How Crypto and Blockchain Technology is changing the Fantasy Sports Landscape
With the ever-lasting growth of technology and innovations, there is always something new that is being brewed and discovered every single day. We are in a time and age where things can become old technology within a year too due to the number of innovations happening every single day. Now with the rapid growth of fantasy sports around the world making it one of the most lucrative industries for all sports lovers and the innovation of blockchain and technology this merger was almost inevitable.
Mass adoption of cryptocurrency and the security that blockchains provide for anyone cannot be matched with the traditional methods of playing fantasy sports, along with the addition of NFTs fantasy sports such as fantasy football and fantasy cricket can become much more than a normal game played by the fans giving it more substantial value than ever.
Find out how the world’s two most rapidly growing industries are coming together and bringing about a change.
Crypto as a mode of payment and transaction
With digital currencies getting popularised and mainstream, few countries are ready to make them legal tender and their primary form of payment and currency such as Bitcoin in El Salvador whereas some countries have their own harsh opinion on these digital currencies. Economic experts have said that soon there will be mass adoption to a certain point where digital currencies will be legal tender in most countries making them a universal currency and enabling people to transact from anywhere around the world without any hassle.
These are the list of reasons why Fantasy Sports and other such gaming sites should use cryptocurrency
- Secure and transparent, this is one of the biggest reasons why cryptocurrencies have gained so much popularity, people have started cryptocurrency transactions more than banks as they are extremely secure and transparent due to the blockchain being in place. Due to the transactions being stored in blocks and hashes it makes these transactions tamper-proof, as well as they, are permanently stored with anyone having access to viewing them
- Faster and cheaper transactions, as digital currencies are becoming the standard now just like fiat money due to people realizing that it is much easier to transact using cryptocurrencies without having any hassle to go through any third party or middlemen when transfers are made as well as the low cost of a transaction that it comes with is an added bonus, you can expect little to no transaction fees if you want to bet on something, purchase in-game items or even enter fantasy sports contest.
- Payments are on the go, there is no need for someone to carry their personal information or any proof while making crypto transactions as long as they have either crypto wallets or access to the internet, they can easily login onto their wallets and transfer funds from any part of the world to any other part.
- The ability to play from anywhere allows people that are restricted by geolocation to participate in various events and contests due to cryptocurrency being on the decentralized network thus making everyone anonymous and not bound to a particular region.
People have always misconceived that the blockchain was developed due to cryptocurrencies whereas this is a myth and a blockchain is essentially a peer-to-peer network that was ideated years ago in the 1990s when people were thinking of a cryptographic method that would allow them to transact or interact anywhere around the world without the help of local governing bodies such as banks or governments.
A blockchain records each and every single thing on it making it completely unalterable.
The blockchain helps in connecting players all around the world that are interested in fantasy sports over a decentralized platform giving complete anonymity to each person thus making it extremely secure and quick to play.
With the use of NFTs, all online games can innovate a lot in the future such as fantasy sports, trading card games, gambling, etc, and change how these industries progress and develop.
Thus I would like to conclude by saying that there is one such company called Fanspel in the field of Fantasy sports that is already providing all fantasy sports lovers with the means to play fantasy contests in various categories such as Fantasy cricket, fantasy football, fantasy baseball and fantasy basketball with the use of cryptocurrency thus making it a decentralized seamless experience for all the fantasy sports lovers that want to get into cryptocurrency space without much knowledge.
You can check fanspel out here to know more about them as I am sure they are going to be the best crypto fantasy sports app and disrupt this market completely.