How To Make Your Product Stand Out With BLOCKCHAIN FANTASY SPORTS?
Published October 21, 2021 by SYNARION IT
You aspire to develop the best fantasy league software team in the world. We understand! However, there are hundreds of thousands of fantasy sports websites and smartphone applications available across the globe. What would set you apart from the rest? Simply put, nearly every fantasy sports operator’s main issue is attracting new customers and keeping existing ones on their site. So, what is it that will set you apart from the rest?
It’s the incorporation of blockchain technology into creating fantasy sports software for sale that can make that difference.
Fantasy sports have revolutionized the way people interact with sports and have impacted the sports industry. Hundreds of millions of sports enthusiasts use fantasy sports apps and websites worldwide, and the number is growing every day.
With fantasy sports app developers development of fantasy sports app has become a blazing online hit, many fantasy sports are stepping up their game by merging the booming sports business with the stock exchange model or, in some cases, blockchain involvement thus, leading to a better engaging experience of fantasy app development.
So, let’s keep reading to know more about this blockchain fantasy sports, and its various advantages.
WHAT IS BLOCKCHAIN FANTASY SPORTS?
A fantasy sports platform driven by blockchain development is known as a blockchain fantasy sports platform. Different blockchains, such as Ethereum and the Polygon layer, are used by other users to exchange digital assets representing real-life events and sports performances.
Actual sports events and player performance have an impact on the value of these digital assets. Additionally, these blockchain fantasy sports aid in creating a fantasy sports exchange, similar to how a stock market generally works.
But unlike traditional fantasy sports, where participants create virtual teams and battle for dominance, big sports organizations worldwide are seeing the potential of blockchain technology to improve fanbase involvement, simplify existing processes, and generate new income streams.
WHAT ARE THE ADVANTAGES OF THE BLOCKCHAIN CONCEPT IN A FANTASY SPORTS APP?
- Incentivizing engagement to improve fan connection and experiences.
- By using tokenized teams and improved loyalty programs, we can create new income models.
- Developing new sports betting and collectibles trading marketplaces.
- Using income share agreements or loyalty rewards to allow athletes to crowdfund their performance.
- Creating interoperable game collectibles.
As a result, the fantasy sports developer is changing how leagues, teams, athletes, and fans interact by using blockchain in fantasy sports platform development.
WHAT INFLUENCE WILL BLOCKCHAIN HAVE ON FAN IDENTITY?
The creation of blockchain-based identities opens up new and meaningful experiences while also generating unprecedented net value in higher fan revenue, asset crowdfunding, digital collectibles, and verifiable superfan fame.
Consider a verifiable superfan to be a fan profile or a license granted by a sports organization. In order to boost engagement and income, sports companies would be able to collect more meaningful and actionable data on their followers.
HOW DO YOU SET UP A BLOCKCHAIN FANTASY SPORTS TEAM?
Like TradeStars(the world’s first Ethereum-based fantasy sports trading platform), the players may purchase and sell fantasy stocks of their favorite athletes through such sports development platform. In the fantasy sports sector, this marks the start of a new genre.
- Blockchain fantasy sports, unlike typical fantasy games, functions as a fantasy sports stock market, enabling players to build a portfolio of their favorite athletes and experience the pleasures of managing them.
- Next, the stock price of a player would be next determined by market demand, much like in a traditional stock market.
- If a large number of fantasy players acquire a particular player’s or athlete’s stock, the price will rise; on the other side, if players sell their stock, the price will fall. For example, if one buys, Virat Kohli’s fantasy stock and the Indian captain gets an ODI century, his token price rises, and the stock owner gains it too.
- Thus, a fantasy sports software development platform may be considered a Decentralized Exchange (DEX) for Fractional NFTs, with economic incentives linked to real-world statistics.
- Users are compensated based on how much stock they own and how well athletes perform.
- When a user buys an athlete’s stock, they can win daily or monthly payments based on the athlete’s continued success on the field, thus leading to a successful blockchain fantasy sports platform development.
WHAT IMPACT WILL BLOCKCHAIN HAVE ON FANTASY SPORTS AND GAMING?
Because the fantasy sports app development firm has always been a sports enthusiast sector. After spending much of the previous years in the cryptocurrency space, it became clear that there was a massive opportunity in sports trading and fantasy sports too. The use of blockchain’s power not only decentralizes these types of games but also creates an environment where players could generate real value by using their sports knowledge.
With the appropriate fantasy sports website development company, the game is relatively simple to create by repurposing the conventional concept of actual trading athletes from the worlds of soccer, basketball, and football to create unique fractional NFTs (non-fungible tokens) for each athlete. Based on their real-life performance, the worth of these athletes might rise or fall.
However, it is believed that using fractional NFTs to represent these players will really set this game unique. Instead of aiming to acquire all of the sport’s superstars, each player may possess a small portion of them. As the player’s skill improves, the value of this fraction shall keep increasing and giving them access to users to trade or sell their fraction for a profit they want.
Yes, the blockchain’s connection to sports gives an entertaining alternative to regular fantasy sports activities. As, blockchains without a doubt, are the world’s most decentralized system, this fantasy sports shall serve as a great stepping stone to the land of the fantasy stock trading market.
And that sounds extremely exciting since it’s all about the possibility of development in this industry. Aside from exclusive ownership of digital assets, which has fueled blockchain’s appeal as a safe means to store wealth, the tokenization of real-world assets (represented by tokens on the blockchain) represents a significant possibility for this technology.
- Top Reasons to go with white label fantasy software in the near future
- Progressive Web Apps (PWA)-all you need to know for your Business. (PWA v/s Other technologies)
- Strategies to Rank Higher in Google Search by Optimizing Content for Voice Search
- Is Tata Neu Biggest Challenge to Amazon, Paytm, and Reliance Jio? (All You Need to Know)
- India Market Mobile App Development and Technologies 2022