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A new decentralized exchange for fantasy stocks allows users to trade fractional NFTs with values that are influenced by real-world events, gamifying DeFi as it takes it into the burgeoning non-fungible token market.
TradeStars is a fantasy sports stock trading game on top of the Ethereum and Matic Layer 2 blockchains. The company is tokenizing the real-life performance statistics of some of the world’s most famous athletes through a unique implementation of fractionable NFTs, a distinct change from other platforms that focus on creating player collectibles themselves.
Fractional NFT markets can be compared to liquidity pools seen in conventional decentralized exchanges. The supply for each market is managed by a bonding curve (an automated market making algorithm) that sets the price based on supply and demand and the rewards in the form of TSX (the platform’s main governance token). they rely on statistics that track real life performance.
Using their sports knowledge and relying on their favorite stats in real life, fans can speculate on short or long term positions and compete against each other in a unique social experience for a trading platform.
The platform has begun to support cricket and is expected to add NFT football and eSports markets soon.
Pushing blockchain technology forward
One of the company’s biggest priorities is to offer a user-friendly interface that offers a frictionless experience for players and allows anyone, not just the crypto community, to use the platform.
To fulfill this mission, TradeStars has eliminated the need for users to have an external wallet to use the platform, and transactions performed on it are also nearly instantaneous and gas-free.
Scalability has been achieved through the use of Matic Layer 2, which allows for higher throughput levels than the Ethereum blockchain can currently provide. New users can also make deposits into a multitude of cryptocurrencies, including any ERC-20 token, and an on-ramp fiat is also available.
To appeal to sports fans from around the world, TradeStars is available in eight languages, including English, Spanish, Russian, Portuguese and Arabic. Gamers only need a web browser to start playing, with Chrome, Safari and Edge all supported.
A thriving industry
The data cited by TradeStars shows that the NFT market achieved sales volumes in excess of $ 2 million in every week of October, with an estimated CAGR of around 50% for 2020. Christian Hentschel, founder of the platform and CTO, wrote in a recent blog post: “NFTs are touted as the future of the art and collecting industry, the gaming industry and, in some cases, even the real estate industry.”
In addition to helping this new asset class reach its full potential, TradeStars says it is eager to tap into the burgeoning sports game industry, which amassed $ 85 billion in global revenues in 2019. The coronavirus pandemic has transformed the report that many fans have with the games they love – and given the way most live sporting events take place behind closed doors, fans are now looking for new sources of involvement.
“TradeStars offers a unique opportunity to introduce billions of sports enthusiasts around the world to the world of blockchain and NFTs, creating a thriving and thriving ecosystem for fantasy stock trading,” added Hentschel.
Launched in January 2020, TradeStars has now amassed more than 45,000 users. By the third quarter of 2021, it has the ambitious goal of attracting one million users.
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