Proposal: Funding for Fantasy Investar

Project Name: Fantasy Investar MVP Development

Team Name: Fantasy Investar

Payment Address: terra1u72uyshacs9wc7zssn7re6ntj9ns2aknnjmvcy

Overview

Fantasy Investar will combine fantasy sports, NFT technology and Anchor Protocol, to make sports investing possible.

Brief description

Fantasy Investar will provide the 50+ million fantasy sports users around the world the ability to invest into athletes, sharing in their athletes’ success as they benefit from on-field performances. This will be achieved by allowing users to invest into NFT athlete tokens, providing users a sense of ownership of their athletes’ successes. We will be continually increasing the utility of these tokens to further enhance their value, as well as the engagement users will have with their chosen sport and athletes.

Our approach will integrate a fantasy sports scoring model to distribute rewards to the best performing athletes, as well as rewarding individual achievements (MVP, ROTY etc). Users will be able to use their tokens to form teams to compete in daily, weekly and seasonal challenges to win prize pools. Fantasy Investar will enable sports fans to become their own player scout, assessing prospects and investing early to sell for a profit as demand increases.

Why Fantasy Sports & NFT’s?

There is no denying the incredible demand that sport attracts around the world, from outside ticket and memorabilia sales, this demand continues to fuel sport gambling, fantasy sports, collectable cards and more recently, digital NFT moments (NBA Top Shot). Fantasy Sport currently attracts 50+ million users in North America alone (Fantasy Sports & Gaming Association), whilst the NFL experiences more than 30+ million people placing bets on their games each year.

  • US Fantasy Sports Market - $8.4 billion USD in 2019 (IBIS World)
  • NBA Top Shot Market Cap - $519 million USD (Flow Market Cap)
  • US Sports Betting Market - $20 billion USD wagered between 2018-2020 (ESPN)

Fantasy sports allow users to be a player scout, Fantasy Investar will provide the next step, allowing users to become true sports investors. Combining fantasy sports and NFT’s will offer fans an incredibly unique experience, adding to the thrill and excitement sport already provides. The integration of NFTs combined with Anchor Protocol, will allow users to become a genuine sports investor, benefiting financially from the success of their portfolio of athletes.

We recently surveyed 105 sports fans across the US and Australia, in which more than half of respondents admitted to never previously owning any cryptocurrency. Despite the majority never engaging with any cryptocurrency, more than 61% said they would prefer to invest into an athlete token, compared to traditional sports betting. More than 70% stated they were excited by the ability of investing into NFT athletes tokens, with the potential to financially benefit from their success. From this research, combined with our understanding of the sports market and blockchain technology, we believe that providing a sports investing platform, utilizing NFT’s, has incredible potential. This includes the ability of becoming a more attractive option than traditional sports betting, creating a legitimate case for mass adoption.

How project relates/integrates to Terra

Fantasy Investar will be built on the Terra blockchain, integrating Anchor Protocol as a key component to the success of the business model. Funds generated within Fantasy Investar will be deposited into Anchor Protocol, generating yield to be distributed amongst users, in the form of rewards. UST will be the currency used within the Fantasy Investar platform, users will need to create and connect their Terra wallet on the platform in order to use Fantasy Investar.

Why we are interested in creating this

We are excited to create this as we see amazing potential to fill this gap in the market and improve the ways sports fans can engage with their sports. We are also looking forward to seeing this project play a role in mainstream adoption of the Terra blockchain, Anchor Protocol and UST, as we engage mainstream sports fans.

Process flows to be accomplished for the initial MVP

  • Purchasing of Packs

  • Rewarding of VSTR Tokens to Athletes Individually

  • Locking of athlete tokens to teams and distributing rewards after x time

An overview of the technology stack to be used:

Fantasy Investar will be built on React x Django x Rust (For Terra Blockchain) using CW20 and CW721 contracts for the VSTR token and Athlete Token respectively. We are currently working directly with Band Protocol to develop an oracle accessing an external API source, with the aim to develop a similar data feed that Chainlink has currently developed with Sports Data IO (https://sportsdata.io/). We have been in contact with Sports Data IO to bridge their current on Chainlink across to Terra, this is another avenue we are working on to provide a sports data source to Terra.

