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 opined that blockchain-based applications could help boost fan engagement in this rapidly expanding market. Nystrom explained:
“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 said betting and fantasy sports are expected to grow 7.2% over the next 3 to 5 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