September 23rd, 2022, Kineree Shah
Cryptocurrency is fast becoming an integral part of the esports industry with the influx of play-to-earn (P2E) games – block-chain based platforms where players can earn crypto while they play. Many large businesses, including GameStop, Square Enix and Catheon Gaming are collaborating with trading platforms to expand their position in the cryptocurrency market. But what is the attitude of esports fans towards cryptocurrency?
According to month-on-month trended data from YouGov Profiles between June to September 2022 – about three in five American esports fans don’t trust cryptocurrency (58%) nor do they understand it (61%). But in the past six months there has been a four-percentage drop among American esports fans who say they don’t understand (65% in June vs 61% in Sept) crypto. The trust in crypto has dropped a percentage (59% in June vs 58% in Sept). In comparison to the general population (68% and 54% respectively) esports fans are more likely to trust crypto.
Among British esports fans the sentiments are reversed. Fans who say they don’t understand (62% in June vs 63% in Sept) or trust crypto (54% in June vs 59% in Sept) have slightly grown in six months. For this piece we define esports fans as those who say esports is their ‘top interest’ or are ‘somewhat interested’ in it.
Within a span of six months, fewer American (51% in June vs 49% in Sept) and British esports fans (39% in June vs 37% in Sept) are willing to give up their bank account and use cryptocurrency. Conversely, a higher share of British esports fans feel cryptocurrency like Bitcoins is just a fad (48% in June vs 54% in Sept) than the general population (49% and 50% respectively).
Esports fans in the US and Britain are more likely to agree that cryptocurrency is the future of online financial transactions than the general population. However, data from June to September suggests a slight decline.
There has been a sharp decline among American esports fans between the ages of 18 to 34 who say they don’t trust (59% in June vs 56%) or understand cryptocurrency (64% in June vs 59% in Sept) in the last six months. Similarly, a lower proportion think cryptocurrency is just a fad like Bitcoin (56% in June vs 53% in Sept). In Britain the sentiments are opposite. There has been an increase among 18 to 34 esports fans in the past six months who don't trust (53% in June vs 59% in Sept) and don't understand cryptocurrency (59% in June vs 61% in Sept).
This analysis reflects the lack of understanding and mistrust towards cryptocurrency in esports fans broadly. But over the last six months, the sentiments (albeit small) have waned moreover among esports fans among 18 to 34 ages, possibly due to the crypto market crash.
Companies stepping into the crypto space might want to consider running campaigns on educating esports fans about how cryptocurrencies work. Educating fans on the possibilities of these digital assets may be a crucial first step in helping marketers create trust, which will be necessary to increase consumer acceptance of cryptocurrencies –both in the gaming world and outside it.
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Methodology
YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for US and Britain markets is nationally representative and weighted by age, gender, education, region, and race. Learn more about Profiles.