The First Ever Blockchain-Based Fantasy Football Prediction Market Is Already Here
A new blockchain-based football prediction market, courtesy of Satoshi Fantasy, is likely to help fantasy football players gain information and insight in more accurate ways than ever before.
With the new Trading.Football platform, developer Satoshi Fantasy has seemingly tapped into unique market intelligence directly influenced by the trading community that routinely makes projections on the fantasy results of players traded or owned.
In a press release , the developer claims that the community’s default structure of predicting weekly totals for over 500 NFL players along with trades that occur on an open exchange makes this feat the “world’s first blockchain based prediction market for fantasy football results.”
Speaking about Trading.Football and a need to disrupt the present fantasy football industry, founder and CEO of Satoshi Fantasy said:
All too often, success in fantasy football is determined by luck. When faced with critical lineup decisions, your average fantasy player must either go with his or her gut, follow stale ranking lists, or painstakingly gather information from multiple paid services.
The Concept of a Blockchain-Based Prediction Market
The platform inherently relies on the Trader community-making projections on the fantasy results of NFL players, with accurate projections by participants rewarded with ‘FantasyBits’ tokens. These FantasyBits can be risked for profits by traders in the market. FantasyBits can be used to buy an undervalued player or sell an overvalued player, essentially.
The idea is to create an efficient market with trades that occur with profit and loss, despite the platform being a gamified exchange. When this efficient, reliable market is achieved, an NFL player’s price is generated with the necessary information. At this point, traders will be able to speculate on or against a fantasy football player’s stats and projected numbers.
FantasyBits are rare, the developer explains, while noting that 100 FantasyBits are minted for every fantasy point scored every week by fantasy players. As an incentive for good fantasy football skills, FantasyBits are only earned by those with the necessary fantasy football chops, the parameters of which are contained and determined by Trading.Football’s “Proof-of-Skill” algorithm.
An excerpt from the release notes:
Trading.Football utilizes blockchain technology to secure and verify the community’s projections and reach distributed consensus on NFL player results and FantasyBit rewards.
The FantasyBit protocol was announced publicly during Week 1 of the 2014 NFL season with the initial software released a year later in Week 1 of the 2015 NFL season. The platform is also built on open source software.
Jay Berg added:
Our goal is to disrupt the fantasy football industry by creating the first proven, decentralized prediction market for fantasy football. By combining cutting-edge blockchain technology with old-school efficient markets, Trading.Football becomes the first open, gamified exchange for buying, selling and hedging NFL player results for fantasy football.
As a result, we’re creating a game that levels the playing field for fantasy football fans and giving all users a smarter way to make lineup decisions.
Featured image from Shutterstock.
