Krida Fans

Krida Fans is a next-generation fantasy sports and social platform built on polygon blockchain.

Pick a Game. Show your Skills. Win the Game.

Krida Fans is powered by $KRIDA, which is utility and governance token, enabling users to earn rewards and participate in community votes for important platform decisions.

Krida Fans (KRIDA) is a next-generation blockchain-based fantasy sports platform built on the Solana blockchain with a built-in NFT marketplace and community platform. Krida Fans brings together the best of the Fantasy Sports and NFT ecosystem in one place, while creating a decentralized, community-driven and transparent blockchain-based fantasy sports platform.

The global fantasy sports market is expected to reach $38 billion by 2025 (13% CAGR). Fantasy sports on the blockchain have captured the imagination of crypto enthusiasts, generating a lot of community interest, however the market continues to evolve.

These blockchain-based fantasy sports platforms offer many advantages over centralized fantasy sports platforms. With a number of advantages, the market is expected to grow several times. Even with a mere 5% share of the total fantasy sports market, blockchain-based Fantasy Sports offers a $1.15 billion revenue opportunity in 2021.

In addition, the NFT markets have recently witnessed tremendous growth, with several celebrities and companies leading the way in mass adoption and acceptance of NFTs.

The total market for global collectible card games was $11B in 2020 ($23B by 2025, 16% CAGR), of which ~$2B was in digital collectibles. In contrast, driven by the NFT mania, the NBA Topshots alone generated US$527 million in sales in just a few months. This indicates that the market has just scratched the surface for NFTs.

While Fantasy Sports' centralized platform (e.g. Draft Kings, Fantasy Premier League, Dream 11, etc.) has captured the imagination of their users, several problems result in a less than ideal user experience:

Centralization: Current platforms may make changes to reward pools and scoring systems unilaterally without user involvement and/or consent.

Lack of Transparency of Operations: Operations on current platforms are not independently verifiable by users, leaving room for data manipulation in areas such as game mechanics (scoring systems and related rewards), distribution of earned rewards, leaderboards, among others.

Arbitrary: No. points required to use a particular player is calculated based on a methodology known only to the owners of the platform. The same can be changed without community involvement.

High Fees: Transactions on centralized platforms require high fees (6-13% of the guaranteed prize pool) to participate and an additional 10-15% to use third party payment gateways.

Processing Time: Typical settlement time (users receive their rewards) can take up to 2 weeks depending on the withdrawal method and the third party involved.

Not without trust: All transactions require a third party to verify, resulting in higher fees, slower processing times, and vulnerability to theft (personal information such as credit card details, etc.)

The use of blockchain technology has helped platforms overcome several challenges, however, there are still certain challenges that remain for these platforms.

Scarcity - Luck vs Skill: Existing platforms use the number of cards (in the form of NFTs) minted on the platform to create scarcity. It is the equivalent of "pay to win" or "cheat codes" in video games. It doesn't depend on the skills of the participants, but on a) their willingness to spend money to get a certain player on the team, or b) luck to get them first.

Sports without community participation: Existing blockchain-based platforms do not offer a platform for community members to interact with each other. While sports are ultimately best enjoyed with friends, existing blockchain-based fantasy sports platforms have failed to deliver this simple joy to their users.

Single Platform Reputation: Platform members spend hours and hours to earn reputation on the platform. However, none of the platforms make this reputation available to blockchains or other platforms. This results in members being unable to use social reputation on the new platform.

Trade-off between security and transaction cost: Existing games continue to use either highly secure decentralized platforms with high transaction fees (e.g. Ethereum with POW) or relatively less secure "mostly" centralized platforms with low transaction fees (e.g. smart chain Binance).

At Krida Fans, we've created an ecosystem with three simple design principles in mind:

1.Play, win but never lose

2Skill based game mechanics

3.love your community

High cost is a key issue in the current fantasy sports ecosystem. The current ecosystem thrives on high entry fees (6-13% of the guaranteed entry prize pool) and operates on a zero-sum basis. Thus, limiting the ability of smaller participants to continue playing the game for longer.

