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Impact of Blockchain and Crypto on the Fantasy Sports Industry

Game Development
Mar 27, 2023
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Impact of blockchain and crypto

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! 

Fantasy Sports Market 

  • The fantasy sports market is constantly thriving and booming at an alarming rate. The global fantasy sports market was valued at $18.6 billion in 2019. 
  • Moreover, the market was measured at USD 21 billion in 2021 and is expected to reach a market value of USD 78.5 billion by 2030. 
  • The global fantasy sports market is growing at a CAGR of 14% during the forecast period of 2022-2030. 

Fantasy Sports Industry: Overview 

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. 

Fantasy Sports Industry

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. 

Blockchain Vs Crypto 

Though blockchain and crypto go hand-in-hand, still there is a certain difference between the two concepts that you must be aware of: 

What is Blockchain?

Blockchain

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. 

What is Crypto? 

Crypto currency

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. 

Similarities Between Blockchain & Crypto 

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: 

Similarities Between Blockchain & Crypto

Intangible 

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.

Advanced Structure 

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. 

Interdependent 

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!  

How is Fantasy Sports Platform Transforming Using Blockchain & Crypto? 

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. 

Fantasy Sports Platform Transforming Using Blockchain & Crypto

1. Secure Transactions 

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. 

2. Emergence of NFTs 

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. 

3. AR/VR Integration 

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. 

4. Top-notch Security 

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. 

5. Enhanced User Experience 

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. 

6. P2E Fantasy Sports Game 

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. 

7. Authentic Verifications

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. 

8. Trading Resources 

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. 

9. Earning Rewards 

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. 

Fantasy Sports App Development 

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: 

  • 24/7 tech support 
  • Robust blockchain development services 
  • Expert team of developers 
  • Affordable Solutions 
  • Excellent features 

Also Read: How to Start a Fantasy Sports Business in India?

Final Words 

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. 

Frequently Asked Questions 

Q.1 How Much Does It Cost To Develop A Crypto Fantasy Football App? 

It costs around $30k to $35k to develop a fantasy sports app from scratch. Read More

Q.2 How Long Does It Take For Crypto Fantasy App Development? 

It takes around two to three months to develop a crypto or blockchain-based fantasy sports app.

Q.3 What Are The Benefits Of Blockchain-Based Fantasy Sports Platforms? 

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 

Nitin Garg

I am Nitin Garg, founder of BR Softech PVT LTD - an award-winning mobile game development company known for its excellence in the gaming domain. We have a team of 180+ exceptional professionals & we have a satisfied clientele of 2.7k+ globally. Driven by an entrepreneurial spirit, I aim to elevate BR Softech to a billion-dollar company.

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