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The next big crypto market could be fantasy sports, says Messari – Cointelegraph

As “digitally native” ecosystems like esports continue to synergize with blockchain technology, industries like fantasy sports could be primed for mass adoption, says digital research firm Messari. 

In a newly published report, researcher Mason Nystrom argues that fantasy sports are primed for significant growth due to COVID-19. He also opines that blockchain-based applications could help boost fan engagement in this rapidly expanding market. Nystrom explains:

“While the peak culmination of esports and cryptonetworks waits for improvements in emerging technology and 5G connectivity, blockchain-based fantasy sports are poised for consumer adoption.”

Citing PwC research, Nystrom says betting and fantasy sports are expected to grow 7.2% over the next three to five years. This may bode well for the segment, as 75% of traditional sports betters also played fantasy sports, according to a study from 2018.

Unlike traditional sports betting, where participants bet on the outcome of a game, wagering on fantasy sports is when you assemble a fantasy team and compete against opponents for a cash prize.

The need to digitize the sporting experience has taken on paramount importance after the spread of COVID-19 led to a drastic reduction in viewership revenue. With large indoor gatherings unlikely to return until at least 2022, the industry is looking for new ways to enhance user engagement. The end of a federal ban on United States betting markets in 2018 provides one such avenue. 

Blockchain-based applications can be used as a foundation for digital ownership
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