GameDay Squad & The future of fantasy sports


Fantasy sports is overdue for a make-over and it’s coming in the form of blockchain technology. At GameDay Squad, we think our Coaches will really enjoy the new ways of playing fantasy sports that are unlocked through the blockchain. In this blog we take a look at how GameDay Squad is using the blockchain and some of the exciting possibilities for the future. If you want to get your head around how a blockchain works, we’ve prepared this article for you.


FANTASY SPORT THE GAMEDAY WAY

Player Cards are digital assets

Player cards that you receive from opening Common, Rare and Unique GameDay Squad player packs are digital tokens that exist on a blockchain. Silver to Diamond player cards are Semi–Fungible Tokens (SFTs) and the one-of-one Legend cards are Non-Fungible Tokens (NFTs). The existence of these tokens can be proven by anyone who looks at the on-chain data. This may not seem like a big deal, but being able to verify the authenticity of digital assets is a game changer.


If you want proof of how big of a deal this is - the popular video game Fortnite sold $50 MILLION dollars worth of character skins in JUST ONE DROP of NFL themed character skins in November and December of 2020. Now keep in mind that these skins are not digital assets that you own, as Fortnite’s terms of service do not allow users to buy or sell skins to other players. Fortnite’s developer Epic Games can also decide to print as many of these skins as there is demand for them, all whilst retaining 100% of the economics for themselves. People already have an appetite for digital assets and once they understand what true ownership of these assets means, they are only going to want more.


Tokens secured by the blockchain

The digital player cards you use on the GameDay Squad platform exist within a smart-contract on the Polygon Proof-of-Stake blockchain. GameDay Squad uses a Gnosis multi-signature safe to further secure these digital assets. What this means is that you can rest easy knowing your assets are safe, secure and real. For those who want to take custody of their assets and store the player cards they own in their own digital wallet, we are exploring how we could possibly integrate this function on our platform with our blockchain developers, Labrys.


Decision power over your digital assets

As these player cards are your assets, you decide what to do with them. Pack a player that is a nobody this year but you think will be a big deal in the future? Hang on to him. Want to sell a current superstar that is racking up the points? Put him on the GameDay Squad transfer market. Pack a dud that won’t get a game? Swap him for some draft tokens. These assets are yours and for you to do with them what you like. We’re really looking forward to seeing the different strategies that Coaches come up with in this never before seen style of fantasy sport.


FUTURE GAMEDAY SQUAD FEATURES

GameDay Squad is launching in Beta, which means that we’re a work in progress. This allows us to continue to add new features to the GameDay Squad platform that we believe will enhance the fantasy sport experience for our Coaches. So, what are the features that we’re planning on adding to the GameDay Squad platform?


Transfer Market

We wouldn’t be a fantasy sports platform if we didn’t allow for Coaches to put a player up on the chopping block after a stinker. You decide how much you think your player card is worth and if someone agrees they can purchase it from you through the transfer market. GameDay Squad functions as a dynasty model of fantasy sport, which I think will lead to some really interesting market dynamics and opportunities for those Coaches who have a skill for identifying young talent. The transfer market is in the final stages of development and is a critical part of our platform.


Delisting

The way we have set up our platform is that there are the exact same amount of Touk Miller player cards in packs as there are Ned Moyle player cards (You don’t even know who that is do you?). No disrespect to Moyle, but he’s probably not in my starting 22. For the players who you want to give the flick to, but aren’t getting any bites on the transfer market, we’re planning on giving you the option of delisting them from your extended squad and giving you draft tokens in return.


The Draft

I’m not going to give too much away here, but this is where those draft tokens might come in handy. We’re pretty proud of this feature and think it will be a hit with our Coaches. Keep an eye out for an update about this later in the year.


THE FUTURE OF FANTASY SPORT

Blockchain technology will continue delivering new ways for Coaches to play Fantasy Sport. Please note that none of the below features are guaranteed and are just some examples of what is possible in the future.


