Everyone has heard about the stock exchange, but what about a fantasy stock exchange? TradeStars has set out to make a fantasy sports platform that operates on the same lines as the New York Stock Exchange and NASDAQ. This is another addition to an already burgeoning sports industry.
Sports and the sports industry are among the driving factors of the global economy. Sporting events attract thousands of people who want to watch it live, with millions more watching it at home. Sports are also watched through PPVs and online media.
Fantasy sports is a part of this colossus industry, with its market size predicted to reach $33.2 billion by 2025.
WHAT ARE FANTASY GAMES?
For the uninitiated, fantasy games are games where scores that define possible outcomes for players are based on real-life data and facts. Generally, the scoring in fantasy games is based on the athletes’ performance and their performance statistics.
Fantasy games have generated a lot of interest since their inception, and the team at TradeStars believes that it can improve and leverage new technologies, using them in the industry.
SO WHAT IS TRADESTARS?
TradeStars is a new take on fantasy sports. It is a Fantasy Stocks Trading Platform that is powered by the Ethereum and Matic Layer 2 blockchain. The game lets fans trade and monetize digital assets, leveraging their knowledge and relying on players’ real-life statistics. The value of the digital assets is influenced by actual sporting events and the performance of the players.
TradeStars hopes to create a fantasy sports exchange, similar to the New York Stock Exchange or NASDAQ. Instead of building a virtual team and competing against other players, TradeStars enables users to build a portfolio of fantasy stocks.
HOW DOES TRADESTARS WORK?
TradeStars works on simple economics, combining the best of blockchain and fantasy sports. The game is powered by Ethereum and Matic 2 blockchains, allowing players to use and leverage their knowledge and monetize digital assets. The value of these assets is influenced by real sporting events and players’ performances in those events.
TradeStars is free to join; however, you will need money so that you can purchase player stocks. The goal of TradeStars is to operate fantasy sports in the same way as NASDAQ or the NYSE. An athlete’s performance will be tokenized on a non-fungible token (NFT).
Unlike traditional fantasy games, TradeStars acts as a fantasy sports stock market, allowing players to create a portfolio of their favorite athletes and managing them. A player’s stock price would depend on the market demand, just like a stock market. If a lot of players are buying a player stock, then the price would increase, and if a lot of players are selling, then the price would drop.
TradeStars has over 30,000 users and launched its “sporting stock exchange” in January 2020. TradeStars has also just announced its governance token, the TSX token. 10% of the tokens will be released to users on the platform over the next few weeks to months.
According to Christian Hentschel, Founder, and CTO of TradeStars, “TradeStars is the first decentralized trading platform for ‘Fractional NFTs,’ where economic DeFi incentives are connected to real-life statistical data.” He further stated that the teams’ experience in fantasy sports and crypto helped the team create a new type of fantasy sport based on virtual assets.
UTILIZING FRACTIONAL NFTS
TradeStars is the first platform to utilize Fractional NFTs. Fractional NFTs are a new type of NFT that allows owners to own NFTs partially. The team at TradeStars proposed using the ERC-20 standard to represent the fractional NFTs.
THE TSX TOKEN
The TSX token is the governance token of the TradeStars platform and is one of the most important components of the TradeStar ecosystem. The TSX tokens will be issued as ERC-20 standard tokens based on the Ethereum blockchain. The primary function of the token is to reward participants on the TradeStars platform.
The TSX token will drive user participation on the platform, and TSX holders will help the platform realize its full potential through experimentation and increased participation. TSX token holders will also vote on changes on the platform like the addition of fractional NFT markets, pricing formula of NFT markets, among other things.
FEATURES OF THE TRADESTAR PLATFORM
TradeStars has several unique features. Some of which are
- TradeStars utilizes blockchain technology, giving users decentralization, transparency, and complete digital ownership of their assets.
- Users on the platform can buy and sell fantasy stocks at any time, with all transactions managed by smart contracts.
- Real-time data and player performances influence the prices of fantasy stocks.
- TradeStars lets you leverage your knowledge of sports, helping you unlock players, maximize the value of the player stocks by buying them when they are first issued.
- Assets on the player market are non-fungible assets. They are based on the Ethereum blockchain and are uniquely owned by an Ethereum wallet.
- TradeStars is free to register. All you need is your browser. However, to start trading, you will need funds in your account.
CONCLUSION
TradeStars provides an exciting alternative to traditional fantasy sports games. The team uses blockchain technology to create the world’s first Decentralized Trading Market for fantasy stocks.
All transactions, stock prices, trade executions will be managed by smart contracts on the Ethereum and Matic 2 blockchains. The team at TradeStars believes that they can create a revolutionary and game-changing platform for sports fans, gamers, and sports betters.