VeraEsports attempts to connect nonfungible tokens (NFTs) and cryptocurrency with Esports. In particular, VeaEsports plans to hold Esports tournaments and reward players with cryptocurrency and NFTs.

The builders of Verasity (VRA) arrogantly claim their blockchain is the future of Esports, Adtech, Digital Content, and Digital Rights Management.

They describe Verasity as a blockchain company trying to create a fresh experience in Esports, Adtech, and Digital Rights Management. To power the new experience, they are building several solutions. Those solutions include VeraEsports, VeraWallet, and VeraViews.

Can Verasity monetize Esports?

VeraEsports attempts to connect nonfungible tokens (NFTs) and cryptocurrency with Esports. In particular, VeaEsports plans to hold Esports tournaments and reward players with cryptocurrency and NFTs.

VeraEsports could also reward Esports watchers with cryptocurrency and NFTs. They claim VeraEsports will offer digital rewards you can redeem in the real world. VeraEsports players can earn rewards points by watching livestreams and videos or playing in Tournaments.

Users can redeem the rewards points in the VeraEsports Redemption Store and shop for stuff. There will be a Watch and Earn Program and an NFT marketplace for VeraEsports players.

VeraEsports has some impressive partners including Chinese gaming giant Tencent Holdings (OTCMKTS: TCEHY), Riot Games, the Esports Business Network, Orange eSports, Brightcove (NASDAQ: BCOV), Nimo TV, the Gaming Company, Valorant Challengers, and Athena Gaming. Major games VeraEsports works with include CS{GO, PUBG, PUGB Mobile, N Dota 2, Valorant, and Freefire.

VeraEsports currently holds PUBG Mobile, Valorant, and CS:GO tournaments.

The Verasity (VRA) token

They call Verasity (VRA) a cryptocurrency built for Esports, variety gaming, NFTs, and videos.

Verasity (VRA) is an ERC-777 (Ethereum Request for content token) with a Maximum supply of 10.3 billion VRA and a Circulating Supply of 4.47 billion. An ERC-777 token allows users to identify receipt of tokens and instantly start a smart contract right after the first transaction.

A smart token is a digital robot or app. Hence, Verasity’s smart contract could theoretically reward VeraEsports tournament viewers as soon as they watch.

Retail users will buy and earn Verasity (VRA).

Verasity claims its VeraWallet solution as over 300,000 users. They describe VeraWallet as the most secure cold-storage wallet available. The VeraWallet lets users buy VRA and stake. They claim VRA stakers can earn 18.25% a year. Veracity’s VRA Liquid Exchange allows VeraWallet users to send VRA tokens to any Ethereum wallet.

Can Verasity (VRA) fight Ad Fraud?

Verasity’s VeraViews solution they design to fight digital ad fraud. Digital ad fraud is an enormous problem. Verasity forecasts developers could lose $100 billion to advertising fraud worldwide in 2023.

VeraViews is an end-to-end adstack built on the Ethereum blockcahin. They built VeraViews with Verasity’s patented Proof-of-View (PoV) fraud identification technology. Other Verasity NFT solutions include open source View Verificaiton, VeraWallet Escrow to protect buyers and sellers, VeraVault for secure storage of NFTs, and Verifiers Network Nodes that decentralize NFT authentication and fraud detection. The Network Nodes will verify the PoV data.

VeraViews calls Proof of View an innovative blockhain solution for the authentication of nonfungible tokens (NFTs). The hope is that NFT artists, NFT art dealers, NFT sellers, and NFT Marketplaces will use VeraViews PoV to detect NFT fraud.

They claim Vearsity’s solution can verify the origin of NFT art, verity the authenticity and identity of NFT sellers, and verify the authenticity of platforms selling NFTs.

NFTs are a growing market. Verasity claims $2.4 billion worth of NFTs were traded in the second quarter of 2021.

What Value Does Verasity Offer?

Mr. Market thinks Verasity (VRA) offers some value. For example, CoinMarketCap named Verasity the 12th most trending cryptocurrency on 30 April 2022.

In contrast, CoinMarketCap named Vearsity (VRA) the 459th  largest cryptocurrency, with a Coin Price of 1.298₵ on 5 May 2022. CoinMarketCap gave Verasity a Market Capitalization of $58.015 million, a Fully Diluted MarketCap of $134.408 million, and a 24-Hour Market Volume of $51.721 million. They base those numbers on a Circulating Supply of 4.47 billion VRA, a Maxium Supply of 10.356 million VRA, and a Total Supply of 19.401 bilion VRA.

Conversely, CoinBase gave Verasity a Coin Price of 1.34₵, a Market Cap of $58 million, and a 24-Hour Market Volume of $51.6 million on 5 May 2022. They base those numbers on a Circulating Supply of 4.5 VRA. Verasity had an all-time high Coin Price of 1.3₵. So I do not consider VRA an unstable cryptocurrency.

How Much Money could Verasity Make?

Verasity (VRA) operates in some potentially lucrative markets. For instance, global digital advertising revenue grew by 35% to $162.4 billion in 2021, Magna Global estimates. Impressively, pure-play digital advertising comprised 57% of advertising spending in 2021, Magna Global claims.

 

Worldwide Esports market revenue could grow from $1.084 billion in 2021 to $1.618 billion in 2024, Statista forecasts. Thus, Esports is not that big.

 

I have to wonder why Verasity is concentrating on the smaller market Esports. However, I think Verasity (VRA) is an interesting cryptocurrency that could make money someday. Speculators need to watch Verasity because it could show if you can make money in Esports.

 

However, I think Verasity’s true moneymakers could be digital rights management, NFT authentication, and ad fraud detection. If Vearsity’s ad fraud detection and NFT authentication capabilities could work and verify digital rights, I think Verasity could make money. I recommend peculators avoid Verasity until they show the ad fraud detection and NFT authentication solutions work.

Originally published at https://marketmadhouse.com on May 5, 2022.

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Verasity’s VeraViews solution they design to fight digital ad fraud. Digital ad fraud is an enormous problem. Verasity forecasts developers could lose $100 billion to advertising fraud worldwide in 2023.
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