With the tremendous growth in the sports industry in the last two decades growth in the number of players and fantasy sports platforms has been increasingly high. In the last 3 years, the fantasy sports market especially during the covid-19 pandemic has seen growth from US dollar 20.7 billion to an increasing growth of 13% per year and is expected to reach a valuation of 48 billion US dollars by 2027. Fantasy sports and fantasy online platforms have increasingly been popular. The Global fantasy market has seen increasing growth after 2016.
With more and more players and people engaging in fantasy online Sports, it can be called one of the biggest profitable industries worldwide. Even in India Fantasy Sports is one of the most famous and most loved online gaming platforms where people not only play games for entertainment but can also earn real money. In this blog, we will be putting light upon the different ways blockchain brings about a new era of innovation and growth in the fantasy sports platform.
What are the Challenges in Online Fantasy Sports?
Most famous fantasy sports platforms are all centralized and most of the users complain that they lack transparency. And if the user is unaware of what goes on, then there is a chance of fraud and also customers losing trust in what is going on. However, these applications provide absolutely no visibility as to what is going on behind the scene and users are scared of fraud in many instances many game developers and companies are criticized for being a fraud by showing fake winners who has won a huge amount of money. This is done so that they can attract a large amount of audience. They even have a high chance of fraud and illegal activities such as scams and even money laundering.
With these fantasy sports illegal activities, there are chances that only fantasy sports platform owners will benefit from it and the players (users) might lose their money. All these have caused serious conflict between many online sports platform owners and users. Many legal actions have been taken and all these led to people losing trust in fantasy sports as a whole. But there can be a scope for improvements in the same. However, they can be many instances that fantasy sports users might not notice such fraud and keep on losing money again and again.
How Can Blockchain Help in Such Cases?
There are many shreds of evidence that Blockchain is very beneficial for many industries and can make many processes easier in these industries and this helps in the growth of these organizations. Blockchains are also helpful for making processes transparent for customers and this in turn increases the trust of customers in the vivid industries. Here are a few of the benefits that blockchain can have in the fantasy sports industry.
- Transparency: Blockchain help in creating transparency which ensures that users’ data is secure and that anything that they do in the fantasy Sports app is channelized and can be seen by them.
Data Security: Data security is another thing that comes up with blockchain, which allows customer authentication and security at the utmost priority. With the help of blockchain, data security and the information of the user are protected and of utmost priority.
Good User Experiences: Users can have a very transparent, efficient, and the most secure experience. It gives control over gaming and gives the users the best experience possible. Blockchain can help the fantasy sports market grow to its fullest! So, blockchain can give the user the best experience that they can have.
Gaming Profile Integration: Blockchain enables players to get access to many games and also it can help in creating a centralized community. It also enables the centralized integration of many games and platforms, which makes it easier to use profits products and purchase easily.
Resource Trading: The users can trade their profits and other items with the help of blockchain in the fantasy sports platform. Blockchain helps in creating authority and ownership by keeping records of different items. Every player can be confident enough to know that none of the items will be stolen nor can be duplicated as a proper record is kept. It further helps them to sell products in the game to different players and earn profit from it.
Wrapping it All Up…
There are larger aspects that blockchain can benefit fantasy sports platforms and online gaming. These are just a few explanations. If you are looking to invest in this platform with the help of blockchain and are wanting to get an app developed then you must contact Fantasy App Developer. Here we work on every aspect of app development and our developers are very efficient in amalgamating blockchain and fantasy Sports online platforms. With the booming industry of blockchain, cloud technology is also coming as the game changer in fantasy sports.