Fantasy sport is a type of online game where players are assigned to the virtual sports team of the players and compete according to the performance of the chosen players in the actual game. Due to the ongoing pandemic, these kinds of online games have become a more popular source of entertainment. Now the fantasy sports industry has recognized the favorable outcomes of integrating blockchain in fantasy sports.
Mason Nystrom, a PwC researcher, says that we expect the fantasy sports industry to grow 7.2% in the next two to three years. So there is a wide scope for the developers to earn revenue through such games.
Here in this post, I will help you understand what is the need for blockchain technology in fantasy sports and how they can shape the future.
Why Blockchain Technology are Necessary for Fantasy Sports?
There are several benefits of opting for blockchain solutions in fantasy sports. The first one is fast and secure withdrawal with minimum fees. There is no specific withdrawal limit and you can access the funds immediately after the withdrawal. Another benefit is that blockchain solutions provide transparency, visibility, and security. All the transactions are recorded transparently, hence you can expect a high level of trust with blockchain technology. For enhanced security, the team member verifies all the transactions, so there are no chances for fraudulent transactions.
Adopting blockchain solutions in the fantasy sports app development will go a long way to attract new customers by offering them transparency, security, and faster withdrawals with no limits. This way, blockchain has the power to improve user engagement in a fantasy sport.
How Blockchain Industry Can Shape Fantasy Sports?
Looking to the far future of the blockchain industry in fantasy sports is impressive, innovations are constantly ruling over the market and promising bigger and bolder use of the technology. As active, blockchain is developing alongside sports and introducing new and better ways to keep fans engaged and breathing a new life into the fantasy sports industry.
Smart Contracts
Smart contracts are a highly advanced feature of blockchain technology. These contracts are computer programs that have self-execution power. When conditions are satisfied, these contracts can be self-executed. In the case of fantasy sports, the smart contract will make the sponsorship process simple and can be generated automatically.
Transparency
As active, the fantasy sports industry lacks transparency. In the future, with the adoption of blockchain, users will be able to take advantage of tokenizations and smart contracts to make faster and secure payouts.
There are some withdrawal issues as well with the non-blockchain-based platforms. The withdrawal can take up to 8 days to reach the user’s bank account. However, the adoption of the blockchain technology will fasten the withdrawal process and the amount can be reached to users instantly. Blockchain also aids in maintaining the complete information about the transaction to provide transparency and prevent fraudulent activities. The adoption of blockchain technologies into fantasy sports will create a fair environment.
Smoother Fund Transfer
Currently, the transfer process is very slow and expensive, especially for the payments that need to be made across the border. The main justification for this is that it involves multiple currencies in the transfer and needs the help of the respected banks to collect the transfer amount.
Blockchain technology emerged as the potential solution to fasten the transfer process and facilitate cheap international payments. Nonetheless, smoother fund transfer is one of the most talkative benefits of blockchain solutions.
Conclusion
The lockdown continues in many countries because of the risen numbers of Covid-19 cases. The fantasy sports organizations of all scales are trying hard to find out alternative ways to generate revenue. Adopting blockchain technology into fantasy sports app development seems to be an exciting way to attract a wider audience pool. So it is predicted that many fantasy sports companies will start adopting blockchain solutions.
