For many years, fantasy sports have been a part of the pop culture zeitgeist. From everyday people forming teams from the comfort of their homes to international competitions with thousands of dollars won, fantasy sports has undoubtedly found its niche.
With the new digital era, especially with blockchain and social media, however, fantasy sports are evolving with the times. In terms of the former, more initiatives that help fantasy sports players enjoy their games more and potentially profit from their efforts are getting launched.
Play2Earn has been a solid concept in blockchain for a while, and now, fantasy sports are getting the same treatment. For example, Fanfury, a blockchain-based fantasy sports platform, unveiled its rewards system that fully taps into the community and financial quality concepts.
How Fanfury Works
Fanfury offers a lot of the usual features that fantasy sports fans would want; the chance to create virtual teams using real players and having their performance based on real-life events. However, there is a bit of a twist in how teams get formed and rewards- given.
First, there is the option to ‘own’ teams financially. In typical fantasy sports setups, the team is virtually ‘owned’ by a person or group of people who split the winnings. With Fanfury, a user can own one of the 250 teams across five different games.
Fan clubs get owned through the bidding or auctioning method where an intending owner brings in at least 5000 people who pay a certain amount into this pool. After the team gets allocated to an owner, they can bring in new members who also pay to join its Fan club.
The funds that the team owner and members pay are ‘staked’, meaning they get locked away for a certain amount of time.
Out of the 250 teams on Fanfury, a leaderboard gets created. The teams with the most money staked are ranked highest on the list. The profits made by the ecosystem (from its raking fees) gets shared. 1% goes to the top team owner, 19% gets split among the members and the rest across the other 249 teams.
The stark difference between this system and the typical fantasy sports setup is that everyone wins somehow. Whether or not a players’ team wins the individual or team competitions or is even at the top of the Fan club leaderboard, they will receive some reward as long as they join a team.
The decentralized and democratic nature of blockchain means that there is no winner-takes-all approach to fantasy sports, making for a healthier ecosystem. Those who own teams can also sell them later after becoming more established and valuable to outsiders.
There are also rewards for those who provide liquidity for the ecosystem. Now, in exchange for providing liquidity for $FURY-UST pairs, users get $FURY at a discounted price. The $FURY-UST liquidity plays a vital role in ensuring that the $FURY tokens are liquidity enough to act as in-game rewards and staking currency.
Community Games
From its team ownership system to its rewards mechanism, Fanfury emphasizes the community aspect of fantasy sports and does so significantly. The use of smart contracts and blockchain means that the system is as transparent as possible while also maintaining its efficiency on all levels.
For many years, fantasy sports have been a part of the pop culture zeitgeist. From everyday people forming teams from the comfort of their homes to international competitions with thousands of dollars won, fantasy sports has undoubtedly found its niche.
With the new digital era, especially with blockchain and social media, however, fantasy sports are evolving with the times. In terms of the former, more initiatives that help fantasy sports players enjoy their games more and potentially profit from their efforts are getting launched.
Play2Earn has been a solid concept in blockchain for a while, and now, fantasy sports are getting the same treatment. For example, Fanfury, a blockchain-based fantasy sports platform, unveiled its rewards system that fully taps into the community and financial quality concepts.
How Fanfury Works
Fanfury offers a lot of the usual features that fantasy sports fans would want; the chance to create virtual teams using real players and having their performance based on real-life events. However, there is a bit of a twist in how teams get formed and rewards- given.
First, there is the option to ‘own’ teams financially. In typical fantasy sports setups, the team is virtually ‘owned’ by a person or group of people who split the winnings. With Fanfury, a user can own one of the 250 teams across five different games.
Fan clubs get owned through the bidding or auctioning method where an intending owner brings in at least 5000 people who pay a certain amount into this pool. After the team gets allocated to an owner, they can bring in new members who also pay to join its Fan club.
The funds that the team owner and members pay are ‘staked’, meaning they get locked away for a certain amount of time.
Out of the 250 teams on Fanfury, a leaderboard gets created. The teams with the most money staked are ranked highest on the list. The profits made by the ecosystem (from its raking fees) gets shared. 1% goes to the top team owner, 19% gets split among the members and the rest across the other 249 teams.
The stark difference between this system and the typical fantasy sports setup is that everyone wins somehow. Whether or not a players’ team wins the individual or team competitions or is even at the top of the Fan club leaderboard, they will receive some reward as long as they join a team.
The decentralized and democratic nature of blockchain means that there is no winner-takes-all approach to fantasy sports, making for a healthier ecosystem. Those who own teams can also sell them later after becoming more established and valuable to outsiders.
There are also rewards for those who provide liquidity for the ecosystem. Now, in exchange for providing liquidity for $FURY-UST pairs, users get $FURY at a discounted price. The $FURY-UST liquidity plays a vital role in ensuring that the $FURY tokens are liquidity enough to act as in-game rewards and staking currency.
Community Games
From its team ownership system to its rewards mechanism, Fanfury emphasizes the community aspect of fantasy sports and does so significantly. The use of smart contracts and blockchain means that the system is as transparent as possible while also maintaining its efficiency on all levels.
Source: https://www.financemagnates.com/thought-leadership/why-blockchain-is-changing-the-world-of-fantasy-sports/