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Metaverse in Fantasy Sports Industry

by Smriti chaurasia 6 months ago in apps
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Fantasy Sports Industry

From being a mere concept, the Metaverse is slowly turning into reality. Many businesses and App developers are integrating the metaverse technology to level up the whole game of operations. And when we talk about advanced technology how can we miss mentioning the Fantasy Sports Industry. The sports industry has already started using technology for a better sports event-watching experience. The technology is considered the successor of Virtual Reality. However, Metaverse relies on VR to create a whole virtual world and a 3D environment.

Growth of Fantasy Sports Industry

With the easy availability of the internet and mobile, the online gaming industry has made exceptional growth. Statistics suggest that the market size of online gaming was $37.65 billion in 2019, which will grow by $122.05 billion in 2025. However, in India, the market for online gaming was $543 million in 2016 and crossed $1.027 billion in 2020 with a CAGR percentage of 18.6. The reason for such exceptional growth was the integration of new technologies with the fantasy sports platform and a better user experience.

Here, let’s dive further to understand the usage of a metaverse in Online gaming and the Fantasy Sports Industry.

Play to earn model

Play-to-earn models are one of the most important parts of the Fantasy Sports industry, and also play a crucial role in the Metaverse universe. As every business is shifting towards digitalization, the metaverse model monetizes the experience and time users spend while playing the game.

Fantasy Sports is one of the successful Play to earn models of the sports industry, where users showcase their skills and knowledge and win in Lakhs.

NFTs and Metaverse games

The play-to-earn model in the fantasy sports industry is providing financial benefits to fantasy sports users and online gamers. NFT is a Non-Fungible Token - the primary component of the metaverse world. Here you own the digital assets and these assets can be used on Blockchain platforms. This allows users to trade their digital assets in the open market and make real money.

Moreover, NFT in the metaverse is a win-win situation for developers too. Online gaming developers can create an NFT marketplace on their platform and allow users to have financial benefits and a source of real income.

Virtual -Reality gaming experience

Metaverse uses Augmented Reality and Virtual Reality technology for real experiences in the virtual world. It integrates virtual objects with real-world scenarios using headsets and devices. This integration of both worlds gives a 3D virtual environment and is close to the real experience for the users. It changes the way users perceive, enjoy, and interact with the game.

Activities in Metaverse-based Fantasy Sports Platform

Here are the activities where Metaverse can be used in Fantasy Sports Industry:

  • Socializing - One of the most exciting activities is socializing with other users in customizable and dynamic avatars. As we know fantasy sports applications bring like-minded people together, and it will be very exciting for users to connect in a 3D environment. Users can customize their Avatars as per their actual appearances and play the same fantasy sports contest with friends.
  • Shopping - As users will allow creating their avatars they can purchase clothes, sports goods, and many other goods digitally. Metaverse will allow you to buy all the real-world-based goods. Indeed, it will reduce the gap between reality and virtuality.
  • Watching - With all the 3D and 4D environments, watching events/matches of favorite sports will be more fun and exciting. The way 3D movies give you all the feels of being a part of the movie, watching sports through Metaverse will be some next-level fun.
  • Winning and Earning - With the introduction of NFT or digital currency like Crypto, earning on the Fantasy Sports platform will be more exciting. It will be nothing less than making real money. Moreover, by trading your NFT out in the market; a fantasy user can make real money.

Conclusion

Metaverse will level up the whole game of online sports by offering a more personalized gaming experience to the players. This virtual reality and 3D environment will allow users to experience that they are playing on the ground. And when we talk about sports; what’s more important than the fun and enjoyment while playing the game. Fantasy App Developers already started integrating this advanced technology in their app development process to become the first Metaverse fantasy app development company.

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Smriti chaurasia

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