Frank Fu, managing director at Chinese technology company Meitu has invested $2 million into MyDFS, the company that hopes to change how fans play online daily fantasy sports through blockchain technology and smart contracts.
The platform supports multiple sports and allows people to invest not only in the games, teams, and players, but also in other pro MyDFS players to earn a share of their winnings.
An inevitable union
Fu also joins the company as an advisor saying, “The union of gaming and blockchain is inevitable. Encrypted blockchain guarantees safe storage of all in-game digital assets, what makes the data transparent to the core. Smart contracts exclude third party from payment process and make transactions fast and safe. This is the new in-game economy.”
“When we are using backend proprietary systems, the line between what’s real and what is not becomes blurred, and players take on more risk. Whenever a game invites players to buy items with their money, the game also inevitably invites payment fraud. Blockchain technology is the solution we are all looking for, due to the decentralized network and capability to record each transaction to combat fraud. That actually can trigger the game’s industry next evolution.”