There seems to be a cryptocurrency for everything these days. According to Coinmarketcap, the number of cryptocurrencies available as of September 29th, 2017 was over 1100. Given how fast things move in the cryptocurrency space, you can be sure that number is much higher as of today, September 28, 2017.
But a cryptocurrency for fantasy sports? Now we’ve seen it all.
No Limit Coin (NLC2) is the exclusive cryptocurrency for CryptoFantasySports.com and plans to expand to other sites as well. No Limit Fantasy Sports also offers fantasy sports services via NoLimitFantasySports.com (US Dollar-based), NoCostFantasySports.com (free version available in areas with market restrictions, such as 25 US states), and NFL Stat Challenge (peer-to-peer betting platform with zero rake, or game entrance fee).
Mission: Why NLC2?
According to NLC2’s site, NLC2 aims to replace fiat currencies like the US dollar when it comes to fantasy sports.
Unlike many fiat currencies, including USD, NLC2 has seen much appreciation in value this year. In addition, the team behind NLC2 aims to circumvent the many problems associated with using fiat currencies on fantasy sports platforms, including high transaction fees and long waiting times for money. With NLC2, transaction fees will be minimal and money transfers instantaneous.
Moreover, No Limit Fantasy Sports aims to replace major fantasy sports platforms, such as Draft Kings and Fan Duel, which account for 90% of the US fantasy sports marketplace and charge players hefty fees. For example, instead of charging 10% to enter games, No Limit Fantasy Sports will charge only 5%. For head-to-head matches, this fee will drop to 2.5%.
Features and Uses
Usable in Various Fantasy Sports
NLC2 is currently available for use for fantasy soccer (football) and American football but will be available for use in other fantasy sports within the year, as No Limit Fantasy Sports adds basketball, and hockey before year-end.
NLC2 transactions happen quickly and easily, with transactions taking only minutes to confirm before being transferred between wallets.
Low Transmission Fees
Along with instant transfers, moving NLC2 will incur low transmission fees.
NLC2 is available on multiple cryptocurrency exchanges and can be traded for various currencies both fiat and crypto, including United States Dollar (USD), Euro (EUR), Bitcoin (BTC), and Ethereum (ETH).
Less “Gaming” of the System
Currently, some contests on big platforms, such as Draft Kings, allows for players to enter up to 500 squad choices, which allows for people to “game” or “rig” the competition in their favor by using methods, such as bots.
No Limit Fantasy Sports, the platform for NLC2, claims to be for fantasy “purists” and will only allow players to enter a maximum of 10 squad choices, which gives average users that don’t use bots a fair chance of winning.
Various Contest Types
Contests allow users to challenge each other based on the individual statistics of sports players. With over 100 statistical categories, fantasy sports players can challenge each other in various ways.
NLC2 is a Proof-of-stake or PoS coin. By staking their holdings in their local wallet from PC or Mac, users simultaneously help to process NLC2’s blockchain or ledger as well as receive 4% yearly interest.
NLC2 is considered a “green” coin because of its low resource consumption compared to Proof-of-work (PoW) coins, such as Bitcoin.
Created towards the end of 2016, NLC2 has started to receive lots of attention in recent months, with its market capitalization hitting a high of about $100 million towards the end of the August.
Also in August, No Limit Fantasy Sports launched fantasy soccer on CryptoFantasySports.com, allowing players to play fantasy versions of popular soccer leagues, such as English Premier League, La Liga Spain, La Liga Mexico, and Major League Soccer USA.
In September, No Limit Fantasy Sports added American football via National Football League (NFL) to its fantasy sports lineup.
In October, No Limit Fantasy Sports plans to start its advertising campaign, launch its fantasy hockey league, and upgrade its wallet.
November will also be a busy month for the organization, as it plans to get NLC2 listed on larger exchanges, launch fantasy basketball, and launch fantasy mixed martial arts (MMA).
In January 2018 and June 2018, No Limit Fantasy Sports will launch fantasy cricket and fantasy baseball respectively.
Total Supply and Circulating Amount
As of September 28, 2017, 8:25 P.M. UTC-5, NLC2’s total circulating supply is 203,743,395 NLC2 at a price per coin of $0.191392, giving NLC2 a total market capitalization of $38,994,856. While there is no fixed total supply, NLC2 will increase at an annual rate of 1.5-2.0% from its initial supply of 200 million coins in November of 2016.
Conclusion: Should you Invest in NLC2?
While NLC2 does have a legitimate use case in offering lower fees and faster transfer times than fiat currencies when used in fantasy sports, we think that the project still faces a lot of obstacles moving forward before we would recommend investing in it.
The most glaring obstacle to us is adoption. We find it hard to believe that the average fantasy sports player would be willing to go through the process of acquiring a cryptocurrency like Bitcoin then using that Bitcoin to buy NLC2 before sending NLC2 to a NLC2 wallet to play on No Limit Fantasy Sports’ sites. Moreover, NLC2 is not yet available on large exchanges, such as Bittrex, which adds an additional layer of difficulty to user adoption.
However, the team behind the project is very active, unlike other projects where for example, teams go AWOL after large ICOs. For instance, the poor design of the NLC2 site and No Limit Fantasy Sports’ platforms leaves something to be desired. However, the team has shown that it is willing to work to satisfy its users and investors, with the announcement of a complete user interface (UI) overhaul set to launch in October.
While we don’t recommend allocating large amounts of one’s cryptocurrency portfolio to NLC2, we do think that it is an interesting project and that readers interested in it should read more on NoLimitCoin.org.
No Limit Coin is currently available on various exchanges, including YoBit, Cryptopia, CoinExchange, Novaexchange, C-CEX, and Cryptopia.
Thanks for reading!
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