The fantasy sports industry is beginning to adopt the blockchain as its new residence, or at the least, an exciting alternative to its old one. With the Covid 19 pandemic setting in, people have found new ways of making their money work for them, and fantasy sports have benefited immensely. As a result, the market size of fantasy sports has grown to $19 billion, with that value expected to 2.5x in the next five years; into a market that would be worth $49 billion.
For the uninitiated, the modern fantasy market mainly exists in two forms — Centralized and Decentralized. Centralized platforms are regulated by an intermediary, runoff enterprise servers, have high fees, lack a trusted perspective, and inescapably store user data;
Decentralized platforms are non-regulated as they work on the blockchain where community polling is law, run multiple nodes ensuring trust, with using smart contracts to effect fairness without storing any user data.
Centralized fantasy apps held an advantage over blockchain-based apps in the past, with transaction speeds being higher, enabling them to handle traffic effectively while the adoption market for cryptocurrencies was in its infancy.
However, blockchain has progressed by leaps and bounds, with high transaction speeds, capable of handling spikes in traffic, and a staggering adoption of cryptocurrencies across the globe.
Additionally, users are starting to scrutinize sudden rake fee changes, a lack of transparency, trusted companies exploiting sports and user data, and the frustration of delayed returns due to banking regulations.
Many decentralized apps look to solve these problems through on-chain transactions, smart contracts to manage pool distribution, as well as crypto payouts
Fanfury, however, has a unique take on the way a decentralized fantasy sports platform should function; for the benefit of users.
Fanfury uses smart contracts to control the logic behind the creation of the pools, the number of contest entries per wallet address, as well as other safeguards that protect our users from malicious behavior from both, the platform and the community.
By integrating decentralized fantasy sports data from multiple oracle sources, directly on-chain, Fanfury is able to ensure that the contests pools are fair and the data being used by the logic in the pools, to compare teams, declare winners, and more, cannot be manipulated.
Fanfury’s head v head pools are generally played between 2 and 10 teams. These games are single entry games, which means that you will only be allowed to enter a single team into the contest.
Fanfury allows its users the ability to either join an existing contest or to create a contest for themselves, by inviting their friends. The entry fee for head v head contests is generally large, ranging from $25 entry to $1000.
Fanfury’s large pools are played with up to 10,000 teams in a single contest pool. These contest pools have large payout amounts, with low risk and low entry fees, generally starting at $5.
These contests allow the user to enter more than one team in a single contest, however, there are limits put in place, through contract rules, to ensure that no one user has an influence over the outcome.
The contests will have a large payout allocation to participating teams, with ~70% of the teams guaranteed a winning allocation from the prize pool.
Both head v head and large contest pools are both governed by their own smart contracts that use decentralized data from multiple different Oracle service providers to ensure data integrity while relying on contract rules to enforce elements of the gameplay that determine the winners.
The smart contracts also manage the contest entry, closing of the pools in time, deposits into Anchor, calculation of the winners, as well as payouts to the winning teams, and Rake distribution. This ensures that we’re giving our users an end-to-end experience that is decentralized, manipulation-free, and follows fair play practices.
The Fanfury platform is built on the Terra network. While leveraging the decentralized, dual-token economy, integrations like Anchor protocol provide innovative, incentivized solutions that other decentralized apps do not. Combined with the significant advantages blockchain technology has over centralized apps, the Fanfury platform is poised to enter the fantasy sports world with a bang.