Fantasy sports games have been around for about two decades, with considerable success worldwide. The global fantasy sports market is valued at $18.6 billion in 2019, with an estimated $48.6 billion by 2027. However, the industry can surpass the estimated 2027 figure with disruptive blockchain technology.
Currently, fantasy sports run a play-to-earn model. However, being wholly centralized, the industry is plagued by several anomalies. Blockchain, as 2009-popularized technology, promises needed solutions. Blockchain has revolutionized several industries – especially finance. Now, with fantasy sports on the Blockchain, the possibilities are limitless.
This article will explore the redefinition of fantasy sports on Blockchain. And subsequently, look at the best fantasy sports crypto platforms to quickly make money. But, first, let’s understand the intricacies of fantasy sports, and afterward, Blockchain’s role and how you can plug in.
Fantasy Sports Explained
Fantasy sport’s simple concept is a significant reason for its viral adoption in recent years. It taps into the spirit of fandom and delivers an experience fans relish – managing their favorite athletes. Fantasy sports are online games where you can develop a virtual team. The virtual team consists of digital models of real-life players. Upon assembling a team of players, you earn points depending on the players’ performance in real life.
For instance, if you have Messi in your team when he plays well, you get good points. When he doesn’t, you get reduced points. Essentially, the points your fantasy team accumulates are directly proportional to the total of individual players’ real-life performance.
Fantasy sports platforms have differing high-level models. However, fundamentally, they run a play-to-earn infrastructure. Users earn points on fantasy sports league platforms that do not involve money. With these points, users can partake in a leaderboard competition for fun. Many other platforms include contributing to a pool, and the leaderboard winner takes the money.
Characteristic of web2 platforms, fantasy sports platforms have been a mix of good and bad. These platforms shaped the industry, but they are also liable to errors and tampering. In addition, several users complain that the platforms aren’t transparent. For instance, it’s hard to determine what goes on under the hood of these platforms. Hence, users have to trust the platform blindly.
There are also concerns that these platforms fake rewards and winners to attract more users. These allegations allude to the mutability of current fantasy sports companies. Issues like fraud, false advertising, negligence, etc., can only get punished when caught. However, users have already been affected before the illegality of such activities makes the news.
As exciting as fantasy sports gaming is, centralization and trust issues undermine the experience. Hence, it only makes sense that fantasy sports feature on the Blockchain.
Fantasy Sports For Money on the Blockchain
The recent past years have confirmed the possibilities of Blockchain in every industry. With platforms like MyDFS, Sorare, etc., the concept of blockchain fantasy sports has become a reality.
Blockchain, as an infrastructure, solves centralization and trust issues. It’s decentralized and resistant to fraud and non-transparency. Anyone on the Blockchain can pop in to check the details of transactions at will.
When a transaction takes place on a blockchain, it gets written in a public ledger. The technology allows for immutable activities. No one can tamper with details on the Blockchain.
However, beyond this, blockchain fantasy sports offer users ownership. The current web2-powered fantasy sports companies only allow for user participation. It’s the users that bring all the money. However, with Blockchain, users become part of decision-making and make a commensurate amount of money. With Blockchain, incentivizing fan interaction in the sports industry becomes easier.
As of now, there are some interesting use cases for Blockchain in the sports industry. However, there are many yet unknown possibilities that can unfurl. For instance, players and athletes may start getting incentives for their image. In addition, sensitive and performance data can also become tokenized. Such data are valuable in sports; it determines a player’s valuation.
Users on blockchain fantasy sports platforms will be guaranteed benefits from the play-to-earn model. With the blockchain form of this model, players go beyond earning just points or competing for a grand prize. Players will also be able to earn tokenized assets.
Furthermore, NFTs play major money-making roles in fantasy sports on Blockchain. The utilities in-game are NFTs, recording transactions on the platforms. Players can buy and sell fantasy sports NFT in a permission-less manner. For instance, on NBA TopShot, you can sell licensed video highlights of your favorite player.
