August 30: The gaming industry has come a long way from being a setup in your kid’s room to actually taking over the virtual world. Today, gaming has transformed from a subculture to a dominant force in the attention economy, not least because of the acceleration in technology which has made it possible to provide a space for interacting with real and virtual friends. Gaming has evolved into a low friction and a highly engaging third space in the lives of many people.
For most young gamers today, online gaming is the ideal platform for social interaction. According to a recent Morgan Stanley survey, more than a quarter of under-35 surveyed gamers believe gaming is a better social connection avenue than social media platforms. However, the landscape of gaming has shifted from the traditional remote control and television to more expressive and impressive i.e., Virtual gaming. When it comes to virtual gaming, one popular trend is Fantasy sports. The competition is based on selecting real-life players from various teams, watching their on-field performance accumulate stats such as goals or runs, and converting them into points. It is a result of raging interest in fantasy gaming that India’s gaming industry is expected to reach $2.8 billion by 2022.
This virtual gaming scene is fuelling the country’s virtuous cycle of sports investment. Through partnerships, sponsorships, and CSR, it promotes fan engagement and appreciation of various indigenous and international sports, investments in physical sports development, and the promotion of sports commerce across the ecosystem. Aside from its impact on the country’s core underlying sports, Fantasy Sports are emerging as a key driver for developing future-ready skills in fields such as digital, AI/ML, cloud, and analytics, and it has had a multiplier effect on the growth of other ancillary sectors.
It is estimated that by 2025, the Fantasy Sports industry will have 5 crore users, which will grow at a CAGR of 32 percent, and with a user base of 13 crores, which will grow at a CAGR of 32 percent, and India is topping the chart in becoming the fastest-growing Fantasy Sports market in the world.
Riding the Fantasy Wave
One firm making strides in the circuit is LeagueX, a leading virtual gaming platform that transforms fantasy gaming from a spectator sport to one in which fans can actively participate. It is a thoughtfully designed intuitive fantasy sports app that rightfully addresses the nerve point that any avid player needs while playing – a platform that is a true convergence of technology, social networks, and sports. In order to deliver a fun, social, and immersive experience to millions of existing gamers and tens of millions of potential ones, it is mobile-first and social-first so that the experiences are more fun & interactive.
On this platform, users can research (on data such previous match stats, pitch reports, and weather information) from various sources including gathering insights from friends and making an informed decision while picking virtual teams to compete in leagues. To cap the social experience,
LeagueX has a vertical called LeagueX Clubs that allows players to team up and compete with other groups of fantasy players. Apart from that there is LeagueX Academy where players are also content creators, and when not actively playing, users chat, interact, and talk to others over social audio.
They also have things such as AI-based instant approval for KYC, Unique team picking combinations, Diverse Contests, social audio, algorithmically generated NFT trophies, etc that has helped them both standout and garner a lot of user affection. All of these are industry-first features that keeps LeagueX ahead of the curve and their peers, making them leading innovators in the industry.
With challenges arising because of the industry’s lack of transparency when it comes to tracking winners, or fair distribution of winnings and prizes, League X has also been harnessing innovation to solve those pain points for fantasy gamers. The industry is an ideal candidate for blockchain innovation, as the technology can track data associated with teams, winners, and prizes in an immutable manner. Many of the gaming industry’s biggest brands are already utilizing blockchain technology to improve their user experience, with League X leading the way.
LeagueX has already adopted blockchain technology in order to create a decentralized, fraud-proof, and completely transparent system. The technology also opens the door for participants to not only play the game but also in the platform’s decision-making processes. It was the quick understanding of this proliferation of digital innovation and technology in the fantasy gaming spectrum that helped LeagueX to conquer everything from artificial intelligence to blockchain to the metaverse in its nascent stage only via their platforms LeagueX and Alter.game.
This generation has grown up playing and watching video games in the same way that previous generations have grown up watching physical sports such as cricket and football. But today, games are moving into the mainstream and becoming pervasive, from a subculture a couple of decades back to now eclipsing many other forms of media like movies, television, music, and print. Fantasy gaming is at the forefront of this revolution and this revolution will not be televised – it will be on the metaverse.
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