In the recent past we have seen daily-fantasy sports company FanDuel offer customers with unique promotional schemes such as the BitCoin Bowl— wherein all of the contest winners were paid in BTC. This was a unique step, and definitely the first use of Bitcoin within the North American sporting market.
In a similar vein, the NBA landscape will look a little different this time as the cryptoverse is finally locking hands with the global basketball corporation to create a new project that will pay users with a cryptocurrency called DASH.
This project will be called Crypto Cup, and will be used as a pathway by upcoming crypto venture DASH to promote itself as one of the bigger players in the blockchain scene.
For some of us who might not be aware, DASH is also sponsoring current MMA welterweight fighter Rory MacDonald, and has for the past year made a large push within the advertising market to make a name for itself.
More About FanDuel Crypto Cup
FanDuel Crypto Cup is scheduled to commence on the 22nd of February and will make use of two divisions:
- One where users can play absolutely free of charge
- Another where customers will have to pay a small amount of $3 USD.
The entire competition will be hosted and governed by FanDuel through the use of DASH cryptocurrency. As a result of this, the crypto market will be made privy to a whole new audience of users, thereby increasing digital literacy within this market segment.
The prize structure is quite straightforward and winners receive their earnings in the form of DASH tokens. The rewards model is as follows:
- 1st place: 15 Dash
- 2nd: 10 Dash
- 3rd: 5 Dash
- 4th: 4 Dash
- 5th: 3 Dash
- 6th: 2 Dash
- 7th: 1 Dash
- 1st place: 2 Dash
- 2nd: 1.5 Dash
- 3rd: 1 Dash
- 4th: 0.5 Dash
FanDuel Crypto Cup Final Thoughts
While the fantasy sports market has been doing really well in the past decade or so, there is no denying that a certain amount of stagnation has now started to creep in due to a lack of innovation within this sector. As we all know, FanDuel and CryptoKings are the two biggest players in this domain, but as things stand, FanDuel seems to have gained a market edge by introducing its use of Cryptos first with BitCoin Bowl, and now with Crypto Cup.
In a recent interview with Andy Giancamilli— Chief Financial Officer of FanDuel— he expressed his broader vision in which he plans to incorporate blockchain services within the fantasy gaming market so as to help FanDuel stay ahead of the curve.
In a recent press release, he had the following words for the media:
“Our first cryptocurrency contest was a new experience and well-received by our users, so we wanted to continue to offer this unique prizing option. We are at the forefront of the sports industry, so whether it’s Bingo or cryptocurrency as a prize, our goal is to innovate our contests and prizes to give more people more ways to play and win on FanDuel.”