A couple of the most anticipated features from Phantasia Sports are here: Paid Entry Contests and Staking to allow users to get more incentives.
Phantasia Sports: Paid Entry Contests & Staking
With Phantasia, users in certain jurisdictions can now participate in daily fantasy sports contests through paid entry contests. In parallel, Phantasia Sports has also launched staking so users can stake the native token $FANT, which results in users paying lower platform fees.
Phantasia Sports announced via a Twitter thread on April 12 that you can now host your own daily fantasy sports tournament with a prize pool of your choosing. Furthermore, according to the new staking feature, the more you stake, the less you will pay platform fees to the DAO treasury. So, even if a creator did not participate, they might be able to claim up to 2.5% of the prize pool depending on the amount of FANT they staked.
“Staking allows users who are committed to the protocol to enjoy discounts on platform fees. Additionally, it gives contest creators a way to earn higher revenue share.” Dan, Product lead at Phantasia, told Web3Wire.
Let’s take a look at the new features Phntasia Sports has launched:
Paid Entry Contests
Compared to traditional free-to-play games, paid-entry contests offer the possibility of earning bigger prizes. By entering a contest with cryptocurrency, each participant’s entry fee is added together to create a prize pool distributed among the winners. As part of the prize pool, contest winners will receive a portion depending on the contest type. However, losers of the contests will not receive their entry fees back.
How can you enter the contest?
Currently, there are two ways to enter paid contests using the cryptocurrency – USDC (US Dollar Coin) or FANT (Phantasia’s native Solana Program Library token). Each user cannot use an NFT to enter paid contests, so they cannot be NFT prize contests. Unlike free contests, paid contests can be private, where users are restricted based on a whitelist of usernames or the NFTs in their wallets. However, users joining paid contests must complete KYC (know your customer) and be in a jurisdiction where Phantasia supports paid entry contests.
A new feature with paid contests:
Paid contests allow for an extra game mode: Head-to-Head. So, you can face off with someone 1v1. Users who have been approved can also create paid contests for more users, while previously were only available to Phantasia Admins.
Ways to create a Paid Contest:
By completing identity verification, users can create paid contests and select contest options such as contest type, entry fee, league, games, and visibility. It allows users to leverage the protocol to host their contests, and in return, contest creators get a share of the platform fees. Phantasia’s affiliate program also lets users earn affiliate commissions when they stake FANT. Creators may be able to claim up to 50% of the total fees, depending on the amount of FANT they staked.
How To Claim Prize?
You can withdraw your winnings instantly after you win a prize! You will find your prize on the right-hand side of your screen after navigating to the Phantasia homepage. Rewards will be stored there for two weeks before they are unavailable for the claim.
Phantasia takes 5% as a platform fee from paid contests. When users claim their prize after winning, the platform deducts the fee from their reward. However, the platform fee percentage can be reduced by staking FANT on the desktop website by as much as 0.5%.
Additionally, users can create multiple rosters to enter contests as many times as possible in paid-entry contests.
Learn more about paid entry contests here.
FANT Staking
Phantasia now allows users to stake the FANT token, resulting in users having lower platform fees, earning more from creating contests, and supporting the long-term health of the Phantasia protocol.
According to the document, the fee for paid entry contests is calculated tier-by-tier, starting at 5% of the winnings – lower than many web2 competitors who charge as much as 15%. Platform fees go as low as 0.5% for the top stake tier. Using this tiered system, users who stake FANT and compete in contests get incentives in the form of lower fees. Users who stake FANT receive an sFANT token that cannot be traded or used for any purpose other than redeeming FANT at a 1:1 ratio. Users are welcome to un-stake their FANT at any time, but it will impact the fee tier in which they are.
Contest creators can stake FANT to earn a portion of contest fees for the contests they create. Fee sharing for contests begins at 5% of the platform fees collected for a contest and goes up to 45% of the collected platform fees.
You can learn more about the tiered structure for FANT staking here.
Recently, Phantasia Sports launched their mobile app to make user onboarding easy.
You can download the Phantasia app here:
You can also check out what Dan has to say about Phantasia Sports in a Youtube live stream above with Greg Gotsis, Co-founder of Web3Wire News.
What is Phantasia Sports?
Phantasia is a Solana-based fantasy sports platform. The platform’s goal is to provide users with an all-in-one fantasy sports experience for various sports such as American Football, Soccer, and basketball.
Users can create their own Fantasy Sports leagues and host them as public or private tournaments. This use case may interest NFT projects, as they can host private tournaments for their community. Phantasia uses NFT technology to revolutionize Fantasy Sports in-game identities.
Users have complete control over their profile’s look, and items can be sold on secondary markets (not in the app). Additionally, you can unlock AI-powered tools to help you set rosters in these NFTs.
The platform allows for traditional fantasy sports while putting the league in the hands of the players. The Phantasia model is a Play To Earn game where users can participate in contests to earn the FANT token. The platform is based on the idea of club owners who create private or public fantasy leagues.
The FANT token is useful because it unlocks features for club owners and anyone who joins their leagues. The FANT token also governs the Phantasia DAO. The DAO decides how to spend the treasury and prioritizes the Phantasia protocol’s development.
Learn more about Phantasia:
Source : web3wire.news
