How Blockchain Technology Will Fortify the Bond between Sports Fans and their Clubs
Sports are one of the oldest community-based activities in human civilization, with several variations of games found in every culture. As tech has progressed, so have the methods by which sports fans view their favorite matches, engage with other like-minded sports fans, play with friends, and more. For a while now, people have wanted to be directly involved in the sports they watch. It was this sentiment that fueled the formation of the first fantasy sports team in 1962 by Bill Winkenbach, the co-owner of the Oakland Raiders football team, which was known as the GOPPPL (Greater Oakland Professional Pigskin Prognosticators League).
Since the advent of the internet, fantasy sports have moved online with a much greater following, amassing almost 60 million players in 2017. Online fantasy sports cover a wide range of sports; from fantasy baseball, fantasy basketball, fantasy cricket, fantasy golf, fantasy UFC, and even fantasy esports. This proves that fantasy sports are not just a niche interest, but an engaging hobby shared by tens of millions of people across the world.
With the newfound popularity of blockchain technology and GameFi or SocialFi projects, it was but a matter of time before the release of an exciting project dealing with fantasy sports, and bringing the members of this community closer than ever before. This project is known as Fanfury, and let us now look into what it offers its users.
Fanfury is a decentralized daily fantasy sports platform, built on top of the Terra blockchain. The platform hosts daily contests for its fantasy sports, with a large variety in choice when it comes to which sports have daily contests. It supports most major tournaments and leagues across the world’s most popular sports such as Soccer, Cricket,
Basketball, Baseball & American Football. Fanfury also features a concept called Fan Clubs, similar to the fan clubs for specific teams found in the real world. There are 250+ Fan Clubs across different sports, and the number is still growing. Through the presence of these Fan Clubs, Content creators, influencers, and superfans are presented with a unique opportunity to earn passive income in the form of the Fanfury platform’s native token.
$FURY is the Fanfury project’s native token and has a plethora of use cases:
- $FURY can be used to participate in the daily contests held by Fanfury on its mobile app. The contest is held in $UST (one of Terra’s stable coins ) and all contest winnings are paid out in $FURY.
- A small rake fee of 5% will be collected across all contests participant entries from which 2% of the collected rake fees will be burnt as a deflationary measure, and the next 2% will be distributed among the platform’s 250 Fan Clubs.
- The token can also be used for Gameplay, Staking, Governance, Bonding, Banking, Swapping, and much more.
The project’s deflationary tokenomics enable it to combat inflation that often affects tokens that don’t take proper precautions: Axie’s SLP, for example. Fanfury burns 40% of the $FURY rake fee collected for contest participation in the form of fees. When the price of the token goes up, its burn rates of the token decrease in number, stabilizing the supply and demand dynamics of the platform’s ecosystem, and vice versa when the coin price goes down. This self-adjusting burn rate is ideal for cryptocurrency due to its high day-to-day volatility. Price declines are mitigated by this system while controlling price increases healthily to promote stable growth without disrupting the entire ecosystem.
Fanfury takes a different approach to provide enough liquidity for the token to trade by using Protocol Owned Liquidity, a concept developed by protocols like Olympus Dao. The protocol uses a bonding mechanism, to sell its tokens at a discount in order to buy liquidity from the market, rather than lend it through a reward program. This concept ensures that the protocol owns all its liquidity at all times and can prevent large dumps of the token by liquidity providers who want to exit the protocol. By preventing large exits of liquidity from the protocol, Fanfury ensures that the price of the token can remain relatively constant, even in times of bad market conditions.
Get Started on your GameFi Journey with Fanfury
Fanfury is one of the few blockchain-based projects catering to the needs of sports fans and fantasy sports players with its highly interactive and dynamic system, fortifying the bond between sports fans and their favorite clubs as they use this platform to connect and share their thoughts, play virtual sports, and much more. To learn more about Fanfury, click here.