A blockchain based fantasy cricket platform named Sportiqo has just launched in India which allows users to invest or trade in players just like stocks.
The unique strength of this app is its performance ranking system based on an algorithm that analyses a variety of batting, bowling, and fielding statistics to assign an index rating to each player.
Stock market is becoming increasingly popular in India. Professionals are nowadays entering the market from an early age. Just like the stock market, when a fan’s selected player performs, he/she is rewarded with cash dividends on Sportiqo based on their portfolio.
This app allows one to choose a player based on their knowledge and research. The market cap of the sports industry is to be valued at around $2.5 trillion and with 3.5 billion passionate sports lovers, the number is increasing day by day.
As reported by News18, Anindya Kar, CPO and Co-Founder of Sportiqo said, “India and cricket is a market we really want to explore. This kind of personal interest and audience engagement is unique to cricket here and transforming that fandom into a stock markets format is a unique proposition. When we launched Sportiqo, we were looking for an interactive & entertaining way to engage people while also making it informative so that they get a basic idea of the world of investing and trading. The platform is powered by cutting-edge blockchain technology and deep analytics giving each player a unique value basis several parameters. We look forward to the reaction of cricket fans across India and the world to Sportiqo.”
The platform is extremely user friendly and the price of a player increases or decreases based on his/her future expectations. The price also fluctuates based on their current dynamic performances.
The player stocks known as ‘counters’ on Sportiqo and the ‘dividend’ rewards are denominated in SPQ, Sportiqo’s in-app currency.
“Educating the youth about investing and trading using cricket is a great idea. India really needs creative options to improve the financial literacy of the masses and Sportiqo is addressing that gap.”, said stock market expert Gautam Duggad as reported by News18.
Amrit Mathur, sports industry veteran, further added, “Cricket fans are passionate and many of them have a deep knowledge of the sport and players. I think bringing together the sport and its fans via this format of fantasy gaming is exciting. It is always fun to get your skin in the game and developing a simulated stock exchange in the cricket universe is a potent idea.”
If researches are to be believed, Sportiqo has 32,000 active users at present and the figure is estimated to drastically increase by 5 million by the year 2027.
Sportiqo has already raised $1.25 million (Rs. 10 Cr) in the pre-seed round from various angel investors.
The platform is currently live for the ILT20 and in the near future it also plans to add tournaments like the Indian Premier League, English Premier League etc.