Base’s Sports Prediction App Football.Fun reached market capitalization within just two weeks of its initial launch.
summary
- Base supported soccer. Fans reached $100 million in total locked in two weeks after launch.
- The platform allows traders to bet on players through ownership of fragmented shares and earn rewards based on the player’s performance in the league.
In a recent post, Football.Fun shared that it surpassed $100 million in total value locked within two weeks thanks to 10,738 active wallets that utilized the capabilities of the sports forecasting platform.
Football.Fun, first launched on August 11th, is a browser-based Web3 football prediction platform deployed on base (base) blockchain networks. Combining real soccer performance with trading mechanics, traders can place bets on players through fractional share via dynamic price models.
According to data analytics platform Dune, Football.Fun or FDF has earned a platform fee of around $1.58 million. That daily revenue exceeded $1.5 million on August 24th. On the same day, total trading volume reached over $25 million just two weeks after its launch.
In comparison, Polymarket, the largest blockchain-based forecast market, has a total trading volume of $13.5 billion, with approximately 23,600 active users every day.
Football.Fun’s revenues skyrocketed on August 24th following the market capitalization boom. Source: Dune
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How does soccer work?
Through the platform, users can bet on players by collecting fractional stocks of real-world soccer players, mainly from the top five European leagues, the Premier League, Bundesliga, Laliga, Serie A, and League 1. These stocks trade in real-time pool-based markets.
The website offers stocks to major players in the European leagues, including Lamin Yamal of Barcelona, Killian Mbappe of Real Madrid and Mohamed Sarah of Liverpool. The aforementioned players currently hold the top three spots on the site in terms of market capitalization.
At the press conference, Barcelona’s Raminyaral holds the largest market capitalization of the stock he bets at $10.5 million.
Stocks fluctuate in value based on player performance and market demand, and users will automatically earn tournament rewards each time a player with an active contract appears in the actual match. Traders receive rewards in the form of a platform currency called points or gold.
Plus, there are team-based prizes. Approximately 19% of the total tournament prize money is allocated to team-based rewards. However, each team must have at least 10 members to qualify for these rewards. Includes rankings to determine reward allocation.
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