At Krida Fans, we have designed the Solana blockchain ecosystem in such a way as to minimize entry fees, ensuring that every participant is encouraged to participate and has an equal chance of winning the prize pool.

The game mechanics are designed so that members can get most of their entry fees back minus the nominal platform fee after deducting the nominal platform fee.

Let's take the example of a user entering the game with $50 as an entry fee. On most other fantasy sports platforms, the user will either win big (say $1,000) or lose everything ($50 becomes $0). The same user on Krida Fans will receive a refund of $40 (for example), but still have a chance to win the same amount ($1,000).

At Krida Fans, we strive to keep our community engaged and reward our loyal users. Therefore, we have designed the ecosystem so that frequent platform users have a better chance of getting better rewards regardless of their leaderboard ranking and more opportunities to play the game (compared to other platforms).

Consider the same example as above. On other fantasy sports platforms, the user will receive a single shot if they lose the game ($50 turns into $0). However, in Krida Fans, subject to the nominal deduction, the user gets several chances to win the prize pool.

In addition, Krida Fans incentivizes its loyal users with $KRIDA tokens regardless of their ranking on the leaderboard. Therefore, Krida Fan users always have the opportunity to stay longer on the platform and use their skills to earn big.

While the platform deducts the notional fee and adds it to the prize pool, revenues from the $KRIDA liquidity pools and reserved assets are added to the total prize pool. Thus, offers users the opportunity to receive higher rewards with low commissions.

stake and increase the prize pool: when we were developing the ecosystem, we realized that we have the opportunity to incentivize holders of $KRIDA tokens. We have created the ability to stake $KRIDA tokens to increase the reward pool offered by the platform, where $KRIDA stakers can earn higher winnings than others for the same valuations. These rewards will be on top of the base rate and LP rewards provided by the platform.

Let's take the example of a user entering the game with $50 as an entry fee for a $1,000 reward pool. In the event that a user does not wager KRIDA tokens in USD, they will be entitled to a maximum reward of USD 1,000. if a user staked $KRIDA tokens, the platform would incentivize loyalty by offering a higher reward ($1000+) for the same performance. This additional reward for members will be on top of the base rates and LP rewards provided by the platform.

The platform mainly has two sources of income: i) interest from the liquidity controlled by the platform, and ii) entry fees received from participants. Generally, most platforms do not distribute these rewards back to users. However, at Krida Fans, we plan to use a significant portion of these revenues to sustainably incentivize our stakeholders. By doing this, we plan to ensure the long-term sustainability of the ecosystem and increase the utility of our $KRIDA tokens.

Design Principle 2: Skill-Based Game Mechanics

To understand this design principle, let's take a step back and understand the idea of ​​scarcity first.

What is a shortage - noun, insufficiency or interruptions in supply, lack, rarity, infrequently.

On Fantasy Sports platforms, scarcity refers to a limited number of player NFT cards or rare properties associated with those cards. Only a few users can own these cards, which makes them in demand.

Scarcity, as explained in the above definition, creates higher demand than supply, thus opening the door to a new revenue stream for users. In centralized fantasy sports platforms, the concept of scarcity does not exist. It simply means that the only way to incentivize users is through prize money per game. But when we look at decentralized blockchain-based platforms, scarcity can be created in the same way as it is realized with the ownership of these scarce cards.

For example, Sorare.com, a blockchain-based fantasy football platform, implemented the concept of scarcity in the following way: they minted a limited number of player cards as NFTs for users to own and trade them. This means that in order for you to have a player card, you either need to be very lucky or be crypto rich to buy these expensive cards on their market.

While this was an innovative concept, it actually meant that "Luck/Money" would be more important than Skill. So at Krida Fans, believing skill is more important than luck, we've implemented scarcity in a unique way that gives everyone a chance to compete against others.

