How Blockchain Technology Brings Innovation To Fantasy Sports

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Over the previous two decades, the Fantasy Sports market has grown exponentially in terms of both the number of players and the number of such platforms. As a result, the global Fantasy Sports market is expected to be worth $20.7 billion by 2020. It is predicted to grow at a CAGR of over 13% from 2021 to 2027, reaching a worth of US$ 48 billion.

Fantasy Sports are online competitive games in which users create a virtual team of real-life athletes and receive points based on how well the team performs in real-life contests.

They can switch teams at any time, subject to specific in-game rules. The goal remains to select a group of players who can earn the user the most points.

Almost all of these Fantasy Sports use a Play-to-Earn (P2E) model, in which the creation of a team necessitates the payment of some sort of participation fee. Users that reach the top of the Leaderboard at the end of each season or tournament are awarded in monetary terms.

Aside from seasonal incentives, some of these platforms also conduct Daily Fantasy Sports (DFS), in which users can compete in daily contests and earn prizes.

The ...
... allure of Fantasy Sports has captivated sports fans all over the world. In the United States, roughly 57.4 million people, or one out of every five people, participate in Fantasy Sports. On the other side of the world, the Fantasy Sports business in India is developing at a CAGR of 32% and is expected to reach US$ 3.7 billion by 2024.

The Dark Underbelly of Fantasy Sports

Indian mobile apps have been instrumental in popularising this new gaming revolution. However, because these platforms are all centralised, they are prone to human error, intervention, or just deception.

When interacting with such systems, users frequently complain about a lack of openness. These applications give users no insight into what is going on behind the scenes, forcing them to blindly trust the system.
Game producers have frequently been chastised for advertising phoney "winners" with massive payouts in order to attract a larger user base, and then concealing the true number of players, contests, and distribution percentage in order to maximise profit margins.

There is also the possibility of illicit or criminal activity such as betting fraud and point manipulation, which will benefit the folks who manage the site.

Blockchain to the Rescue

Blockchain is a ready-made answer to all centralization and trust issues. Today, fantasy sports platforms are rapidly using blockchain technology in order to create a decentralised, fraud-proof, and completely transparent system.

Every transaction is permanently recorded on a public ledger, and anyone with an interest in the transactions can read and verify them. This fully eliminates the possibility of any type of fraud done by falsifying data or concealing facts. Blockchain allows for the unchangeable tracking of data related to teams, players, and victories.

Blockchain technology also provides the possibility of decentralisation, allowing users to engage not just in the game but also in the platform's decision-making processes. This reduces the influence of game developers and administrators even further.

Some of the most well-known names in the online gaming industry have already embraced blockchain technology in order to provide such distinguishing features. Their large user base validates the importance of the advances brought by blockchain to the Fantasy Sports sector.

Enter TradeStars

TradeStars is a groundbreaking P2E Fantasy Sports Game that uses blockchain technology to provide consumers with an unrivalled gaming experience.

On TradeStars, gamers may trade Fantasy Sports Stocks, the value of which is directly determined by both previous and present real-life performance of athletes. This is similar to creating a team on traditional Fantasy Sports sites, but with a slew of extra rewards and features.

There are no restrictions on the number of Fantasy Stocks that customers can purchase. This gives consumers unlimited freedom to acquire as many or as few stocks as they desire.

Purchased fantasy stocks on TradeStars remain in the customers' wallets until they wish to sell them. Users can earn large returns on their investment in the long term if they can recognise and purchase early stocks of new skilled players while their stock price is still cheap.
TradeStars also hosts DFS tournaments in which users may win unique prizes simply by owning Fantasy Stocks of the day's best performing players. This has proven to be incredibly popular among sports fans, resulting in a flurry of trade activity on the platform during match days.

The Tech behind the Game

TradeStars was built on the Ethereum blockchain and is powered by Polygon, a Layer 2 scaling solution. Every deal on the platform is forever recorded on Ethereum, thus removing the possibility of manipulation or fraud.

Integration with Polygon's world-class scaling technology means that transactions are completed almost instantly and for free, not just now but also in the future, when the user base will have increased significantly.

Players' real-life performance stats are tokenized using Non-Fungible Tokens (NFTs). In the digital realm, NFTs are increasingly being used to represent one-of-a-kind collector items, pieces of art, or even intellectual properties.

TradeStars actually use a subset of NFTs called Fractional or F-NFTs. A set number of F-NFT-based equities are issued for each player listed on the platform. The fractional implementation is what allows customers to trade stocks in any amount they choose, including fractions.
The trading markets are handled by a series of smart contracts, which give users with frictionless price discovery and a cutting-edge trading experience.

Trades are carried out using TSX, an ERC-20 token that serves as TradeStars' in-game currency. TSX is also the ecosystem's governance token, allowing holders to participate in platform governance decisions through decentralised voting rounds in the future.

Other services, such as TSX staking and fiat gateways, are scheduled to be available on TradeStars in the near future. There are also plans for new and intriguing DFS contests.

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