A solution for esports liquidity
As our first post to say hello to the world, we want to write how VXG starts, how the problem arises and why it needs a solution.
It was April 2021. Digital Transformation has never been such a hot topic as now. Cyber security, project management, software development, telecommunications, blockchain, esports… Even industries such as Oil & Gas are looking to update their legacy systems. Why do all these matter? Accessibility to Products and Services, that’s why Digital Transformation is nowadays one of the development areas of a company. A Business without a digital presence is most likely to be outplayed by competitors, and the simple fact is Accessibility.
It’s funny how the Gaming Industry has evolved to impact nearly all the design thinking of a product, service and to a certain extent, our life like home banking or even house cleaning becomes a game.
Nowadays, most Products and Services contain a gamification framework and inherit core concepts of a game, fun and entertainment. Product Owners / Designers must implement gamification frameworks to attract and retain customers.
Existing gamification frameworks have arisen in areas not related to gaming. However, gaming areas such as esports still are underdeveloped and seems they can’t cope with the demand.
Before we jump into the actual problem, let’s have a look at Governor Lael Brainard (Federal Reserve Board of Governors) speech related to the Digital Space & Digital Currencies (CBDC):
Sharpening the Focus on CBDCs
“The pandemic underscored the importance of access to timely, safe, efficient, and affordable payments for all Americans and the high cost associated with being unbanked and underbanked.”
“Advances in technology, including the use of distributed ledgers and smart contracts, may have the potential to fundamentally change the way in which payment activities are conducted and the roles of financial intermediaries and infrastructures.”
Statements like the above demonstrate that the digital space is under the spotlight, and so much room to grow.
But how do Esports have any relationship with Digital Currencies?!
That’s how the VXG idea started… Governor Lael Brainard said:
Today 5.4 percent of American households lack access to bank accounts and the associated payment options they offer, and a further 18.7% were underbanked as of 2017. The lack of access to bank accounts imposes high burdens on these households, whose financial resilience is often fragile.
Esports and areas like Finance lack Digital Accessibility.
According to GSMA real-time intelligence data, there are now over 10.37 Billion mobile connections worldwide (2021)
According to Statista, there are about 21.5 billion interconnected devices in the world (2021)
When correlating Lael Brainard's statement (not the percentages) to Esports, it makes sense too. Traditional esports is not accessible to everyone. Players have to fulfil specific requirements that block a quick start in the esports scene, or don’t know where and how to start…
After a couple of weeks of researching the esports scene, online esports revealed a lack of options and offerings:
- Online Platforms lack various buy-in options
- Players don’t have access to different types of skill monetization (Tournaments only)
- Players don’t have access to a safe, secure and reliable platform
- Players don’t have access to an easy-to-use platform (multiple mouse clicks to play)
- Players don’t have access to instant withdrawals
- Players don’t have access to other ways of monetization or passive income
If the blocks like high tournament buy-in, lack of an easy-access platform, are removed from the equation, esports can see a rise in new talent and provide income to all types of wallets.
As a previous strategy game player (Poker, Chess, Hearthstone, CoD), I could not monetize online poker skills until Pokerstars has born (2001).
PokerStars platform was a game-changer at the time. Removed all the blocks mentioned above and focused on the player through their Rewards mechanism. And I do see the same roadblocks to the young players that might want to start their journey in esports.
That’s how and why VXG appears. Solve the current esports issues, accessibility & inclusion, and facilitate the entry of new esports players.
VXG is looking forward to hearing feedback from the community, interacting through the different channels and providing the means to the VXG Community.
At this exact moment, the VXG team is working on setting up a community and the MVP to launch asap, but not less important is how motivated the whole VXG Team is :)
We will continue to write our developments, pain points, community feedback and the whole VXG Roadmap.
Thank you All,