They are the basis for the Eloplay economy and bonus system. Token holders will use them for tournaments but also have an opportunity to change tokens to Ether, Bitcoin or fiat money.
The Eloplay Token is compatible with wallets, stocks, and is a transferable active. ELT allows its holders to organize and participate in Smart Tournaments, advertise on Eloplay, and also purchase game inventory and other virtual goods at the Eloplay Store.
Eloplay Token (ELT) will be implemented on the platform within 3 months after the Token sale ends.