As of common knowledge, the term NFT was almost non-existent until a few years back. That situation is long gone now, thanks to the increased interest and enthusiasm exhibited by the new generation in such ideas and concepts of non-fungible tokens and crypto within several regularly used platforms.
Image Credits: Pixabay
One of the most popular news in both the crypto as well as the online gaming scene right now is the integration of NFTs within online gaming platforms, including Sorare MLB. Here is a more detailed explanation of the same.
With the gaming industry being at its best for quite a while now, fantasy league platforms were pretty popular on their own even before crypto got involved. But with the correlation and collaboration happening right now, the sector has attracted even more users.
Usually, all the fantasy sports platforms allow the users to draft their chosen players within their team and gain points or lose them, respectively, depending upon the overall outcome. This applies to all the major fantasy sports setups, mainly the MLB or the Major League Baseball, and the hottest topic right now, Sorare.
How do they Differ?
With cryptocurrency entering the scene, the entire process of drafting and recruiting players gets completely intertwined with the non-fungible tokens. In simpler terms, with every player you choose, you are purchasing a non-fungible token.
Sorare, for example, is a complete collaborative venture with Ethereum, which is one of the most popular forms of cryptocurrency right now, along with Bitcoin and many others. Being a form of stable coin, the factor of reliability is an additional perk. MLB also uses a similar system with Ethereum as the functional base.
Understanding the Platform
The line-up you create in the sports platform is based on the stats and individual player skills usually observed. This line-up generally holds a wide set of options, including official players from the actual league itself. With every draft, you secure an NFT in the game, Aswhich reflects the overall results as either gains or losses.
With crypto being directly involved here, the rewards are now easily translated between the respective formats and allow users to secure their profits instantly.
How does it Work?
These NFTs can either be sold secondarily or waited upon for wins. These rewards are often in the form of crypto or exciting rewards and advantages within the game itself. Ethereum is a cryptosystem that works based on the blockchain concept, allowing the movement of blocks of points along with links in the complex system of computers.
However, it is to be understood that crypto is basically a form of transferable funds and does not directly reciprocate physical currency. That is another elaborate calculation that is handled by separate mechanisms and specific software.
With crypto steadily growing all over the world, the fantasy sports setups involving NFTs are also expected to develop exponentially in the coming days. But it is very important to make responsible and secure choices every step of the way, as security and legitimacy of transactions are important whenever crypto is involved.