PoC/MVP or other relevant prior work or research on the topic:

We have spent months researching various projects such as NBA TopShot, Sorare, Loterra.io, ERC721, CW20, and CW721. Read various code from cosmwasm and participated in discord, telegram group chats for development/support help. Our MVP is currently in development.

We conducted market research, surveying 105 sports fans located in Australia and the United States. The results showed strong signs of support for our concept, as more than half the participants surveyed having never owned any cryptocurrency, whilst over 70% were excited by the idea to invest into athlete tokens. 61% of respondents would prefer investing into a Fantasy Investar athlete token, over traditional sports gambling. Although the sample size is small, these results suggest signs that the Fantasy Investar model will be extremely enticing for sports fans, with the ability to attract mass adoption.

What your project is not or will not provide or implement

The project will only be released on testnet for MVP purposes. Features such as secondary market, etc. will be further developed once the idea has been validated.

Ecosystem Fit

Where and how does your project fit into the ecosystem?

Fantasy Investar fits nicely into the Terra ecosystem by providing a platform that fits the mission of Terra, to gain mass adoption. Our project will attract a new generation of users to the ecosystem, many who may have never been involved with any other blockchain previously. Our platform will appeal to the broad community of sports fans and the millions of fantasy sports users and sports gamblers. We believe Fantasy Investar can become a strong gateway in attracting and onboarding new users to the Terra ecosystem through providing a fun and engaging fantasy sports investing platform.

Who is your target audience (parachain/dapp/wallet/UI developers, designers, your own user base, some dapp’s userbase, yourself)?

The audience we will target to attract to Fantasy Investar, will include sports fans aged 18-45 years. We believe we will have a strong ability to attract this demographic that also engage in fantasy sports, sports gambling and sports trading cards, as our platform provides key elements provided by all three of these industries. Our ability to enable users to be player scouts as they would in fantasy sports, gain financially from their athletes’ performance, as they would in sports gambling and sports cards, combined with the collectability element also from the sports card industry, will put us in a great position to attract this target audience to Fantasy Investar.

What need(s) does your project meet?

Fantasy Investar provides sports fans the ability to buy, sell, trade and have real ownership of their own fantasy sports team, benefiting financially from the performance of their athletes. This project will be an advancement on already successful and proven markets within the sports industry, combining them to provide the ultimate experience for sports fans. This includes the extremely successful fantasy sports, sports betting and sports card industries. Our platform will allow sports fans to become their own player scout and create real sports investors, trading athletes to build their portfolio of talent, with the aim to sell on the open market and/or compete to win lucrative prize pools. This platform ultimately allows sports fans to use their passion and knowledge of their chosen sport and athletes, to make real investments.

Are there any other projects similar to yours in the Terra ecosystem?

There are no similar projects to this in the Terra ecosystem, however there is a platform called Sorare, built on Ethereum that has similar components to what Fantasy Investar aims to achieve. Sorare has seen amazing success in the past 12 months, which gives us great confidence in what we are setting out to achieve. Our project will differ in providing more accessibility to sports fans and providing more lucrative games and prize pools for users to compete in. Once we launch, our aim is to continue creating utility for our athlete tokens, increasing the value these tokens can provide holders.

Team members

Michael Vehtic - COO

Matthew Seaver Choy - CTO

Rick Burton - Partnerships/Business Lead

Contact

Team’s experience.

Matthew Seaver Choy - CTO

Matthew runs Anteriore Inc., a team of 30 developers in the Philippines, and is currently the CTO/COO for the company. Anteriore is experienced in building custom-made web applications and mobile applications, primarily using React and Django frameworks. Blockchain has been on the radar for Anteriore, commencing their first project on Binance Blockchain. Anteriore Inc. has provisioned a team of four developers, and is currently building Fantasy Investar.

Michael Vehtic - COO - Product

Michael has a comprehensive understanding of the sporting landscape, with 6+ years experience in sports marketing and business development, within Australia’s National Rugby League (NRL) and the Rugby League World Cup. This experience has included developing and delivering commercial assets to market within the professional sports industry.

