Fantasy sports on blockchain

Posted by chitranjan

There is nothing special to say about fantasy sports platforms where people come and make fantasy teams and compete in tournaments with those teams to win. But

Things change when you add blockchain to the mix.

This blog post is about bringing the same fantasy sports world to the crypto and try to make it even better for the fans.

Why blockchain?

Blockchain is special because this has enabled users to own digital assets, because of blockchain there is now digital scarcity, which has not been possible before. Using this same new ability that has been introduced to the world. We can make fantasy sports even more rewarding and engaging.

With blockchain and NFT, now people can own the players they are fans of. With our Dapp not only they can own their favorite players but can get rewarded for doing so.

These are the following aspects of our Dapp

Minting of Players

Users can mint players by depositing tokens, we have our own method for arriving at the price for a player. So a fan can deposit a token and get player NFT or can deposit NFT and get tokens.

adding of players and adding of sports category both are done by the community of token holders, thus it is community-driven rather than centralized.

Lending of Players

NFT owners can lend their NFT’s to others if they are not interested in participating in different matches and compete. This can provide fans with a very low-risk interest for their NFT.

Building teams with player

Teams are also NFT tokens which can only be minted if some pre-set criteria can be met, for example, a team can’t have two NFT of a single player. NFT can’t be more than the set size of a team.

after meeting these conditions Team tokens which is backed by NFT will be minted.

Competing in tournaments.

Once team tokens have been created the owner of these tokens will put their teams in the valid tournament where players of his team tokens are playing. to get his tokens into the tournament he will pay a fee that will go into the prize pool. After the match is over the team token which matches the winning criteria will get the pool prize.

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