Article submitted by Emma Diskin of Chiliz – https://www.chiliz.io/
Larger than the film and music industries combined, gaming is the biggest entertainment vertical in the world, projected to be worth in excess of $128 billion by 2020. Yet, despite this exponential growth, the esports space – where professional gamers compete – remains a spectator sport.
The way we see it, there are two problems facing the esports industry – lack of fan engagement and a lack of funding. We aim to solve those two problems through an innovative blockchain-based platform called chiliZ.
For those not familiar with gaming or esports, we would draw comparisons to the way in which traditional European football clubs like Real Madrid or FC Barcelona are managed by ‘socios’ or partners. For these clubs, the partners tend to elect a president, who becomes the ultimate decision-maker – chiliZ goes one step further. Fans become the decision-makers – they can vote on a roster, decide which opponent a player may face, choose which game they’ll play, and even which ‘skins’ the team will wear. It’s like fantasy football, but with real-world results. We like to call it democratised team management.
Through ownership of chiliZ tokens ($CHZ), fans acquire voting rights that enable them to participate in decisions and guide the management of teams, leagues, game titles and events. It’s crowd-management on a global scale. The more voting rights a fan has in their possession, the more influence they have on decisions that affect their team (within reason).
Our blockchain solution also gamifies those voting rights. Fans can trade and re-trade their votes depending on their preference or allegiance, which in itself, becomes a part of the game. Our ultimate aim is to organise, empower and connect fans to players and teams in today’s most popular leagues and tournaments. chiliZ solves the problem of fan engagement because supporters will, quite literally, have a vested interest in the organisations they support; and it allows fans to fund those organisations in exchange for a say in how they are managed. We want to create the next generation of esports leagues, driven entirely by esports enthusiasts. In the future, the blockchain technology can be applied to traditional sporting teams and leagues – indeed, we have already been contacted by a regular soccer club.
Some of the biggest names from the gaming and esports world have joined us for the chiliZ journey – from streamers Dr DisRespect and Anomaly, through iconic former pro players such as Guillaume Patry and Hong ‘Yellow’ Jin-Ho, to Nicolas Maurer, CEO of Team Vitality and Wouter Sleijffers, CEO of Fnatic – together with current and former leaders from the likes of Playtech, Facebook, Sina Sports, Pokerstars and InFront Sports. This Advisory Panel gives us access to knowledge, authority and an incredible network, and more importantly will help us build a profitable and sustainable business.
We have already secured $27 million through private placement, which will run for a few more weeks. After that point, we will announce further details about the chiliZ project and how interested parties can get involved.