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Project Watch: Will CoinFantasy bring waves in the DeFi gaming landscape?

The ‘fantasy gaming’ genre has gained traction and has significantly risen since the past year. It provides a memorable experience to players and provides passive financial income through prizes, etcetera. Join this with the hugely popular NFT technology, and it looks like we may have a winner. But, unfortunately, today’s situation doesn’t tell you so.

All the implementations of ‘fantasy gaming’ platforms with NFT technology are too centralized to offer any possible benefit to players. Moreover, all the implementations have a significant resemblance to all the other offerings in the market. This segment requires a disruptor with a new vision to this combination of technology. And it looks like we may finally get to see one soon.

Overview

CoinFantasy is the world’s first NFT-based decentralized fantasy gaming platform. It uses the power of blockchain-based smart contracts, focusing on cryptocurrencies and financial markets. Moreover, it gamifies the fantasy gaming scenario for the crypto markets.

In this gaming platform, users can win prizes for predicting outcomes for their chosen set of coins. Moreover, users with the maximum points at the end of each game inside their respective pools will win prizes. However, to predict the outcome, users need to know the chosen set of crypto coins.

How does CoinFantasy gaming platform work?

Suppose a game of Top 50 Crypto Coins. The platform will launch a limited edition of 10,000 NFTs of the top 50 coins such as Bitcoin, Ethereum, Cardano etc.

Now, if one user believes that out of the top 50 coins, Bitcoin and Cardano will rise in value, they will have to collect NFTs for these coins that they can mint. If the user gains the NFT for the said coins, they are eligible for participation in the game.

Each game session will last for 4 hours. After game completion, the top scorers will receive awards based on the performance of the coins. The prize money for the games will primarily come from the share of the fees earned through the trading of these NFTs.

The team will also partner up with projects, sponsoring tournaments and leagues on the platform. As of now, they are in touch with Polygon, 1inch, Harmony.

Team and Backers

A trio of co-founders heads the team:

  • Harishkarthik Gunalan: He has an engineering background with over 6 years of experience. In fact, he has previously worked with corporations such as DHL and Duracell.
  • Kumar Srivatsan: He has over 10 years of working experience in financial systems. Along with CoinFantasy, he is the co-founder of a fintech startup Fego.ai.
  • Kumar Srikanthan: He has over 8 years of working experience in finacnial systems. Along with Srivatsan, he is the co-founder of the fintech startup Fego.ai.

Due to the unique concept and lack of direct competitors, CoinFantasy has been supported by many investors, including heavyweights like Sandeep Nailwal (Co-founder of Polygon), AvaLabs, and Aditya Nagarsheth (Investor in FTX, Ripple, and Robinhood). Moreover, the name of all the investors supporting CoinFantasy are mentioned below:

  • Signal VC,
  • Maven capital,
  • SL2 capital,
  • HG Ventures,
  • Panda Capital,
  • Titan Ventures,
  • Enjin starter,
  • ZBS Capital,
  • Bison.Fund,
  • Perpetual Value Partners Limited.

cFantasy: Native governance token of CoinFantasy

cFantasy is the native token of the CoinFantasy gaming platform. The token has various use-cases across the platform, including Governance, Utility aspects and Discounts. Some of these are mentioned below:

  • Voting on parameters or features.
  • Unit of account, rewards, participation incentives, etecetera.

Roadmap

Currently, the team is testing the Main-net version of the platform alongside preparing for the Token Generation Event(TGE). Also, the team is prepping up the NFT Launchpad and Liquidity Mining process.

Their testnet game is already live on Polygon, Avalanche & Ethereum. It has been a humbling response with over 20k user sign-ups for their test net. Moreover, it also saw over 3k users participating in the fantasy game, with 500 users whitelisted for airdrops.

Moving on in the future, the company will launch its mega pools, staking option, NFT redemption/swap launch and lending/borrowing mechanism.

Also, the team has prepared some objectives for the platform in the next year. These include:

  • DAO Launch
  • BASKET (Functionality)
  • Smart Credit System – Lending/borrowing
  • CF Oracle Launch

As for the main project launch, the team aims it to do so in the next month or two.

Final Thoughts

As mentioned above, CoinFantasy doesn’t have any direct competitors due to its unique concept. However, even its closest competitors have a centralized architecture, which is why this particular gaming platform has a huge amount of traction.

Coupling the ‘fantasy gaming’ genre with the decentralized architecture is by no means a small feat. Moreover, if CoinFantasy successfully launches its mainnet without any quirks, this decentralized gaming platform will gain a lot more traction never seen before in this genre.

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