Cryptocurrency payment option

Cryptocurrencies are the native tokens of blockchains and the main function of cryptocurrency is of course, currency. The volatile nature of cryptocurrency can present some challenges with pricing as the value of any cryptocurrency changes on a second to second basis. We are exploring what role cryptocurrency plays on the GameDay Squad platform and are considering it as a future payment method.




Player trading

Peer-to-peer trading of digital assets gives a whole new meaning to trading cards. As these player cards are your assets, it makes sense that you would be able to trade them directly with other Coaches the old fashioned way - your card for theirs. This is something that Coaches are already asking about and we think it could be a great addition for our platform.


Retired player bonuses

In a fantasy sport game, what utility would a retired player card have? GameDay squad has some interesting ideas about how to tackle this issue, including squad building challenges in which you hand in retired players to receive a player pack or a special NFT. Perhaps GameDay Squad develops a partnership with a player who retires, and whoever owns their one-of-one Legend card gets an all expenses paid trip to the footy with their sporting hero. Keep an eye out for our plan regarding retired players later this year.


NFTs as entry passes to events and communities

The NFT profile picture collection 'Bored Ape Yacht Club' has cemented itself as the #1 NFT profile picture project. There are many reasons as to why BAYC are no.1 and regularly sell for over $300,000 USD. One of these reasons is that when you buy a Bored Ape, you become part of a community of just 10,000 people that includes big names such as Eminem, Steph Curry, Post Malone and Justin Bieber. There have already been in-person events in which Bored Ape Yacht Club NFTs were used as entry passes, with more events planned for the future. At GameDay Squad we are always exploring ways to add utility to the NFTs and SFTs that our Coaches own and we would love to see these tokens being used for entry to events that GameDay Squad might host in the future (we’ve got some big ambitions).


Loaning of digital assets

We have already seen this use-case play out in the blockchain gaming sector, with the play-to-earn video game Axie Infinity soaring in popularity in 2021. The lifelong dream of many to be able to earn money through playing a video game became realised, however, in order to earn you needed to own the ‘Axies’ that you were playing with. Players who had the money to purchase Axies but either didn’t want to play or didn’t have time to play the game could loan these assets out to players who didn’t have the capital to purchase their own team of Axies. This is an interesting concept that GameDay Squad could look to integrate into our platform in the future.


Pink Slips

At GameDay Squad we are a competitive bunch and we love the idea of being able to put your money where your mouth is. Fantasy sport has historically only given you bragging rights over your mates, but we want to take this to the next level. The Pink Slips feature would see you and your opponent negotiate the SFT or NFT that you put on the chopping block, with the winner of the head-to-head fantasy battle being awarded the other Coach’s player card.


So much more!

We’ve had to stop ourselves from going overboard here or this blog would get way too long. GameDay Squad is built by fantasy sport fans, for fantasy sports fans. The blockchain has given us a creative licence to do some really fun things that just aren’t possible with regular fantasy sport. We’re always open to hearing suggestions and feedback from our Coaches - if you want to become part of the GameDay Squad community, come join us in our Discord HERE.


WHY NOW?

Blockchain technology has been around since 2009 with the inception of the Bitcoin blockchain - so why did we only see verifiable digital assets become popular in mainstream culture in 2021? Well, it's taken a long time for this technology to be refined and utility to be realised. The Ethereum blockchain was only created in 2015 which expanded the use-case of blockchains beyond just the sending and receiving of cryptocurrency, to allow for developers to build on top of blockchains in the form of decentralised applications (dApps). For those that have ever used the Ethereum blockchain, you would be well aware of the high gas costs (transaction fees) associated with completing a transaction. GameDay Squad could never have been built directly on the Ethereum blockchain as it would have cost us millions of dollars to mint all of the digital player cards. Polygon is a layer two scaling solution for Ethereum which drastically reduces the minting costs of these assets. GameDay Squad have decided to absorb these costs to ensure a user-friendly experience of blockchain technology for our Coaches. We believe that now is the perfect time to create a fantasy sports platform that uses the blockchain and we hope you’ll love what we’ve built as much as we do!