Introduction to Fanfury
Problems like centralised finance, crippling exchange rates, interest rates, transaction fees, and other domestic charges have been limiting the true fantasy sports experiences that fans deserve. Fanfury circumvents central command and controls mechanisms by using decentralized open-source registers to record player transactions.
Using blockchain makes Fanfury more transparent and accountable. It can help track fraudulent entries and verify the authenticity of bets, making fantasy games tamper-proof. In summary, with the integration of Terra, Fanfury helps maintain transparency and security in the ecosystem in a decentralized manner and provides a fair play experience for its users.
Fanfury keeps the games' integrity and proves that the games they offer are fair in every way. It is necessary to move away from traditional formats and encourage innovation, and DLT (Decentralised Ledger Technology) can serve as a real solution to engage fans in the games.
The vision is to deliver real digital ownership, transparency, liquidity, and decentralization, and to offer people new ways to communicate and express their passion for the sport. It will be fascinating to see the masses adopt Fanfury, boosting its potential and being a part of its growth. Fanfury recognizes the capability to revolutionize revenue streams and fan experiences, increasing crypto-sponsorship, fan tokens, and non-fungible tokens (NFT).
Our transparency will break the cycle of mistrust surrounding online games and breathe new life into the industry. Technology and innovation will meet the passion of sport, and influence online gaming. It guarantees secure smart contracts in the game, excludes third parties from the payment process, makes transactions faster and more secure, and eliminates the need for financial intermediaries.
Fanfury is bringing fantasy sports to Terra by utilizing Chainlink, Band protocol, and Supra decentralized oracles, bringing fantasy sports closer to transforming into a more transparent, accessible, and cheaper ecosystem for users. Player smart contracts help conduct processes such as scoring rules, determining winners, paying out winnings, and ensuring a deflationary economy without 2% burn.
As bookmakers evolve, there is no doubt that Fanfury will have a significant impact on the future of sports betting. The fantasy sports leagues are returning, and they will never make the same progress, as new technologies make global financial accessibility easier than ever.
In a recent report, researcher Mason Nystrom argues that fantasy sports are poised for significant growth despite COVID-19. Citing research, Nystrom says betting on fantasy sports is expected to increase 72% in the next three to five years alone.
Fanfury can monetize fan engagement, attract sponsors and engage the global market in ways that would have been unimaginable a decade ago. While Teams, clubs, and sports organizations are getting innovative to survive in the new digital age and meet the expectations of fans, passionate fans consume sports and related content for the actual duration of the game.
In 2020 the global fantasy sports market was estimated at $20 billion and is expected to grow to $33.2 billion by 2025. This market consists of many sports such as football, American football, baseball, basketball, cricket, and other sports. In fantasy sports, the US and the UK account for 70% of the market, football accounting for the majority of the international market share, while fantasy cricket is expected to grow fastest owing to its growing popularity in the Asia Pacific region with a CAGR of 17.9% by 2027. India has seen an unprecedented rise in fantasy gaming and is a huge market. Tencent-backed Dream11 has a market share of 90 percent and a user base of 55 million.
Our competition types include head-to-head games, large pools, practice pools, and referral pools. We will have games from Football, Cricket, Baseball, Basketball, & American Football, from over 400 leagues around the world.
Fanfury’s Rake fees (5%) are lower than other traditional fantasy sports platforms out there, so we make playing more profitable.
Additionally, the platform offers Staking, which is a good option for further income for people who invest in FURY tokens, and HODL. 25% of the Rake fees collected on every contest held, goes to stakers of the protocol.
Liquidity Providers also receive 25% of the rake collected, as rewards. We hope this will help incentivize people to maintain enough liquidity.
Fanfury also has deflationary economics built into its tokenomics, by taking 40% of the Rake fees earned by the platform on every contest and burning it. This will ensure that if the price of FURY tokens are high, only a small amount of tokens will be burnt, however, if the price of FURY token is low, then more tokens will be burnt, eventually driving circulation down, and putting buying pressure on the token.
Fanfury plans to release Testnet by February 2022 and Mainnet by March 2022.