On Sorare, there have been NFT transactions worth over $150million in the past year, as of writing this piece. About ¼ of Sorare’s userbase trades player cards per month on platforms like Rarible and OpenSea. Trading keeps money circling amongst users.
The fantasy sports blockchain industry is still nascent, but the potentialities are enormous. Sports legends like Michael Jordan, Rio Ferdinand, Gerard Pique, LeBron James, etc., invest in these platforms because of the financial rewards. Investors, creator community, and platform participatory owners (you and other users) get incentivized.
Blockchain Fantasy Sports Platforms You Can Easily Earn Money
The blockchain fantasy sports you choose depend on your interest. From football to basketball, baseball, etc., you can experience the fantasy of owning your favorite players. With the new blockchain-powered models, you can make a living from your room’s comfort. Here are the top fantasy sports on Blockchain to earn from easily.
Sorare is one of the best fantasy football platforms out there. It ranks #200 in the general dApps ecosystem but #23 in the games category. The platform combines cryptocurrencies, football, and NFTs to deliver a gaming experience many top sports legends are willing to invest in. In addition, Sorare facilitates the collection, purchase, and sale of NFTs on Ethereum.
Since its launch, the company has partnered with about 180 football organizations. The decentralized Sorare platform is currently valued at $4.3 billion and is on track for more. So you too can get started with Sorare to make money from football.
NBA TopShot was launched in October 2020 and has generated revenue of $500million. The platform boasts 800,000 users who earn from buying packs and trading player cards on the marketplace.
Users can also trade player highlight videos on the platform. So, you buy at a low price and sell for higher. For instance, the trading of LeBron James’ highlight NFT on NBA TopShot is currently over $200,000.
The Ultimate NFT platform combines the best of the old and new fantasy sports worlds. It combines play-to-earn, NFTs, and Fantasy football. In addition, users earn permission-less incentives from their collections (based on real-life players’ performance).
CoinFantasy is the world’s first decentralized fantasy gaming platform for crypto-stock markets based on the play-to-earn framework. Gearing for launch, the platform ensures user-centric product development. The platform’s design puts users at zero risk of losing money.
If you think the whole cryptocurrency economy is so complicated, CoinFantasy is the platform to look out for. The platform gamifies crypto knowledge, promising exciting incentive structures; NFT cards, social trading, etc.
Fantasy sports on Blockchain offer new ways to earn. Users can earn enough to quit day jobs as with other decentralized gaming platforms. We aren’t telling you to quit your job; just showing you the possibilities in blockchain fantasy sports games. It’s high time you started learning how to opt in.
Frequently Asked Questions (FAQ)
Fantasy sports games are those played online, where players get to set up custom imaginary teams composed of proxies of real players. The performance of the real players reflects in the imaginary team’s points, which is the point of the whole game.
There are numerous fantasy sports platforms out there. Each of these platforms focuses on specific games. As of writing this article, the most popular fantasy sports game which is played well like –
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In some quarters, fantasy sports can be called gambling. However, according to federal government laws and legislation, fantasy sports games aren’t classified as gambling. Hence, you have nothing to fear if you want to participate in a fantasy sport of choice.
There are numerous apps out there for fantasy sports. Examples of such apps are; NFL fantasy football, Yahoo fantasy sports, CBS sports fantasy, sleeper, Fanduel, CoinFantasy, etc. Before using any app, it’s important to know its unique offerings in order to choose the one that aligns with your interest.
There is a dichotomy in the existence of fantasy sports in India. On one hand, fantasy sports games that make use of your skills are permitted. However, if fantasy sports game is based on chance and probabilities, they aren’t.
Fantasy sports are online prediction games where you assemble a virtual team comprised of real-world players. The performance of those players determines the points you earn per time. However, a trading fantasy game doesn’t have to be solely based on a sports team. An example of a non-typical fantasy game is CoinFantasy.