Video games aren’t just a hobby anymore. If you’ve spent much time on YouTube or Twitch, you can probably name a few people who play video games for a living. With e-sports tournaments offering prize pools of millions of dollars, competitive gaming can be a lucrative industry.
With e-sports’ surge in popularity, there’s now an abundance of platforms for watching or joining gaming tournaments. Many companies are jumping on the e-sports train now, but one of these late entries, Verasity, stands out among them. With roots in cryptocurrency rather than gaming, Verasity is an intriguing, if unusual, e-sports platform that could take off.
Verasity started in 2017 as a service to help advertisers and publishers monetize videos. At its core, it’s a system that rewards viewers for watching videos, and ads, on its platform. Viewers get incentives to watch the content or disable adblockers, giving publishers those all-important views.
Verasity works with other video platforms, so people don’t have to move to a new service. That helps retain viewership, but what really sets Verasity apart is its cryptocurrency-based reward system. No one wants to watch ads, so to work around that, Verasity gives you crypto rewards if you do.
When you watch a video or ad with Verasity, you earn their cryptocurrency, VRA. If you refer more users, you’ll get even more VRA, rewarding you for bringing more people to their platform. The system also uses blockchain technology to verify that you’re watching the ads.
The VRA Economy
Since it uses its own crypto instead of another, established currency, Verasity creates an independent economy. Running their own economy lets them ensure an equal value exchange across all parties involved. But how do these exchanges work in the first place?
It starts with publishers buying VRA, which they then use to fund campaigns and reward viewers. As viewers get VRA from watching videos and ads, they can use it to sponsor creators, buy goods or exchange for standard currency. The cycle then repeats as the VRA economy grows.
VRA, like other cryptocurrencies, doesn’t rely on third parties to transfer funds, and it uses blockchain to remain secure. Because of this security and freedom, you can exchange VRA between publishers, viewers, and ads freely. This VRA economy also allows for more straightforward funding of e-sports tournaments.
The Introduction of E-Sports
When the coronavirus pandemic started to affect the economy, Verasity turned to e-sports as a solution. Since gaming publishers were still making money, they pivoted their platform to fit the video game industry. Now they support private and public e-sports tournaments in games like Counterstrike: Global Offensive and League of Legends.
Since they are a crypto company at heart, Verasity’s tournaments feature cryptocurrency jackpots for the winners. Players can donate VRA to the pot or fill it through fundraising and sponsorships. Viewers can also get in on the VRA action, betting on teams and individual players.
The introduction of this feature could mean massive e-sports tournaments move to this new platform. Verasity’s tourneys aren’t only for the big players, though, as anyone can create their own. No matter how small or how casual a player is, they can set up and play in a tournament.
Staying Competitive In the World of E-Sports
Compared to other e-sports tournament platforms, Verasity still faces some obstacles. The world of competitive gaming is massive, so it’s challenging for a newcomer to make a name for themselves. With multi-million-dollar tournaments already happening across the globe, it may take a while for Verasity to gain traction.
This lack of name recognition may leave Verasity out of the big leagues, but not with smaller companies. It’s a more accessible platform for tournaments or players that are just starting. While it may not appeal as much to more noteworthy e-athletes, it could attract more rookies.
E-sports is a multi-billion-dollar industry already, and it’s only going to grow from here. As the market keeps growing, Verasity could make a name for itself, especially if it attracts new players who go on to be stars. Whether or not it will overtake some of its more recognizable competitors is still uncertain, though.
E-Sports Are Accessible to Everyone Today
With today’s technology and services, anyone can get involved in e-sports, no matter their budget or skill level. With such a wide variety of platforms available, there’s no shortage of places to watch or participate in video game tournaments. New services like Verasity are only making the industry even more accessible.
You don’t need to have any industry connections or funding to start your own e-sports tournament. Whether you just want to test your skills against friends or try your hand at making some money, you have options. With tools like Verasity at your disposal, anyone can get involved in the world of e-sports.
Guest Post Submission By
Shannon Flynn is a technology and culture writer with experience writing about consumer trends and tech news on sites such as VGR, Re-Work, and Finovate. She’s also the Managing Editor at ReHack.com.