Phantasia Raises $1.85 million to Launch Fantasy Sports on Solana
Fantasy sports platform Phantasia has closed its seed round, raising $1.85 million from industry investors.
The seed 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 to develop its platform, marketing, and building the Phantasia community.
Matthew Graham, CEO of Sino Global Capital, explained his view on the project, "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."
What is Phantasia?
Phantasia is a fantasy sports platform built on Solana. The platform's goal is to provide users with a comprehensive Fantasy Sports experience for various sports, including American Football, Football, Basketball, and Cricket. Users can create their own Fantasy Sports league and host it as a public or private tournament. This use case could also be interesting for NFT projects as they can host private tournaments for their community.It enables traditional fantasy sports but puts the league in the hands of the players. Phantasia's model is a "Play To Earn" game where users can participate in competitions and earn FANT tokens. The platform has the concept of club owners creating 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 include analytics, chat rooms, customization, and customer service. The platform also uses the FANT token for the governance of the Phantasia DAO. The DAO decides how to use the treasury and prioritizes the development of the Phantasia protocol.
The platform is also introducing an NFT collection, "Phanatics", a generative art project providing in-game fantasy contest utility. Phantasia will launch its first collection in November, followed by the official IDO on Solanium. Following the launch of IDO, the mainnet will go live with NFL, NBA, and other sports from day one.
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