Phantasia Sports Introduces Paid Contests + Staking
Phantasia is a Fantasy Sports platform that leverages blockchain technology, bringing the benefits of the blockchain to the end-users has introduced Paid Contests + Staking on Phantasia.
Phantasia Sports is a Fantasy Sports platform that is built on top of the Solana Blockchain. On Phantasia, users can earn tokens through skilled gameplay and contributing to the ecosystem. Players can join public or private tournaments to play Fantasy Sports against other users.
What are paid contests?
Similar to existing features, the paid contests allow users in certain jurisdictions (list below) to use the Phantasia protocol to participate in daily fantasy sports contests.
Paid entry contests provide the potential of earning larger prizes than traditional free-to-play games. By depositing money to join a contest, each user’s entry fee is summed together to create a prize pool distributed to winners depending on the contest type. Since users are contributing to the prize pool to enter, the possibility of larger prize amounts is much greater.
Winners of the contest will receive a portion of the prize pool – depending on the contest. Additionally, the losers of the contests will NOT receive the entry fee back.
Paid entry contests are only playable on the web app and currently aren’t available within the mobile apps.
đź”… With paid contests, you can grab your friends and host your own daily fantasy sports with a prize pool. Whether it’s $1 or $100 per player, the pool is up to you.
How can you enter paid contests?
Currently, two methods for crypto entry: $USDC or $FANT (Phantasia’s token) May expand if DAO votes to add currencies. Paid contests can be private, where users are limited to joining based on username allowlist or NFTs in their wallets.
What features are new with paid contests?
Paid contests allow for an extra game mode: Head-to-Head. So, you can face off with someone 1v1. Approved users can also create paid contests for more users, where previously contest creation was restricted to Phantasia Admins.
The legality of Paid Contest?
Yes. Paid contests must follow more rigid gaming rules than free-to-play. They also must fill to 100% capacity else they are held as free, play-to-earn contests. If this does happen, entry fees are refunded.
How does Phantasia make money on this?
Phantasia only takes a 5% platform fee from paid contests, taken from a user’s prize when they claim their reward after winning. The platform fee % can be reduced by staking FANT and can be reduced to as low as 0.5%.
Can I create paid contests?
Users who are eligible can create paid contests & select contest options like type, entry fee, league, games, and visibility. By creating a contest, a user can also participate in Phantasia’s rev sharing program when they stake FANT.
Token Staking
Depending on the amount of FANT a creator has staked, they may be able to claim up to 2.5% of the total prize pool after the contest has ended – even if they did not participate.
This is a massive feature for any user who wants to create a contest and share it with others. i.e. You can host contests, not pay to play, but still potentially earn some $$ off of others joining the competition.
The more you stake, the lower your platform fees paid to the DAO treasury.
For more details about staking and tiers, check it here 👉 DOCSÂ
For more information about the paid contest check it here👉 DOCS
About Phantasia
Welcome to the future of Fantasy Sports. Phantasia is the first of its kind Fantasy Sports Platform that leverages blockchain technology to bring the benefits of blockchain to Fantasy Sports players. Through Phantasia’s Play to Earn model, users can earn FANT tokens by winning contests and completing in-game quests. To enhance user experience, the Phantasia platform introduces an NFT concept where users can build their “Fan Card” from NFTs that can be bought on the exclusive Phantasia NFT shop or earned from in-game play.
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