This new blockchain-powered online gaming platform is like fantasy football for investors
A new their blockchain-powered financial fantasy contest platform aims to give finance enthusiasts and retail traders the chance to practice their financial analysis and win prizes by crafting the ultimate portfolio in a fun and secure environment.
FundFantasy has announced the launch of a project that will feature peer-to-peer, provably-fair simulated investing contests, where users compete for cryptocurrency prizes by building their portfolio. Currently, about 59.3 million people play some form of online fantasy sports in North America, according to the Fantasy Sports Trade Association. FundFantasy hopes to apply this existing interest to the dynamic world of financial trading.
“The platform is ideal for seasoned traders looking for a fun and simplified version of the real thing, or gamers who want to practice their economic analysis skills,” said co-founder and CEO Tal Zander. “We aim to fill the missing link between finance and gaming. With FundFantasy, users can play the role of investor or fund manager and win crypto prizes.”
To participate, users purchase a ticket to enter a contest. The ticket cost is contributed to the contest’s prize pool. Next, the user is able to create a fantasy portfolio, choosing assets from various classes including stocks, commodities, cryptocurrencies, and fiat currencies. Some contests also are free to enter.
Users allocate one million virtual US dollars to long and short positions on the assets available on the platform. There is no actual ownership of the financial assets. Once the contest closes – they can range from one hour to one month – the user-submitted portfolios are sorted and ranked. A winner is determined based on rate-of-return, as calculated according to price quotes from established and well known financial data APIs.
According to the team at FundFantasy, the platform was created to help combat what is often an unfair environment in real-world online trading.
“We were troubled by the scandals and fraud accusations of the online trading market,” said Zander. “Real world investing favors brokerage houses and advisors. We wanted to offer a safe, fun, and secure online investing alternative for amateurs and experts alike. Our contests are paid out in cryptocurrencies like BTC, ETH, and FUNDZ, and are therefore supported by real-world value.”
In addition, 0.5% of all payments made using FundTokens will be burnt, which means that the total supply of FundTokens will decrease over time.
FundFantasy’s ICO launches January 25, 2018. Purchasers of FundTokens during the token sale will enjoy a bonus on their token purchase, with 25% off during the first 8 hours, 15% off during the next 24 hours, and 10% during the rest of the first week. For more information, check out www.fundfantasy.io, this video and their whitepaper.