Market overview
The waves of changes propel advancement in the eSports industry and opens the real opportunity for the full basketball metaverse gaming ecosystem to be born!
The eSports industry is growing exponentially, given a massive boost by Covid lockdowns worldwide. There are an estimated 456 million eSports fans whose tournaments have a prize money budget as high as $40 million. (The highest-earning eSports player worldwide is Johan Sundstein –N0tail – with career earnings of $6.94 million.) Of the total revenue in the global eSports market, around $696 million was generated by sponsorships and advertising.
The video game competition market is the largest in Asia and North America, but China accounts for nearly one-fifth of the global total. Estimates of the eSports market in China range from $1 billion to $20 billion, with a user base surpassing 486 million people.
As for the market capitalization of cryptocurrencies, including Bitcoin, Ethereum, and Ripple, it has reached over $2 trillion. Almost one-third of the crypto market is the rapidly rising NFT branch represented by such video game assets as avatar skins. Indeed, gamification has been trending in crypto since it marries so well with the concept of NFTs as part of an interactive and fun community.
Nevertheless, here is how Basketballverse positions itself in the market compared to similar projects.
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