Envisioning global amateur tournaments with crypto incentives

Blockchains, cryptocurrencies, virtual wallets, tokens, smart contracts, the metaverse...these words are on everyone’s lips today, but truth be told, not everyone has a clear idea of their definition or purpose. At FITCHIN we know for a fact that those of us who are connected to this sector are obligated to share our knowledge. That’s why we created FITeach, where we’ll immerse ourselves in this exciting universe.

While many believe that cryptocurrencies are a kind of investment like stocks or bonds, others see them as a way to save in foreign currency in countries with exchange rate limitations, a common reality in Latin America. Both ideas are true. What’s more, Blockchain today provides a range of possibilities and solutions to various problems and situations through each and every one of its features.

Blockchain is behind of one of recent years’ biggest industry-level booms, with the exponential growth of Bitcoin as the standard bearer. Of course, the universe does not live by Bitcoin alone. In fact, there are already many different blockchains and even more cryptocurrencies. Throw in the emergence of NFTs (non-fungible tokens) and metaverses, and things are really starting to get colorful.

Blockchain and esports

When it comes to industries with exponential growth in recent years, surely esports comes to mind. Esports is a constant growth environment that exploded during the Covid-19 lockdowns and has shown no signs of slowing down since. In fact, the esports and blockchain audiences are intertwined because they are a true motley crew: digital natives, consumers of digital content, blockchain-savvy and early adopters of technology trends.

In the last two years, the relationship between companies connected to the blockchain world and esports-related organizations has grown tremendously. From cryptocurrency exchange FTX becoming a naming sponsor of the historicTeamSolo Mid in a 10-year, $210 million deal, to teams and competitions launching their own NFTs, to more and more players looking for a presence in blockchain-backed metaverses, the list goes on and on. Of course, it’s not all roses, and the blockchain industry is still working on gaining full acceptance from some game developers who do not allow sponsorships from blockchain-related companies. Their cold feet don’t come from fear of Blockchain being harmful or dangerous, but rather from uncertainty or a lack of knowledge.

Our goal at FITCHIN is to provide a solution to many of today’s problems in the relationship between blockchain, esports, and the community. We’re developing a global ecosystem where gamers can play tournaments, establish closer relationships with esports teams and streamers through memberships that grant access to exclusive experiences, and obtain digital assets that offer value-added content.

Can I earn money playing video games?

At the intersection of video games and blockchains, we see the emergence of numerous blockchain-backed games, though surely Axie Infinity is the fan favorite. This type of game earned the moniker of play-to-earn (money) as opposed to the classic free-to-play games, or even those that style themselves play-to-win (where the community thinks the more you spend on cosmetics, the greater your chances of winning).

In addition to play-to-earn games, in which players must pay to start playing but can earn money as the game plays out and based on their actions within it, blockchains today are a great alternative for awarding prizes in tournaments of any level, even amateurs. Several tournament operators are already giving tokens as prizes for their competitions. Some pay rewards in cryptocurrencies, others in their own tokens, and still others in NFTs. All of these are blockchain-backed reward solutions that allow the user to amass capital.

Another of FITCHIN’s major objectives is to attract millions of gamers to this new digital economy by holding tournaments on our platform. How? By promoting our native gaming token $CHIN, which will serve as currency in our universe, as tournament prize, and for purchasing collectibles, memberships, tickets to different experiences, digital assets, and much more in our marketplace.

Blockchain and esports are a reality, as is the audience's interest in each universe. It’s only a matter of time before the knowledge exists to combine and enhance these worlds. At FITCHIN we aim to be a driving force behind this evolution. Will you join us?