Share 
Fantoro, a Canadian startup, plans to launch a fantasy sports platform where players draft cryptocurrencies instead of sports stars. One of the goals of the company is to educate players about crypto.
This concept is part of a larger category of gaming that venture capitalist Lloyd Danzig calls “competitive entertainment,” or activities where people, often friends, compete against each other. These activities include sports betting, fantasy games, online casinos, video games, NFT trading, and even connected fitness like Peloton.
“Sports betting — and fantasy sports in particular — in the United States are classic forms of competitive entertainment, where they often are used mostly within social circles and are vehicles of social connection,” Danzig told Gaming Today.
More: Promo Codes for PrizePicks Fantasy
Companies in the competitive entertainment space leverage players’ desire for bragging rights. Fantoro’s founders believe they extend the concept to cryptocurrencies, tying together fantasy sports and crypto markets.
“By combining the competition and the thrill of fantasy sports,” Fantoro CEO Liam Delehanty said to Gaming today last week. “we’re not only able to give users the skills-based or knowledge-based experience, but we’re also giving them that psychological experience that people don’t always account for but is super important — in all investing but definitely crypto, because it’s so volatile.”
Fantoro plans to launch between April and May 2022. However, its founders anticipate they’ll be able to announce a firm launch date around mid-February.
How Fantoro Plans To Work
Fantoro players will draft cryptocurrencies to their teams and earn points based on how their chosen cryptocurrencies perform. Players will earn in-game currency by placing in tournaments and winning weekly matchups. Then, players can use Fantoro’s in-game currency to redeem prizes from the company’s store.
Beneath this gameplay is a mission to educate players about cryptocurrencies. Fantoro’s founders feel that financial and cryptocurrency education is vital.
“It’s going to be a bigger part of our lives — of everyone’s lives — going forward,” Delehanty said. “So, you can either pretend it doesn’t exist or you can learn about it and then decide if it’s for you or not.”
Making cryptocurrencies into a game allows players to learn how to pick a portfolio that may perform well. By using the fantasy sports model, it also allows players to learn from each other before committing real money to cryptocurrencies.
“Say you’re playing somebody and they’re beating you,” Delehanty said. “You look at their portfolio they’re beating you with [and say,] ‘Oh this project looks interesting. Let me learn about that.’ And with that, not only are you competing with that competition, you can help each other out and learn a lot quicker than you would otherwise.”
Sports Fans A Natural Target Market For Cryptocurrency Fantasy Products
Cryptocurrency and NFT companies have been targeting sports fans aggressively. Tom Brady’s NFT company helps sports stars launch collectibles for fans to trade amongst each other. Crypto.com bought naming rights to the Los Angeles arena formerly called Staples Center, which gave them direct marketing access to a large pool of sports fans. FTX did the same thing with the American Airlines Arena.
Marketing efforts like this make sense. According to marketing research firm Nielsen, sports fans are more likely to express interest in investing in cryptocurrencies than non-sports fans, meaning sports fans are an obvious target market for Fantoro.
Competitive Entertainment And Crypto Fantasy Sports
Fantoro is only one example of how startups are looking to cash in on competitive entertainment. Competitive entertainment goes beyond sports betting and fantasy sports to include:
- Video games
- Esports
- Connected fitness
- NFT collectibles
There is competition in all of these categories. However, they also foster communities where players can learn from each other and find camaraderie amid that competition.
“There’s a whole sphere — particularly within the digital world of experiences — that people dedicate time, money, and resources to, not necessarily for the financial return, but for this more intangible social, psychological, emotional utility that typically is rooted in the competitive nature of that activity,” said Danzig.
Fantoro wants to build a competitive community for educational purposes. But sports bettors and fantasy players can expect to see more companies like these marketing to them.
