Crypto Cricket Club – The First Blockchain-Based Cricket Fantasy Sports Platform
Crypto Cricket Club is a blockchain-based cricket fantasy sports platform, a first of its kind in the sporting world. The platform will provide users with great products that are designed to deal with the challenges faced by existing fantasy sports platforms.
One of the key issues this platform tackle is, data privacy. On Crypto Cricket Club, users will get access to great features while ensuring they have full control of their data.
A Huge Opportunity for Blockchain-Powered Fantasy Sports in India
Blockchain is gaining prominence in India. Even the government is working on several blockchain-based initiatives. Recently, the Indian Supreme Court ruled that the fantasy sports model is a legal business. The ruling has helped to open up numerous opportunities for the sector in the country. In India, the fantasy sports market for cricket is estimated to be worth around $100 billion.
In another significant ruling, the Indian Supreme Court overruled restrictions placed on the crypto sector by the Indian central bank, the Reserve Bank of India. These two rulings present new opportunities for entrepreneurs that were previously not possible. Crypto Cricket Club is a business that aims to take full advantage of the new legal paradigm in India.
How Crypto Cricket Club Works
Crypto Cricket Club is a one-of-a-kind initiative that allows cricket fans to get the most from an online fantasy sports platform using the 3C tokens, that utilizes the ERC20 standard. The platform will be available to millions of cricket fans around the world, no matter their nationality. Some of the benefits of using blockchain and crypto to the fantasy sports world are:
Security
One of the main challenges faced by fantasy sports platforms is security. Since these platforms are centralized, there is a high probability of the platform being hacked and users losing their funds. Crypto Cricket Club solves this issue via decentralization using the blockchain.
High Costs
Another issue on existing fantasy sports platforms is the high costs and the lengthy processing time for transactions. One reason for these high costs is the number of intermediaries involved. By replacing fiat transactions with crypto, it eliminates intermediaries and costs. Besides that, it helps to improve the speed of transactions.
Currency Limitations
Currency limitations is another huge challenge to fantasy sports platforms. Users are sometimes unable to access these platforms because of their local currency. Crypto Cricket Club eliminates this issue using the #Cs tokens, which can be accessed from anywhere in the world.
The Market Opportunity for Crypto Cricket Club
The total fantasy sports industry has grown a lot in the past two decades. Looking at the data from 2002 to 2018, the number of players on fantasy sports platforms has grown from around 15 million to over 59 million in 2018. The growth is projected to continue in the future.
Features of Crypto Cricket Club
The platform comes with several unique features that helps it to stand out . One of these features include an escrow-based social market. With escrow, payments are assured for all parties involved in the transaction.
There is also a chat feature that allows users to engage with each other. It will allow them to get better insights about the market and maximize their winning opportunities. Users can get tips from others via the chat feature.
Another feature is the online cricket collectible marketplace. In this marketplace, players can access various collectibles or sell their own to maximize profits via the platform.
Staking on Crypto Cricket Clubs
The team recently announced changes to the staking model on Crypto Cricket Club. Staking is set to start on August 20, 2020. The program has been divided into three tiers of Gold, Silver, and Copper. As part of the changes, users will determine the lockup period and users can lock up their tokens form one month up to a year.
At the Gold level, users have to stake at least 50,000 3Cs. The APR is set at a 37% annual yield, which will be paid monthly plus 50% of all monthly profits from the platform that will be distributed via the maximum available currency. A maximum cap of 20 slots is set for the Gold level.
At the Silver level, users have to stake at least 30,000 3Cs. The APR is set at a 27% annual yield with payment being made every month. The silver level comes with 50 maximum slots.
In the Copper level, the minimum tokens users can stake are 10,000 3Cs. The APR at this level is set at a 20% annual yield and it will be paid every month. In the Silver level, the slot limit is set at 200.
The team will release details of how to participate in the staking program on August 10, 2020, which is also the date for the start of registration in the program.
3Cs Tokens Details
3Cs tokens are ERC20 tokens. There is a total supply of 15 million 3Cs. 5% of the tokens will be released each quarter starting in January 2021. In 2022, the supply will fall by 3% for each quarter in 2022 and in subsequent years.
Summary
The team recently posted that they secured 100 ETH investment from an angel investor based in Korea. Half of the ETH will go towards improving liquidity on Uniswap while the rest will be used to boost the marketing efforts once the platform is launched.
The team has requested patience from the community as they continue working on the ecosystem.
