What Gave Rise to Fantasy Cricket Fan Token (FCFT)
The e-gaming industry has grown dramatically over the last few years, with statistics showing approximately 2.2 billion gamers engaging in online gaming every day. According to a new report by Tradisys, titled “Blockchain Technology in Gaming,” a significant aspect in the overall industry is the introduction of new technologies such as blockchain, artificial intelligence (AI), and virtual reality (VR) into the sector.
Existing Solutions in the Blockchain Gaming Ecosystem
Currently, blockchain gaming is still in its infant stages but a rapidly evolving segment of the e-gaming industry. This is because of its potential to give more transparency to the industry and make it more interactive and secure. For example, HunterCoin was a decentralized and autonomous blockchain game introduced in 2014 that gained widespread popularity because of these features. Developers and engineers have begun leveraging existing platforms such as EOS, Ethereum, and TRON to develop crypto games. Developing new games on these platforms allows game developers to take advantage of these platforms’ vast array of opportunities.
Based on the underlying technology in e-gaming, the report also highlights that this sync is beneficial for games that offer real monetary value. Besides, blockchain tokens may replace in-game tokens, including coins or gold, to further promote this economic value.
FCFT’s Unique Solution
People could play poker and win virtual currency, but they cannot use it anywhere but within the game itself. However, this restriction may be removed by integrating tokens issued on blockchain technology into such online games. Therefore, people may even earn tokens through their gaming performance and trade the tokens on digital platforms for monetary value.
Fantasy Cricket Fan Token (FCFT) aims to do something of a similar kind. The underlying technology aims to bring several benefits to the current e-gaming sector, primarily through the speed and reliability of the technology. But there are two significant issues that the creators of FCFT intend to eliminate with the introduction of the token.
1. Payment Lag and Transactional Security
Currently, users have to request a withdrawal through betting sites to access their winnings. Most platforms have a minimum withdrawal amount that mostly comes with a fee. Many gaming platforms do not process a withdrawal in the afternoon as most banks do not accept it. Moreover, most banks are closed on public holidays and during the weekends, when most e-gaming contests are undertaken. This leads to users gaining access to their earnings up to a week after the contest.
In the current scenario, this system is very inadequate and counteractive. Therefore, the creators of FCFT intend to return the control of the funds to the users through the introduction of this token, which is only possible with blockchain technology.
2. Restrictions of Global e-Gaming Market
More and more consumers are taking a keen interest in betting and e-gaming for years. However, the platform to translate this skill to an international level remains unrealized. With a decentralized utility token that can be used as other cryptocurrencies or local fiat currency, players can now showcase their skills on an international level and seek challenges in events and countries that may not have been open to them.
The Bottom Line
FCFT will serve as a universal gaming currency for an industry that lacked one. This industry is pre-existing, and the demand is huge. A centralized version of the FCFT has already been released, and just, the blockchain integration is pending. This will prove beneficial to the overall gaming industry by increasing the awareness around and reliability of Blockchain technology.
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Fantasy Cricket Fan Token (FCFT). Smart Bet Zone(SBZ). Smart Trade Zone(STZ)