Fantasy Sports platform Phantasia raises $1.85 million in seed funding from prominent investors.
The seed funding round was led by some of the most prominent names in the crypto industry, including Sino Global Capital, GSR, SVC, and Alameda Research. Other notable investors include CMS, 0x Ventures, Chainflow Capital, Primeblock Ventures, Darkpool Ventures, Solanium Ventures, and Petrock Capital.
Phantasia intends to use the fresh capital for the development of its platform, along with marketing and building the Phantasia community.
Matthew Graham, CEO, Sino Global Capital, said:
“The Phantasia team has combined strong engineering and vision to create the next generation of fantasy sports, on-chain. By introducing NFTs and play-2-earn strategies, Phantasia is creating a unique and highly differentiated fantasy sports experience that is supported by a strong community. We are thrilled to support them in building this vision.”
“There has been increased integration of real life use cases of blockchain technology in disrupting traditional finance (DeFi), gaming sector (GameFi) and digital ownership of art (NFTs). SkyVision is super excited to support Phantasia’s vision which innovatively disrupts an untapped market of the multi-billion dollar industry of Daily Fantasy Sports, being built on Solana.
Patrick, SkyVision Capital Partner, said:
“We strongly believe in the Phantasia team who have been building stealthily over the past few months. The team has onboarded strong, strategic partners to help develop their amazing vision which gamifies and incentivizes users to the platform whilst generating true sport fanatics as you can manage your favourite fantasy teams, play and compete against your friends.”
What is Phantasia?
Phantasia is a fantasy sports platform built on Solana. The platform’s goal is to provide users with a seamless all-in-one fantasy sports experience for a variety of sports, including American Football, football, basketball, and cricket.
Read Also: NFT-based Fantasy Sports Platform Sorare Raises $680M Led By SoftBank
Users can create their own Fantasy Sports league and host it as a public or private tournament. This use case might also be interesting for NFT projects as they can host private tournaments for their community.
The platform enables traditional fantasy sports but puts the league in the hands of players. Phantasia’s model is a Play To Earn game where users can enter contests and earn the FANT token.
The platform has a concept of club owners who create these private or public fantasy leagues. The FANT token provides utility by unlocking features for the club owners and anyone who joins their leagues. These features are: analytics, chat rooms, customization, and customer service.
Along with being a play to earn platform, Phantasia enables users to show off their Phantasia NFTs while they’re competing against each other. Phantasia has a built-in NFT shop where users can buy NFTs to customize their “Fan Card”. Additionally users earn vanity items such as trophies by competing and winning in different contests these NFTs can also be added to the players “Fan Card” showing it off to the competition.
The FANT token is also used for governance of the Phantasia DAO. The DAO decides how to utilize the treasury and prioritizes the development of the Phantasia protocol.
Phantasia Launches Its First NFT Collection The “Phanatics”
Phantasia also announces launch of its first NFT collection the “Phanatics” a generative art providing in-game fantasy contest utility.
This initial collection will drop in November, following this collection the gaming startup will also be releasing its IDO via Solanium. After the IDO launch it will be releasing the mainnet version of the Phantasia platform offering NFL, NBA, and more sports for our day one launch!
