Fantasy sports – next big cryptocurrency market, Messari
17 Nov 2020
As “digitally native” industries such as esports continue to boost their blockchain synergy, sectors such as fantasy sports may be ready for mass blockchain adoption.
This is according to digital research firm, Messari.
In a new report, researcher Mason Nystrom says that industries like fantasy sports are prepared for robust growth due to the coronavirus crisis.
He went on to add that blockchain-based applications could help to boost engagement with fans in this fast-growing market, Cointelegraph reports.
Nystrom commented: “While the peak culmination of esports and cryptonetworks waits for improvements in emerging technology and 5G connectivity, blockchain-based fantasy sports are poised for consumer adoption.”
In reference to research carried out by PwC, betting and fantasy sports are forecast to grow 7.2% within the next three to five years.
This could be good news for the sector as, according to a 2018 study, 75% of traditional sports betters also played fantasy sports.
The industry is seeking new ways to boost user engagement, with digitalisation taking on supreme importance.
Blockchain-based apps can be utilised as a foundation for digital ownership and monetisation, with platforms such as Ethereum offering a high trust level.
Fantasy sports games built on top of the blockchain run by selling nonfungible tokens that seemingly rise in value, based on the performance of real athletes.
The top three cryptocurrency fantasy sports — Sorare, MLB Champions and NBA Top Shot — have already accumulated more than $10 million in sales. Sorare and MLB Champions are built on Ethereum, while NBA Top Shot is on the Flow blockchain.
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