Trustless Oracles Take Fantasy Sports to the Next Level

The roots of fantasy sports can be found back in the post-world war II era. From around 5,00,000 in the mid-1990s to North American consumers reaching around 59.3 million in 2021, the fantasy sports industry has evolved quickly. But what are fantasy sports?

Fantasy Sports are technically a type of online prediction game. You assemble a virtual team of real-life sports players and act as the fantasy team manager. The fantasy teams compete with each other based on their players’ statistical performance in actual games. This performance is converted into points, which are compiled and totaled based on a roster chosen by the manager of each fantasy team.

For instance, you can consider the players of your fantasy team as stocks. Being their fantasy sports manager, your job is to accumulate the most accumulated value at the end of the season by buying, selling, and trading your players. It is quite similar to being a day trader in the stock market. Sounds interesting?

The fantasy sports services market size in the USA has reached a splendid $8.9 billion. However, issues such as a centralized structure, data manipulation, rigging, high exchange rates, high transaction fees, and other costs frequently prevent fans from having access to the authentic fantasy sports experiences they deserve.

This is why a blockchain-based solution is needed in the world of fantasy sports. And that’s what Fanfury offers.

What is Fanfury?

Fanfury is one of the first Terra-based play-to-earn games that offers a decentralized gaming experience to everyone. Fanfury intends to resolve the centralization issue of fantasy sports by offering a decentralized blockchain solution. It combines Daily Fantasy Sports, RPG Lore, and blockchain technology in a dystopian science fiction setting to make the incorporation of blockchain concepts into fantasy sports way simpler and more effective.

To address the issues of security, scaling, and incentives, Fanfury employs Application-Specific Blockchain and a 2nd layer network controlled by Data Oracles. Furthermore, Fanfury provides an economic linkage that results in a deflationary and self-regulating economy.

It also helps to differentiate between fraudulent entries and authenticated bets. Fanfury is aimed at making fantasy games tamper-proof. It also provides gaming experiences like never before for sports and DeFi fans all over the world by addressing issues like data manipulation, unfair user practices, user privacy, and so on with blockchain solutions.

Fan Clubs are the backbone of Fanfury. Fan Clubs, in addition to allowing players to own a portion of their favorite team, are a constant source of passive income for the game’s participants. $FURY is the native token of Fanfury. Let’s have a look at how Fanfury’s trustless data oracles take fantasy sports to the next level.

How is Fanfury Using Trustless Data Oracles to Level Up Fantasy Sports?

Fanfury is bringing fantasy sports to Terra by leveraging Chainlink, Band protocol, and Supra decentralized oracles. Using trustless data oracles, Fanfury is taking fantasy sports one step closer to becoming a more transparent, accessible, and cost-effective ecosystem for users. It ensures data integrity by providing its users with decentralized data from multiple oracles. Without trustless data oracles users in the fantasy sports world face the following issues:

  • The exploitation of identity/information
  • Regulatory repercussions
  • Data manipulation
  • Irrecoverable loss of funds due to data manipulation
  • Security vulnerabilities

Now let’s see how Fanfury solves the existing issue in the fantasy sports world by using trustless data oracles:

Data Manipulation Free Experience

Fanfury’s trustless decentralized data oracles from various independent providers ensure a manipulation-free fantasy sports experience.

Unique Combination of Data Oracles and Smart Contracts

Smart contracts take over as soon as data enters the Fanfury system. It ensures that neither the platform nor the players can manipulate it. The collection of entry fees, the pool size, the number of teams per address, and other proprietary governing rules are all controlled by smart contracts. Smart contracts also control the calculation of points for winning teams, the announcement of winners, and the collection and distribution of rake fees.

Exclusive Fantasy Data

The trustless data oracles use proprietary data computation via smart contracts as data validation sources.

On-Chain Decentralized Data

Decentralized data oracles provide a valuable service in the cryptocurrency world by connecting real-world events to on-chain data. Fanfury’s Fantasy Sports Data Oracles make it possible for protocols on a variety of networks to access the on-chain decentralized data.

Fanfury actively searches for events that need to be created and listed using Oracle scripts and data sources. Sports betting APIs are the simplest and most consistent way to ensure that Data Oracles report as accurately as possible and contribute to network reinforcement. Fanfury uses at least 3 different API providers to ensure that not all validators are pulling data from the same source.

Fanfury’s integration of Terra and the use of trustless data oracles contribute to the ecosystem’s transparency and security in a decentralized manner while also providing a fair play experience for its users.

Level Up Your Gaming Experience with Fan Clubs

Nothing beats owning a Fan Club for sports fans all over the world. On Fanfury, Fan Clubs allow you to own a piece of your favorite team, whether it’s football, cricket, basketball, baseball, or any other sport. A total of 250 Fan Clubs are there to choose from, each representing a real sports team like NBA and Premier League teams.

In each contest pool, a rake fee of 5% of the total prize pool is levied. This is one of the industry’s most affordable rates, and it’s used to create both a reward system and a value accrual mechanism. Every day and for every contest, 40% of the platform’s rake fee will be distributed among the 250 Fan Clubs using a gamified distribution method. It brings profit for both the Fan Club owners and fans.

How does it profit the Fan Club owners?

  • Owners will receive 1% of their team’s reward allocation, as well as an equal share of the money left over after the 1% is deducted.
  • The owner of the top team also receives 1% of the total rewards available to everyone. This increases the incentive for Fan Club owners to push their team to the top of the leaderboard.

How does it profit fans?

  • When fans join a Fan Club, they effectively become de facto part-owners; the bids they place are converted into a percentage of the fan club’s ownership. This allows them to receive a daily portion of the Fan Club’s revenue.
  • When fans invest in a Fan Club, they will also have a permanent source of passive income and the opportunity to let their investment work for them.
  • The rewards will be paid out in perpetuity and will be derived directly from the net profit of the protocol.

How to claim a Fan Club?

From April 15th to April 20th, you can begin claiming your Fan Clubs. The process of claiming can be completed in a few simple steps:

  • First, select a Team Fan Club from the 250 available.
  • Fill out the Fan Club Claim Request form.
  • Make your Fan Club Claim Page unique by personalizing it.
  • Finally, bring in subscribers to back up your claim and have them bid at least $100.
  • Anyone can claim ownership of their favorite club. However, the person who gains the most followers through their referral links will eventually be the owner of the Fan Club.

Once a team has been claimed by an individual, no one else can claim it until the original owner decides to part ways with the team.

Fan Clubs on Fanfury are now live. So jump onto the bandwagon today and start earning rewards. To know more about Fanfury, click here.

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