What is fantasy.top? The latest SocialFi project rakes $11m in 10 days
The blockchain-based world of “SocialFi” has a new, and successful, platform that rewards users for getting attention on X.
In just the last week, Fantasy.top has amassed $3.2 million in fees from more than 21,500 users.
Since its launch on May 1, the protocol has generated over $10.6 million in total fees, making it one of the top 20 fee-generating protocols on DefiLlama.
Social Finance, or SocialFi, is a newer trend in crypto that combines elements of social media with elements of decentralised finance. The main idea with SocialFi is that content creators can own their content and make more money for it than they would with traditional social media applications.
Fantasy.top, is the latest protocol to embrace the trend, and it seems to be paying off. In February, it raised $600,000 in pre-seed funding from investors, including Alliance DAO, Manifold Trading, Fabric Ventures, and prominent angel investors.
Other SocialFi projects have enjoyed similar success. Friend.tech, for instance, has generated $1.43 million in fees over the past week.
How it works
Fantasy.top is a social trading card game, where users select a team of five influencers, dubbed “heroes,” to compete in tournaments.
To become a hero, users need an account on X, previously known as Twitter. They must then contact the fantasy.top team on X for approval. Following those steps, heroes are added in batches.
Heroes are ranked using a system developed by the fantasy.top team that monitors X activity hourly and assigns a “Hero Score.” The more attention, likes, reposts, comments, and followers a hero accumulates, the higher their Hero Score becomes.
Players in the main tournaments are divided into five leagues based on skill level, with the opportunity to advance or drop between leagues depending on their performance. Higher leagues offer greater rewards compared with the lower ones.
To get started, users must purchase a pack of cards, which cost 0.43 Ether, or around $1,200. Players can expect to receive five cards in a pack, with the price of a pack varying based on a pricing mechanism. They can also purchase individual cards on the fantasy.top marketplace.
Players compete for rewards, including Ether, Blast points, Blast gold, Fan points, and more.
Blast, an Ethereum layer 2 blockchain, distributes Blast points and Blast gold with the expectation that they will later convert into tokens. Similarly, fantasy.top issues Fan points, which are also anticipated to convert into tokens in the future.
Heroes can earn additional rewards based on the trading of their cards. Fantasy.top charges a 3% fee on each trade, with half of that going to the fantasy.top treasury and the other half going to the Hero, or influencer.
Additionally, 10% of card pack sales are divided among heroes. Since the platform’s launch, fantasy.top heroes have received around 575 Ether in total rewards, or around $1.7 million.
Moreover, players can upgrade their cards by burning five identical cards, enhancing their heroes’ potential in tournaments. Cards are categorised from “uncommon,” with a multiplier of 1x, to “legendary,” with a multiplier of 2.5x. These multipliers are applied directly to the Hero Score, amplifying a hero’s performance based on the rarity of their cards.
The highest priced Hero is xbtGBH, with the value of one card at three Ether, worth around $9,000.
This structure gives heroes an incentive to enhance their card rankings by increasing their activity on X.
More activity not only boosts a hero’s visibility, but also enhances the desirability of their cards. As demand for the cards grows, so does the trading volume, directly increasing the earnings for heroes.
The next main tournament begins on Tuesday and includes a prize pool of 333,000 Blast gold.
Ryan Celaj is a data correspondent at DL News. Got a tip? Email him at [email protected].