Rick Burton - Partnerships/Business Lead

Rick has a wealth of experience in the sports industry, having spent more than 30 years in the sector. He has held various, prestigious roles, including serving as the Chief Marketing Officer on the US Olympic Committee for the 2008 Beijing Olympics and as the CEO for the National Basketball League in Australia. Prior to this, he served as the director of Oregon’s Warsaw Sports Marketing Center. Rick’s illustrious career has allowed him to form a strong network across US sporting leagues, which he currently maintains as the David B. Falk Endowed Professor of Sport Management at Syracuse University. Rick’s knowledge of navigating the US sports market and leagues will be vital to Fantasy Investar achieving its potential.

Team Code Repos

Existing projects of Anteriore:

Team LinkedIn Profiles

Development Status

As we need to randomize data, we’re currently using https://docs.terrand.dev/ for randomization oracle. We’re also with Band Protocol in creating and implementing the first sports data API integration into Terra Blockchain. (BandChain Explorer - Block Explorer for Band Protocol Decentralized Oracle Network). We’ve successfully implemented CW721 contracts, as well as CW20, and are in the process of modifying and improving the smart contract overall to contain our own customization. You may find one of our development addresses here: Terra Finder

Our integration with Anchor Protocol is in the final stages as we look to accurately execute the process of withdrawing correct amounts of yield generated to be used for rewards.

The concept has undergone various variations to find the best model to be delivered to the market. This has been a thorough process, with our market research contributing to the development of our final model. Our model includes the selling of packs, including randomized athlete tokens. This pack concept can be seen utilized with success in the collectible sports card industry and also on platforms such as NBA TopShot and FIFA Ultimate Team. The randomization of packs is a functionality currently under development and will be completed within the development of the MVP.

Development Roadmap

Overview

  • Total Estimated Duration: 3 months
  • Full-Time Equivalent (FTE): 4.8 FTE
  • Total Costs: $27,000 USD

MVP Milestone 1 - Implement Packs Approach with CW721 and creation of CW20 token

  • Estimated Duration - 1 month
  • FTE: 4
  • Costs: 9,000 UST
Number Deliverable Specification
1a Randomly provision different CW721 tokens to buyer. * User TerranD oracle
* X amount UST to be deposited to Anchor
2b Deposit received UST into Anchor Protocol * aUST will be returned by Anchor to be kept by Fantasy Investar Wallet.
3c Create VSTR Token with fixed supply and minting contract * No functionality yet, but minted and has fixed supply.

MVP Milestone 2 - Sports API Integration and Block Time Computations

  • Estimated Duration - 1 month
  • FTE: 4
  • Costs: 9,000 UST
Number Deliverable Specification
2a Ability to query data from fantasy sports data oracle * Dependent on Chainlink/Band Protocol for their integration with other APIs, but integrated into a smart contract.
2b Ability to upgrade CW721 token * Upgrade tokens by merging n number of base tokens of player together to create an upgraded token with increased utility.
2c Functionality to distribute weekly rewards to upgraded CW721 tokens * Able to distribute rewards to best performing users based on fantasy sports data

MVP Milestone 3 - Game Mechanics

  • Estimated Duration - 1 month
  • FTE: 4.8
  • Costs: 9,000 UST
Number Deliverable Specification
3a Ability to lock athlete tokens in to form a team for competition format * Lock athlete tokens in to form teams, within set power cap (salary) allocation per team
3b Able to exit a competition and have rewards distributed * After n amount of time, the competition will end, which will allow users to unlock their tokens and claim rewards based on their standing.
* Users will be unable to choose the same athlete token multiple times within the same competition. Users must build a team of unique athlete tokens.
3c Able to enter a daily, weekly, seasonal competitions * Games will be set on a daily, weekly, monthly basis, providing a variety of options for users to compete in.
3d Game mechanics -Enhance and develop game mechanics to create an engaging model to attract and create value for users

Future Plans

Initially we are aiming to launch one sport on our platform, promoting the platform through various channels including social media, with a large focus on the ability to invest into athlete tokens with the ability to win lucrative prize pools. Our exciting approach of utilizing packs to distribute tokens randomly to users will allow us to create a range of engaging social media competitions, this will be one strategy for Fantasy Investar to promote user generated content. We will work to collaborate with athletes within the sports we provide to further promote our platform, leveraging their profile and platform to promote. We will also work to build shareable content across social media, this can include competitions and referral benefits. The lucrative prize pools we aim to generate will be a key marketing tool for us to leverage, as we grow this platform has the ability to generate some of the largest prize pools in fantasy sports. Our business model is built around passing on as many funds in the form of rewards as we can.

