A Complete Guide: Scope of Fantasy Sports And NFT Gaming in India

As we all know that India is a country where in the name of the game cricket is everything and here, everyone thinks of themselves as an expert and the best in terms of cricket knowledge and predictions. That led to the growth of fantasy sports in India, and Dream11, MPL, Cricplay, and many more are cricket fantasy providers in India. Recently, other games like Football, Basketball, and Football have also gained popularity as fantasy sports. 

Basically, fantasy sports is an online gaming platform where players make a virtual team of real professional sports players, and they compete with the fantasy teams of other players. But, you cannot play it 24/7 because it is based on a real-world live match. 

The fantasy sports market is valued approx at 34600 Cr in 2021 and there is a CAGR of 32% between 2022 and 2032. So, there is a huge scope and you can also launch your own fantasy platform with the help of fantasy sports app development. 

Let’s know the scope of Fantasy sports and NFT gaming in India.

Scope of NFT-based Fantasy Sports

Here we will count each aspect of fantasy sports so you can know how NFT-based fantasy sports are the future of the sports betting industry. Before diving in-depth, let’s know about fantasy sports.

What are Fantasy Sports?

In fantasy sports, players assemble virtual teams that are based on the real players of professional sports. These teams compete with each other on the statistical performance of those teams or players in actual games. The performance of the team is converted into points and the player or team with the maximum number of points wins the game. To form any kind of team, you need analytical and mathematical skills to calculate real-time possibilities. Before forming any team, you have to do a lot of research about the team and players. So, you can form the best team. To play such kinds of games you need the internet and a device. 

Fantasy Sports Changing the World of Online Gaming

India is counted as the world’s biggest fantasy sports market with more than 130 million user base and the fantasy market growth is expected to grow with 32% CAGR. As we all know that cricket is the most loved game in India and that’s why cricket is also a dominant fantasy sport. As we are opting for digital medium to watch matches as the user base of the fantasy market is also growing. 

Fantasy sports are becoming popular with time and you can understand it with the help of the example of the womens IPL, ICC T20 women’s world cup in the first 12 matches of 2020 WC generated more than 40 million viewing hours in India and which was more than 200% from 2018.

Famous Indian cricket players like Virat Kohli and MS Dhoni have teamed with sports leagues like IPL Football leagues and Kabaddi leagues as their fantasy sports partners in fantasy sports platforms such as Dream11, My11Circle, and Gamezy, My Team11, etc.

So such activities help to maintain the reputation of their apps and websites in an easy way and it has totally changed the online gaming experience. No sports fans not only participate in the games as an observer but also they can make teams and compete with each other to make money.

The Surge in Fantasy Sports Users is Driving the Industry Growth

The number of fantasy sports participants is increasing day by day and within the last 10 years, it has increased by more than 700%, and meanwhile, fantasy sports users have increased by 2500%. In India, there is a diversity of fantasy sports and you can choose your favorite sports from cricket to kabaddi, and covid lockdown played a significant role in the growth of fantasy sports. 

There are various factors behind the surge in fantasy sports such as lockdown, technological advancement, working from home, and everyone having a smartphone and internet connection, all of which are the most viable reasons. Most people are showing their interest in it to make money and in their spare time, they are devoted to fantasy sports. 

As a result, the gross income of the fantasy sports sector is increasing day by day. 

The scope of NFT in the Fantasy Sports 

In the traditional game, players buy in-game items such as weapons, skins, cards, and other accessories that help them to make advancement from others. But those game items go away when you quit the game, and your money will be wasted. Because you don’t actually own them.

As we are all aware that gaming has become not only a source of entertainment but also to make money. So, the popularity of fantasy sports is booming with time. It has become possible to stay connected and engaged while fans are not on the game field witnessing the game for real. and fantasy sports are expected to grow with a CAGR of 32% and are expected to reach 2.5B by 2022. 

In all that, NFTs are playing a vital role and many applications are offering NFTs to participate in the games, and very soon all game platforms will accept NFTs. After assimilating NFTs into a fantasy platform, it will be more secure and more demand and more players will participate in it. NFTs will also help you to make more money in an easy way. So, we can say that the scope of NFTs in Fantasy sports is bright and all platforms should allow NFTs.

Final Word

This article helps you to know the scope of fantasy sports and NFT gaming in India, and now, you know there is a huge scope of fantasy sports as more users are opting for it day by day. And if you are planning to make an investment, then fantasy sports is the best option for you and it will be fruitful for both users and owners. You can take the help of an NFT game development company to introduce your own NFT-based fantasy sports app because they will nourish your game app with the latest trending features and functions that will help you to engage and retain users to your platform.