A research report forecasts that the global fantasy sports market could reach $22.7 billion by the end of 2022, before more than doubling to over $47 billion by 2028, growing at a CAGR of 13.2 percent during this period. Analysts pin this rapid expansion to the effects of the COVID-19 and the increasing interest in online gaming globally, catalyzed by contagion measures instituted by governments in taming the virus.
Fantasy games take a new but exciting twist from typical games, especially with the rise of web3. They are an online game where participants assemble virtual teams of real players of a professional sport--football, rugby, or more. These teams then compete with the statistical performance of the actual players in real-time.
What is Polysports?
Polysports, a dApp platform developing the first DeFi powered fantasy sports, is aware of the sphere's possibilities, the advantage of positioning themselves at a strategic position amid an evolution, and is scheduled to launch later this year.
The dApp is differentiated and is, by design, the first of the kind interactive fantasy platform that has incorporated bespoke features, including DeFi, metaverse, and NFT offerings, to create an engaging, interactive, play-to-earn experience for users drawn from across the globe.
Predominantly designed as a daily fantasy sports platform, Polysports aims to bring immense and infinite value to users, offering a unique and distinguished platform that's different from its competitors in what's arguably one of the fastest-growing industries.
The platform has an intuitive user interface that allows users to register and quickly put their skills to good use. Unlike in web2, where players can sometimes be required to play entire seasons, the flexibility in Polysports means players don't have to commit to whole seasons. Instead, they can opt for ongoing or upcoming tournaments listed on the platform. Therein, they can create a team, deposit Polysports' tokens, and compete with other teams. Holders of the Polysports token receive benefits such as loss protections, access to VIP membership, and more.
The deployment from the transparent and secure base layer is massively beneficial for users. Players can easily track their activities, confident that the lack of intermediaries translates to a bigger paycheck. By tapping blockchain and the capabilities of NFTs, DeFi, and the metaverse, Polysports is proving to the world that fantasy games can seamlessly transition from web2 to web3, offering more interactive and monetization opportunities for users to earn more from their actions.
The ability to reward gamers is due to the 360-degree integration of high-power blockchain-led innovations like DeFi—allowing for token staking and liquidity mining — and NFTs. Specifically, because of DeFi, users stand to earn more yields from their assets acquired from their fantasy sports activities. At the same time, the merger of NFTs means users are guaranteed actual ownership of valuable gaming items. The fusion of crypto and exchange also means users can play to earn valuable cryptocurrencies, which they can swap for more liquid assets before cashing out. Players can also trade NFTs through the platform's in-game marketplace and even engage in their sports NFT metaverse.
Ahead of their launch, Polysports' mobile dApps are already in private beta. The team is also expected to launch new features, including casual and role-playing game titles set to be available in the project's metaverse.