Monetize your sports knowledge on the Blockchain with TradeStars’ new TSX token

Author's profile picture

@elizabeth-levineElizabeth Levine

I write all about Twitter @lizalevinenyc technology

San Francisco, USA – November 9, 2020 – TradeStars, the fantasy exchange equivalent to NASDAQ, today announced the launch of its new governance token, TSX. It allows users to monetize their sports knowledge based on the real-time performance of athletes.

TradeStars aims to make Fantasy Sports work in a similar way to NASDAQ or the New York Stock Exchange (NYSE). Each athlete’s real-life performance is tokenized on a Fractionable Non-Fungible Token (NFT) market that can be compared to the liquidity pools seen in conventional decentralized exchanges. Users can bet on increasing the value of their favorite athletes’ performance estimates.

Rather than building a virtual team of players and competing against other users as in traditional fantasy sports games, TradeStars offers users to build a portfolio of Fantasy titles.

The share price is managed by an automated market making algorithm in each fractional NFT market, based on supply and demand, while the payable dividend rate of return is affected by the real-life performance of the tokenized athlete.

With over 30,000 users, TradeStars launched its public “sports exchange” in January 2020 and is now announcing the introduction of its governance token (TSX). 10% of the TSX supply is sold to private investors and another 10% will be released in the coming weeks in a cash-extraction program to users participating in the platform.

“TradeStars is the first decentralized trading platform for ‘fractional NFTs’, where DeFi economic incentives are linked to real-life statistics,” says Christian Hentschel, founder and CTO of TradeStars. According to Hentschel, the team’s past experience in the fields of fantasy sports and cryptocurrency games prompted the team to create a new type of fantasy sports game based on virtual assets that represented the athlete’s real-life performance and incentives. gamification similar to DeFi

This “divisible NFT” according to Christian Hentschel, is a new type of NFT, which now allows you to partially own NFTs. “We had the idea of ​​using the ERC-20 standard to represent NFT fractions and provide the ability for NFT to set the price and current supply of these shares as a function of market supply and demand,” he explained Hentschel.

“Based on historical and real-time statistics, we added another component to the formula that would be an influencer, determining the final price of the NFT shares. Similar to the real world NYSE, statistical performance metrics would also influence dividends in the form of TSX, at which supply and demand would validate its new price. “

TSX will be mined and distributed proportionally to the performance of a user’s holdings, creating an incentive for a timely opportunity to purchase those assets. “Users can stake their deposits in any fractional NFT market,” says Hentschel.

“By retaining our TSX users they will be able to receive a proportion of the platform transaction fees (USDT), unlock new fractional NFT markets, vote and propose platform changes such as transaction fees, NFT market pricing formula, and so on.” , he continued.

Speaking of the industry in general, the Fantasy Sports & Gaming Association reports that 70% of fantasy sports players compete in leagues that require a commission, and one player spends an average of $ 653 annually in commission. In 2018, the global market for all fantasy sports was estimated at around $ 13.9 billion and is projected to grow to $ 33.2 billion by 2025.

About TradeStars

TradeStars is a Fantasy Stocks Trading Sports platform powered by the Ethereum and Matic Level 2 blockchain, where users can trade digital assets that represent the performance of real life events.

TradeStars offers a new way for people to express their passion for sports, compete with each other and demonstrate how much their sports knowledge is worth.

Users benefit from true digital ownership, transparency, liquidity and decentralization. Currently, TradeStars has 30,000 users and more than 45,000 community members. The headquarters are in Buenos Aires, Argentina.





Sign up for Hacker Noon

Create your free account to unlock your personalized reading experience.

[ad_2]Source link