Cryptocurrencies

For Messari, the next big crypto market will be virtual sport, or fantasy sport – Cryptocurrencies

Balls in sport

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If the primary mission of fanstasy sport is to further stimulate the engagement of supporters of natural sports disciplines, it could soon turn into something bigger. Indeed, the use of blockchain to develop this new discipline will have particularly appealed to the public. A gradual adoption which should make it the future crypto market, according to analyst firm Messari.

A market that will have grown thanks to the coronavirus pandemic

Containment and social distancing measures have been law since the start of the crisis, sports disciplines no longer attract crowds in stadiums. A blow for the recipes of the various leagues with huge impact on their financial models. To keep the interest of millions of fans and incidentally find a source of funding, the promotion of fantasy sport was thus further promoted. Analyst at Messari, Mason nystrom reminds that the sector should know 7.2% growth over the next three to five years.

Considering that the majority of fans betting on real sports disciplines are also interested in virtual sports, it is the whole sports economy that should benefit. The ability to put together a fictional team of their own and face different opponents for wins has indeed won over millions of fans. ” As the heyday of esports and crypto networks awaits improvements in emerging technology and 5G connectivity, blockchain-based virtual sports on the verge of consumer adoption ยป, Declared Mr. Nystrom.

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Promising revenues linked to the sale of NFTs

By serving as a basis for the development of virtual sport, blockchain offers a possibility of digital monetization with a fairly high level of confidence. This has enabled games based on Ethereum or other platforms to issue non-fungible tokens (NFTs) in relation to the sports discipline concerned. This is notably the choice made by the games Sorare and MLB Champions, or NBA Top Shot which currently dominate the sector.

The advantage for the fan who participates in the fantasy league is that the value of these NFTs increases depending on the performance of the athletes in the actual sport discipline. A policy that will have allowed Sorare, MLB Champions and NBA Top Shot to generate over $ 10 million in revenue. Messari stresses, however, the need to review the current management model of these assets, not deeming them profitable enough for the user, whose assets disappear permanently in the event of loss.

As the return of large gatherings is not expected before the start of the 2021-2022 season, the various sports disciplines will be able to count on their fantasy leagues to generate additional income. A real influx of users should then inevitably create a new market in its own right for NFTs.

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