Our long-term goal is to partner with sporting leagues to create a fully licensed platform, allowing our NFT tokens to become official NFT fantasy tokens, adding to their collectible value. This may be our long-term goal, however this is something we are working on from the very beginning.

Additional Information

We heard about the Terra Grants Program through initially learning about the Terra Community Fund, that aimed to assist projects building on Terra. As we developed our proposal we learnt through announcements from Terra, that the Terra Grants Program will be the new method moving forward to manage community funding for projects.

Matthew has contributed resources in the form of developers from his company Anteriore Inc, to begin early stage development on this project. Our COO, Michael has conducted market research, surveying 100+ sports fans to further gain an understanding and learn about what the target consumer is looking for in a platform such as Fantasy Investar.

8 Likes

First of all, I think this is a very interesting project and I thank you for putting forth this proposal.

This may just be a personal philosophy on how I think community funds should be distributed, but I think the community should see a tangible return for their investment in ecosystem projects.

These types of seed investments in the beginning stage of projects is highly (dare I say, completely) speculative. The community deserves a return equitable to the level of risk associated with the investment. This may not always be monetary or token driven return. For example, the project funded produces essential infrastructure that the entire ecosystem relies on.

However, it’s hard to see how this project supports the creation of a larger ecosystem within Terra, and so the return on this investment should be concrete.

Other projects that find their own funding are able to decide how they want to do their token distributions or use the revenues the app generates, but it’s only fair that the community that seed funds this project has some control over this.

To put it as crudely as possible, beyond the app just using UST… What’s in it for the community?

3 Likes

Hi @zendog, I appreciate you taking the time to look into our proposal. We agree, funding should be aimed at projects and initiatives that support the ecosystem, from the beginning our goal and focus has been to create a Terra based platform that looks outwards, attracting the next generation of users to the ecosystem. This we believe this has the potential to be extremely valuable in onboarding a new wave of users to Terra, who may use our platform initially, however integrate to other Terrra based platforms, such as Anchor, MIrror, Angel and so on. We have not ruled out a token airdrop for Luna stakers either, this is something we are considering and did not want to rush into committing.

We want to attract a wave of new users to Terra, some that have never even owned any crypto previously, a project like this, appeals to the masses and sports fans, so we do see it as valuable piece of infrastructure moving forward for the Terra ecosystem.

Essentially this being funded and built on Terra will see an asset provided to the Terra ecosystem, with the goal of mass adoption, which we believe supports the creation of a larger ecosystem.

@ZenDog I forgot to also mention, in regards to further infrastructure we are building, we are working very closely with Band Protocol and a sports data provider, who don’t only provide fantasy sports data, but all types sports data. With this oracle established, this will be an extremely valuable piece of essential infrastructure for the Terra community, with future projects able to use this data source to build with, attracting new teams and projects to build on Terra.

From your research of other crypto sport projects such Sorare, why do you think someone would want to use Fantasy Investar as opposed to those already existing?

I remember your name from back in May and so I’m generally pretty positive towards this.

1 Like

Hi, great question, we see a number of reasons as to why our platform will be a preferred option over such projects like Sorare.
1: Through utlizing Anchor Protocol and redistributing a large majority of the revenue as rewards, our platform will provide far more lucrative prize pools than other platforms. This is important to us, we want to provide athlete token holders the best value possible and committing to providing the best possible prize pools is one way we aim to do this.
2: We are aiming to offer a range of sports currently not offered by other platforms
3: We want to increase accessibility for users to obtain the athletes they want, currently this is difficult on platforms such as Sorare, unless you have deep pockets. Though we will do this in a way to still create scarcity for rare athlete tokens that can be obtained in a few different ways, one being the randomization of packs.
4: In our roadmap we will be looking to create features that also attract daily fantasy sports users, however in a way that benefits the long term Fantasy Investar athlete token holders, this will allow us to cater to both types of users in the market, simultaneously benefitting both.

These are just some of the key ways we see Fantasy Investar being a preferred option in the future.

