In Brief
The Esports Players League launches its web3 platform, ESPL Arena
The first-ever host-to-earn eSports platform enables User-Generated Tournaments and allows organizers to charge registration fees in crypto and NFTs.
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The Esports Players League announces the launch of its web3 platform dubbed ESPL Arena.
The initiative aims to blend eSports with web3. ESPL Arena enables User-Generated Tournaments, becoming the first-ever host-to-earn eSports platform. This means that tournament organizers now have the opportunity to manage the contests and allow participants to enter and upload their scores. More than that, tournament organizers can charge registration fees, which can be both cryptocurrency tokens and NFTs. Tournaments’ prizes, also distributed in the form of web3 assets, will be given to participants via the blockchain.
Founded in 2019, the Esports Players League is one of the leading global eSports platforms. The website gives users access to leagues and tournaments and allows players to win rewards.Â
According to ESPL, a contemporary eSports platform should have a variety of features that make it simple for players to interact with one another, form teams, track their performance, compete in events, and win prizes.
The league has previously partnered with noted European, Asian, and American esports organizers. Among the companies that support it are Warner Music, iCandy Interactive, 500 Startups, Genting Ventures, RightBridge Ventures AB, Arcanum Capital, CRAES, and Infinity Ventures Crypto. We might see more web3-focused venture funds supporting ESPL in the future as the platform integrates blockchain into its infrastructure.
After the release of the announcement on January 16, the price of the platform’s native token, $ARENA, increased from $0.0297 to $0.0463. Its current price is $0.0386.
The eSports market is huge, and it is only expected to get bigger over the years. Research shows the global eSports market was estimated to reach a value of 1.44 billion in 2022 and 5.48 billion in 2029.
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