The number of fantasy sport players has doubled in the last two years. According to the Fantasy Sports Trade Association, about 59.3 million people in the United States and Canada play some form of online fantasy sports. The market is thriving, but what about those having a desire to try their hand in financial trading?
FundFantasy has announced the launch of blockchain-powered fantasy investing platform that enables gamers, finance enthusiasts, and retail traders to practice financial analysis and gain profit in a fun and secure environment.The platform also deals with high-risk conditions of real investing.
“In the world of financial investments there is almost no awareness of the investor’s gambling instinct, so the concept of Responsible Gaming and Self-Exclusion isn’t applicable,” Tal Zander, FundFantasy CEO and Co-founder, said. “It’s all presumed to be calculated risk. We believe this is extremely unjust to retail traders and we’ve come to the conclusion that it may be the root of the problem in online financial trading. FundFantasy provides an outlet to experience financial trading without this problem.”
FundFantasy features peer-to-peer, provably-fair simulated investing contests, where users compete for cryptocurrency prizes by building their portfolio. When creating portfolios, users can choose various assets including stocks, commodities, crypto- and fiat currencies. After the contest ends, portfolios are sorted and ranked according to their rate-of-return, that is calculated on the basis of price quotes from established and well-known financial data APIs.
Participants purchase a ticket to contribute to the contest’s prize pool. All contest details are available for examination before entry. When the contest starts, users can view and compare their portfolios with those of their competitors.
Members of the Tel Aviv-based FundFantasy team come from diverse business, cryptoeconomic, and IT backgrounds and have sufficient experience. Zander has been in business management, online marketing, entrepreneurship, accounting, and sales over 10 years.
Daniel Vaisman, FundFantasy COO and co-founder, is a cryptoeconomics specialist and blockchain enthusiast. He is a successful online trader who has 10 years of IT expertise and programming experience. Tzahi Kanza, CSO and chairman, has 17 years of experience as a founder and CEO managing global companies, both in HT and LT.
FundFantasy does not give players actual ownership of financial assets. Users allocate virtual $1 million to their long and short positions on the assets available on the platform, and they can participate in contests carrying FundToken, Bitcoin, or Ether prizes. Users also can set restrictions on their own gaming behavior.
“It’s a great solution for traders who want a fun, secure and user-friendly platform to practice financial trading,” Zander said. “But it’s also perfect for other gamers who simply want to try out their economic analysis skills and role-play as a big-time investor. It’s fair, simple, and social, as users can create their own contests and invite their friends.”
Supported by real-world value, FundTokens grant access to contests which pay out in other currencies such as BTC, ETH, etc., and thus are easily interchangeable with other Ethereum-based tokens or Ether. FundTokens allow for easier listing on exchanges with infrastructure already in place. Moreover, 0.5% of all payments made using FundTokens will be wound up, which means that the total supply of FundTokens will decrease over time, and the team expects the price to rise as a result.
FundFantasy’s ICO launches on January 25, 2017.Purchasers of FundTokens during the token sale will enjoy a bonus on their token purchase, with 25% during the first 8 hours, 15% during the next 24 hours, and 10% during the rest of the first week.