FANZ in the Wild: “FanChain Fantasy”
In the FanChain ecosystem, the people are represented by two separate yet equally important groups: the Mints, who stamp and distribute the tokens, and the fanz, who put them to use. These are their stories.
IN THIS EPISODE
FanChain Fantasy
A popular type of fantasy draft is an auction draft. Each member of a league starts out with the same amount of fictional money with which to bid on players. A top-tier player might cost 40% or nearly 50% of a draft budget, so owners have to develop strategies to ensure a competitive roster. Imagine if this auction budget is not fictional currency, but real currency. Imagine it is comprised of FanChain tokens. In a fantasy league built on the FanChain ecosystem members could stake equal quantities of tokens and then draw down on their totals in order to place bids on players. The tokens bid could go into a pot, which becomes the winner’s prize at the end of the season, or at least a portion of it. This would lift fantasy auction drafting strategy to new, thrilling heights!
What’s more, FanChain can be integrated during the season itself via the FAAB system. Similar to an auction draft the FAAB (Free Agent Acquisition Budget) system requires fantasy owners to place blind bids on free agents. And just like the auction draft each owner starts the season with the same budget. If these budgets were to be comprised of FanChain tokens they can be added to the total prize pot, a process that would be, at best, clunky, and at worst, impossible with fiat currency. Doing so with fiat would require, ostensibly, moving funds from a checking account into an escrow account, of sorts, shared by the members of the league and regulated by the fantasy platform. Banks, as most people reading this will surely have experienced, can make such transactions difficult, and potentially even impossible.
Let’s not even get into how it would work if any of the league’s members were in different countries!
And how about betting? The potential for FanChain to support betting platforms that are unique, user-friendly and borderless is described in another article titled Ledger Hedger: Sports Betting in the FanChain Ecosystem, and the fundamentals it presents can be seamlessly applied to and within a fantasy league’s framework. For instance, since the tokens each owner stakes is floating — a state that would not be with a fiat-based platform — owners have freedom to deploy their budgets as they see fit. If two owners want to wager tokens from their FAAB budget on a weekly matchup, whether it’s their own or a matchup of other players, such could easily be facilitated with FanChain. Sit with that for a while. And then let your imagination run wild. The possibilities really might be endless.
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