ARLINGTON, MASSACHUSETTS — Today, CryptoSports, Inc. announced the immediate availability of blockchain-based fantasy sports betting through its web site at www.cryptosports721.com, with live contests for all upcoming NFL games.
Win Ether This Weekend!
Players can begin winning real ether immediately, playing in the upcoming NFL games on October 14 and 15, 2018! Field a team at www.cryptosports721.com!
CryptoSports offers true Ethereum ERC721 tokens that correspond to real-world athletes in the National Football League, with Major League Baseball and more sports coming soon. Users can buy, sell, and trade these collectible player tokens, and use their tokens to enter fantasy sports contests and compete to win real ether.
Player tokens purchased from CrytpoSports are owned by the purchaser, and can be used over and over again in all of CryptoSports’ contests — forever!
All funds, including player token sales, contest prizes, and contest entry fees, are managed by smart contracts whose source code is published in fully commented form, and readily available for inspection directly on the ethereum blockchain. This published blockchain implementation guarantees that the contests are fair and will pay out as expected.
Collectible Player Tokens with Immediate Value
CryptoSports provides a vibrant marketplace of player tokens, which can be collected and traded as fully compliant ERC721 tokens. Whenever there is no token for a specific player available for sale in the marketplace, CryptoSports will “mint” a new token for that player and put it on auction, always at a price higher than that player’s current market price, thereby guaranteeing scarcity and making it possible for users to buy and sell player tokens strategically, for profit. Unlike other ERC721 collectibles, which have little value beyond collectibility, CryptoSports tokens can be used immediately in fantasy gaming where users can win real ether.
CryptoSports, Inc. will offer featured contests throughout the 2018 NFL season, with prizes of up to 2 ether (USD$446) for NFL Week 6 contests. Users wishing to participate can purchase tokens and field a team, then enter that team into the contest of their choice. Featured Contests are scored using industry-standard scoring data, and paid automatically through published smart contracts.
Soon, users will also be able create their own contests on CryptoSports’ web site. When doing so, the contest’s creator establishes a prize amount, a minimum number of entries, an entry fee, and a payout structure. If the minimum number of entries is met, the contest creator receives the sum of the entry fees, less 10%, and the winners are paid out according to the payout structure that was chosen when the contest was created. If the minimum number of entries is not met, all entrants receive their entry fees back, and the prize money that was put up is returned to the contest creator. Like CryptoSports’ featured contests, private contests are scored using industry-standard scoring data, and paid automatically through the published smart contracts.
A New Way to Look at Fantasy Sports
“Traditionally, fantasy sports used a salary cap mechanism to define how users can assemble teams,” said Christopher Hassett, CEO of CryptoSports, Inc. “CryptoSports brings an ownership model to the game of fantasy sports, enabling both an exciting marketplace for the strategic buying and selling of player tokens, and the ability to create and promote contests where the contest creator can actually earn ether from entry fees collected. This opens up an entirely new way to look at Fantasy Sports, one that would not be possible without the blockchain. In a sense, CryptoSports is allowing anyone to become the ‘house’ and host a profitable betting enterprise.”
CryptoSports is a true distributed application implemented via smart contracts. CryptoSports uses standard ether as the currency for all transactions, in the marketplace where players are bought and sold, as well as in contests. Users who stake a prize in a contest can first inspect the source code of the smart contract that will hold the prize money, and be confident that their prize will either be distributed or returned, based upon the minimum number of entries being met. Similarly, users who buy a player can be confident of the scarcity and long term value of that player token.
CryptoSports differs from other blockchain-based “sports collectible token” offerings because we have a true and powerful use for our player tokens — earning ether in fantasy contests — that goes beyond the pure collectibility of the tokens. Team-based fantasy contests using CryptoSports tokens are available now for the National Football League, with Major League Baseball, other sports, and more types of gaming, under development.
About CryptoSports, Inc.
CryptoSports, Inc., based in Arlington, Massachusetts, is a privately funded corporation dedicated to bringing innovative sports gaming to the blockchain. It is the first company to offer blockchain-based sports collectibles on the Ethereum blockchain that can be used to enter fantasy sports contests with prizes in real ether.
For additional information, visit us at www.cryptosports721.com and follow us on Twitter. CryptoSports, Inc. is not affiliated with the National Football League or with Major League Baseball. All likenesses and references to the NFL or MLB, their players, teams, colors, and/or trademarks are used under fair-use guidelines.
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