Response from the Terraform Labs Ecosystem Committee

Strengths

  • Michael is well-connected in the Australian Rugby league as he works in the corporate partnership department for the Cronulla Sharks, a professional team, and is close with the team’s executive leadership as well as the league’s overall leadership.
  • Development team has been quick in securing and relaying back the information or resources that the Band Protocol team needs, such as the credentials and access to the data itself. Seaver and Michael have also been very active in communicating any updates and questions in the group.

Overall Opportunity

  • NBA Top Shot/ Flow market cap - $1.2B - Users can purchase NBA trading cards
  • Chilliz market cap - $2.4B - Users can purchase branded fan tokens for renowned sports teams (partnered with FC Barcelona, Juventus, PSG, UFC etc.)
  • Sorare - $4B - Users can purchase football trading card games (partnered with all major football clubs)

Challenges

  • Competition from existing sports betting platforms
  • Licensing (it’d be much more boring if we can’t use real names and photos of players/clubs)
  • Lack of a fiat unramp may discourage non-crypto native users
  • Lack of an NFT marketplace currently on Terra
  • Legal & regulatory compliance

Areas of Improvements

  • The tokenomics can be better designed. If the purpose is to gamify Anchor yields then why not directly distributing the yields to users, rather than inserting a token in middle? Reconsider VSTR utility as currently described: it only adds friction and complexity for non-crypto users.
  • Detail the licensing / marketing roadmap.

Proposal Feedback

  • Amount asked for is in line with milestones outlined.
  • High potential upside for the Terra community.
  • Likely that other projects working with NFTs can build on existing code - we ask the code to be open sourced for other teams to benefit from in the future.
  • In terms of their data requirements (MVP milestone 2a in their proposal), we believe that the milestones set are achievable given the current pace that they’re working/developing. At least for the initial market that they’re looking to go out with, they have already secured the data provider that they will be using and have begun integrating the data into their platform.
  • With that we believe that the 2 month timeline proposed is most likely a reasonable one given that they continue to build and deliver at the current pace.

Next Steps

  • Fantasy Investar team to update with concrete roadmap including (1) a more detailed overview of the game mechanics (2) proper use case for their token and (3) a proper marketing plan/strategy that includes identifying risks associated with proper licensing.
  • Recommend they move forward with an on-chain vote given that the amount requested remains at $27,000USD.

Additional documentation from the Terraform Labs team to be released on a public grants documentation site soon.

2 Likes

Confirming this is from an official Terraform Labs account to be used to reply to community fund proposals. Response was crafted with input from below committee.

Terra Ecosystem Committee

  1. TFL Leader - @0xwagmi, Ecosystem Lead, Terraform labs
  2. TFL Leader - Stanford Liu, Research, Terraform labs
  3. Community Leader - @treehugger
  4. Community Leader - @SebNondzee
  5. Partner Protocol Leader - @tansawit, Band Protocol
  6. Ecosystem Fund Leader - Ninor Mansor, Arrington XRP Capital
  7. Ecosystem Tech Leader- @Larry0x, Delphi Digital
3 Likes

what exactly are you proposing to build?
a NFT for NRL players?
a betting system on matches?
some form of fantasy football league?

1 Like

Do you have some concept art or ideas about how the various NFT’s will look?

how do you plan on approaching specific teams in the leagues?

We are proposing to build a fantasy sports platform, which uses NFTs to represent the athletes of the league. Allowing users to buy/sell NFTs to build their teams and compete for prize pools. Through development, we will lock in the specific league we will launch initially, with this likely being a US sport.

You can currently see in the slide included in the post above, our NFTs appear as tokens representing the players within our platform. This initially has an unlicensed approach as we look to engage leagues and/or a group that holds a license for specific leagues. We don’t plan to engage teams individually, however look to approach the leagues themselves, Rick Burton within our team as a Business Lead is well established throughout US sport and we will be utilizing him to engage league bodies. In securing a license, our NFT art will then change to include athlete images, team logo etc, however what we are building currently will be with the aim of unlicensed to ensure we can launch no matter what, whilst we work to secure these.

This is a very compelling idea. As long as the standards recommended by TFL are adhered to we will be supportive of this proposal.

As an avid DFS and FF player I’m excited to try this out.

1 Like

Thank you for the support, we will be adhering to all feedback from the committee. We have been working closely with TFL for a number of months now and we are extremely excited to deliver the Terra ecosystem a fantasy sports platform.