From the very beginning, when a new member joins the platform, he is granted access to all player cards. In doing so, we democratize access to NFTs for player cards. If everyone gets NFTs, how can there be less of it? To make them scarce, you can use them in fantasy sports games.

To understand how this works, let's take the example of football (or European football).

There is a match between Portugal and France. You built a fantastic team of 11 players from those two teams on a $100 million budget and made Ronaldo the captain of your fantastic team for this match. if he performs the best in this match, then Ronaldo's value will decrease for you and for all other kridaks (also called other members of the community) - who failed to choose Ronaldo as captain - Ronaldo's value will increase afterwards. It will be difficult for others to choose Ronaldo for their fantasy team now, because the value of Ronaldo has increased, which means that the scarcity was created by skill.

This ultimately ensures that the skill and constant work of the kridaks take precedence over luck.

As kridaks advance on our platform, it becomes necessary to have all the great players on your fantasy team, and this is not possible with a limited budget, because the value of the players has grown due to the fact that they do not use them properly , as described in the example above.

Creeds want to buy these meager NFTs (good players available at low cost) to increase their chances of winning. These requirements are pushing for the creation of a marketplace where Kridaks can sell their scarce NFT cards to the highest bidder and open up another way to make money beyond the guaranteed in-game prizes. The best part is that when you create your fantasy team for a match, you have the option to trade available scarce cards with other creeps. This ensures that new entrants to the platform also get a head start when they decide to buy these NFTs, making them even rarer.

One of the issues in Fantasy Sports is the usefulness of player NFT cards when a player retires from a sport or is injured for 6 months to a year. Thus, the use of these NFTs is very limited both in the current situation and in the long term.

At Krida Fans, we understand the effort it takes to collect these NFT-based player cards and make them scarce, which is why we've created custom card games for the Metaverse's kridaks. Each player card NFT on Krida Fans is created with very detailed information such as name, country, club, score, season, cost, etc., which makes playing card games on our platform a lot of fun. Kridaks can invite their friends to the Metaverse or compete against other Kridaks to win and collect more NFT-based Player Cards. We also have a special end-of-season guaranteed prize card game where the top 25 Social Reputation NFT holders will compete against each other.

When it comes to Fantasy Sports platforms, users most often fail to interact with the creators of the platform or even with other users. At Krida Fans, we are committed to removing this limitation as we believe our growth is primarily dependent on the participation of our Kridaks.

When we chose our community platform, we wanted to choose something that would make us feel connected, a place where we can communicate effortlessly and as often as possible, and that's why we chose Discord.

Now the Creeds can do a lot more, from sharing tips to posting their requests, differentiating leagues from competitions, and managing other Creedak interests on the platform. Communities are very important to us and therefore we make sure that our users have fun every time they interact on our platform.

At Krida Fans, we value every user's participation in the community and therefore reward them with points based on their activity on the Discord server. As you accumulate, these points are converted into NFTs of different levels of social reputation. These NFTs are non-transferable solely because reputation cannot be bought or sold, they must be earned.

These social reputation NFTs are initially created on Solana. Users can post requests to pass them to other chains, making them multi-chain. These Social Reputation NFTs can also be showcased (like badges) in other games or blockchains, and can be used as entry tickets to player NFT card games created by Krida fans in the metaverse.

As the Creeda fans mature, we will eventually hand over the reins of the platform to the Creeds. This will be possible thanks to $KRIDA tokens. Creedaks will be granted voting rights and it will be proportional to the number of $KRIDA tokens they hold compared to the total number of available tokens in the market. Krydax can vote on topics such as in-game event entry fees, scoring algorithms, adding or removing a league, and more.

In situations where a kridak does not wish to exercise its right to vote, it may delegate its right to vote to other kridaks. This will ensure the smooth formation of a Decentralized Autonomous Organization (DAO) and make it easier to manage outcomes on the blockchain and easily implement smart contracts when possible.