The fantasy sports industry has been growing bigger and bigger. Due to the pandemic, more people got the chance to try their hands at fantasy sports globally. In the year 2020, it was reported that more than 90-100 Million people engaged in fantasy sports. Due to the current pandemic situation, most live sports tournaments and major events are taking place without a live audience. The Indian Premier League 2021 is being hosted without any live audience.
The recent news about fantasy sports is that cryptocurrencies are being used to place bets. Not only fantasy sports but even esports, the industry which is on the rise has been using cryptocurrencies majorly. Owing to all of this, cryptocurrencies have now become popular, mainly after its value increased by manifolds.
By collaborating with blockchain technology, esports organizations are planning to make transactions even easier. Digital currencies could be convenient for people who place bets as cryptocurrency helps in smooth transactions.
ALSO READ: The Birth of Fantasy Sports
A digital firm called Messari recently announced that cryptocurrency could become the next big thing in the fantasy sports arena. Since fantasy sports is native to the virtual space, it has grown into an even bigger industry mainly during the lockdown.
Although, engaging in fantasy sports using crypto coins is not a very unique concept as it is already being followed by many countries globally. In Russia, Counter Strike: Global Offensive skin betting takes place with the help of crypto coins.
There is a tendency to move towards digital coins mainly because it is hassle free and convenient for fantasy sports lovers. This switch, from currency to crypto coins could help in boosting the fan base of fantasy sports in general and also make crypto coins a success in more countries. Though fantasy sports is a huge industry in India, cryptocurrencies are still not legalised. In general, fantasy sports will get a push in the right direction and increase fan engagement.
Manthra Koliyer is a writer at Gutshot Magazine. She has an affinity for seeing the world through people’s eyes. With a bubbly fun personality, you can always catch her chatting with anyone she comes across. Holding an English Literature degree from Wilson College, Mumbai, this pop culture fanatic is ready to take on the world with a pen, paper, and microphone. She also actively works on her personal blog called namasteyconvict.blogspot.com, where for a moment she lets you into her drama-filled world.
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