Over the last two decades, fantasy sports have gained quite a popularity with the advent of technology, tools and trends like web 3, crypto and blockchain. The industry has become lucrative and promising for all be it an investor or entrepreneurs. Today, business owners are leveraging fantasy sports platforms to take their businesses to the next level. The industry as a whole covers a wide range of sports like cricket, football, baseball, basketball, hockey, rugby, etc.
The concept of fantasy sports is not new and holds a bright future for those who have invested their money in this segment. The major contributors to the growth and developments in the fantasy sports sector are blockchain and crypto. They have not only transformed but also reimagined the features and functions of the industry. Now you must be wondering how? fret not, here we have got you all covered in this blog!
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Fantasy Sports are online games that allow players to create their own virtual team of players of the sports of their choice. Be it cricket, basketball, baseball, football, hockey, or rugby; users can make the best of their using their skills and knowledge. The winning probability of the users depends on their team player performance in the real world. If they perform well in the real-life playground, the winning probability will be higher. However, if selected team players don’t perform well in the actual world, the winning probability will be less.
As a result, the end result is affected by the same, which means either you lose money or will money in the end. So here, everything depends on how well you create your virtual team of players. The popularity of the industry is because of several factors, including secure payment methods, user-friendly interfaces, fantasy chatbots, and blockchain-based apps. Therefore, it is adhering to the needs and demands of the users by offering them enhanced satisfaction, and operational efficiency.
Though blockchain and crypto go hand-in-hand, still there is a certain difference between the two concepts that you must be aware of:
Blockchain is an electronic database or collection of records which exactly looks like a spreadsheet. Blockchain technology generally records a higher amount of data such as user information, matches played and user transactions in bulk in a much more credible or systematic manner. It stores information in blocks, which are distributed across multiple computers or a distributed ledger that is transparent and shared among users. The best thing about blockchain is it uses high safety standards and protocols that never comprise the safety and security of the users. Blockchain gaming supports the interactive and engaging gameplay experience of the users while providing them utmost safety and security.
Just like other currencies, crypto is a digital currency. Unlike other currencies, it is one of the safest and most secure currencies that can be stored as gold. Cryptocurrencies are known for their security and safety as it is built on the concept of a blockchain network, which supports transparency and decentralization. The first cryptocurrency built on a blockchain network was Bitcoin. Be it blockchain game development or Metaverse Game Development; crypto plays an integral role by facilitating quick, uninterrupted, safe transactions within the game platform.
The fantasy sports industry is greatly influenced by concepts like blockchain and crypto. But what are the similarities between them which make them interconnected to each other? Don’t fret, here is the list of similarities between blockchain and crypto that you must be aware of:
Both blockchain & crypto are intangible, which means you can not see, touch or feel the physical appearance or structure of both assets. Unlike Indian Rupee Note or US dollar, you can never feel the presence of cryptocurrency as it is a digital currency that is present only in virtual space.
Both blockchain and cryptocurrency possess advanced structures. Unlike traditional databases, blockchains are advanced, secure and fast. Cryptocurrencies on the other hand are tech advanced and better than physical or paper-based currencies.
Blockchain came into the role after the introduction of bitcoin, which is the first cryptocurrency. All digital currencies use blockchain technology to record transactions. For instance, if anyone buys bitcoin, all the information will be recorded in the bitcoin blockchain.
Now that you know the similarities between blockchain and crypto, you must be wondering about the differences. Fret not, here is the guide for you!
It is evident that blockchain technology and crypto are revamping the entire gaming industry but recently they are catching the attention of sectors and domains. Among others, fantasy sports platforms are currently leveraging the power of both crypto and blockchain to unleash the true potential of their business models.
Being a decentralized and transparent network, blockchain technology is highly secure as it stores the data of the users in the most confidential manner which is immutable and can never be manipulated. It adds a layer of confidence to users when engaging or sharing data within the platform. The digital transactions processed by the platform are highly secure, encrypted and confidential. It is ideal for users to share sensitive data or virtual assets within the platform.
The crypto gaming industry has introduced the concept of NFT, which is a non-fungible token that can never be replicated or manipulated. Any digital asset like art, music, files, data, land, etc., is known as NFT. This has become a core pillar when it comes to nft fantasy app development, offering players a safe, integrated and seamless gameplay experience.
With the introduction of tech trends like AR and VR, fantasy sports app development is exciting numerous investors and entrepreneurs. They are harnessing the power of both technologies to make the gaming platform interactive, engaging, exciting and unique. With AR/VR integration, fantasy sports cryptocurrency platforms offer users more realistic and alive experiences that are hard to find.
Blockchain fantasy sports offer maximized security and safety to the users in all aspects, be it transactions, data storage or player information. Encryption systems such as two-factor authentication, and secure messaging have proven to be a top security protocol to protect game data, user transactions, and player information from being tampered with or breached.
Crypto fantasy game development can help you offer users with maximized and enhanced experience by providing them with a secure, efficient, and transparent platform. With the advent of blockchain and cryptocurrency, users can control their gameplay experience in their own way by making it interactive, interesting and more engaging.
Crypto fantasy sports have introduced the concept of play-to-earn games, wherein users are paid after completing a challenge or winning a competition or league. Here, users need to create the best of their virtual team to earn crypto fantasy league tokens or crypto fantasy coins as the reward for their winning.
With Blockchain and crypto fantasy sports development, you can make your business much more credible and reliable in front of your target audience. The technology ensures that all the transactions and interactions made within the platform are authentic and verifiable. This not only helps you prevent fraud and malicious activities but also guarantees that no individual faces any kind of privacy attack.
Daily fantasy sports businesses allow users to trade their items for profit or revenue. Since the transactions are completely decentralized, players can completely exchange or trade their resources with confidence. The most significant part of it is that the items will not be stolen or duplicated.
Fantasy crypto games allow players to earn or gain rewards in the form of digital currency, i.e., cryptocurrency. Earlier, people were rewarded with points and coins that have no value outside the game. But the scenario has changed, they can earn cryptocurrencies that can be used outside the game walls. Users can buy products on e-commerce websites with these crypto coins.
By now you might have received all the information needed for how blockchain and crypto have re-imagined the fantasy sports industry in general. If you are fascinated by the concept and want to launch your own business knowing the opportunities and benefits, contact our leading experts. As a leading fantasy sports software development company, we can deliver you the most affordable, high-performance and cutting-edge development services. Choose us to get:
The future of the fantasy sports industry is very bright as it is moving very fast day by day with the rising adoption of online gaming platforms. Blockchain is a core pillar that offers real-time access to information to users and has built-in security that makes the platform ideal for seamless and safe transactions. And with crypto fantasy app development, users don’t need to link their debit or credit cards to platforms as they can easily process the transactions and withdrawals in the form of cryptocurrencies and coins.
For more information, contact BR Softech, a leading blockchain game app development company offering cutting-edge and tech-enabled solutions worldwide.
It costs around $30k to $35k to develop a fantasy sports app from scratch. Read More
It takes around two to three months to develop a crypto or blockchain-based fantasy sports app.
Blockchain-based gaming not only helps business owners increase their user base but also has other advantages:
1. Secure environment
2. Greater control
3. Smooth exchange of assets
4. More earning opportunities
5. Immersive experiences
