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Since PayPal announced late last year that it was making a foray into cryptocurrencies, investment has been flooding into the market. In particular, the price of Bitcoin has spiked, leading to much speculation about crypto going mainstream.
However, this has happened before. Bitcoin’s previous all-time high led to a sudden surge of interest that cooled off into the long “crypto winter” of 2018. If cryptocurrencies, and the blockchain technology that underpins them, are ever to unlock mainstream adoption, then real-world utility combined with a compelling user experience is more likely to provide the key. Looking at recent news trends, combined with the macro events of 2020, esports and gaming currently seem to be one of the hottest tickets.
Due to a lack of attendance at in-person events this year, the global esports market shrank slightly, but it’s forecast to grow by over 50 percent in the next three years, rising to $1.6 billion. Analysts within the crypto sector already believe there’s vast potential to tap into this market, with digital research firm Messari predicting mass adoption of blockchain technology. The market demographic fits well into this scenario