TradeStars to Launch Mainnet of Blockchain based Fantasy Sports Gaming Platform on 31st August
NEW YORK, NY, 25 Aug 2021, ZEXPRWIRE, Blockchain startup TradeStars has developed a NASDAQ-style Fantasy Sports Stock trading game which promises to be a game-changer for Sports lovers. TradeStars will launch its mainnet “Olympic Torch” on 31st August.
The Rise of Fantasy Sports Games
Fantasy Sports Games have seen a meteoric rise over the last decade. The global Fantasy Sport market was worth USD 20.7 Billion and at an expected CAGR growth of 12.8%, it will reach a net worth of USD 48.1 Billion by 2027.
Fantasy games allow users to create their own ‘dream teams’ of their favourite players, and earn points based on how their selected athletes perform in real life. Users have to follow a set criterion while creating their teams. A handful of users who end up with the maximum points usually win monetary rewards at the end of each season or tournament.
Fantasy Sports gaming has been prominent in the market for almost a decade now. However, there has not been any significant innovation in the working model of these gaming apps. The absence of new ideas isn’t conducive to the long-term development of this industry. New entrants to this field mainly bring about incremental changes and the promise of a superior user interface.
TradeStars has introduced a unique gameplay format in the Fantasy Sports sector. Here, instead of selecting a team consisting of a fixed number of players, users can purchase ‘Fantasy Stocks’ whose value is directly influenced by the real-life performance stats of the respective athletes.
TradeStars allows users to purchase Fantasy Stocks of as many players they want and even fractions in whichever quantity they desire. Users have complete flexibility to invest any amount of money, as per their risk appetite and investment capacity. This model contrasts with traditional Fantasy gaming apps that severely restrict users from choosing their preferred players.
For games such as Football and Cricket, fantasy teams have to comprise precisely 11 players, and this pool of chosen players exists only over a limited time, sometimes throughout just one match. Moreover, users have to select 11 players according to specific in-app rules, making it next to impossible for users to pick all their favourite players in a single team.
Instead of building teams to compete over a single tournament or season, TradeStars encourages users to create a long term investment portfolio, with a healthy mix of Fantasy Stocks of established players and upcoming match winners. This is similar to the strategy that any experienced investor on NASDAQ or NYSE would normally adopt.
Sports enthusiasts with a keen eye for talent can use their knowledge and wits to identify those players early. The latter are likely to perform better than their peers in the future, purchase their Fantasy Stocks at lower rates, and see their portfolio value increase over time.
Fantasy Stocks through NFT Markets
TradeStars implements Fantasy Stocksthrough NFTs (or Non-Fungible Tokens). NFTs have taken the crypto world by storm lately, attracting the attention of both crypto enthusiasts and nonfans.
Each NFT is a unique digital asset (or token) issued on the blockchain, which represents any tangible (like real estate, luxury cars, or a piece of art) or intangible asset (such as digital collector items, music compositions, or even intellectual property).
Earlier this year, digital artist Beeple had made waves by auctioning off a NFT based artwork for a whopping USD 69 million through Christie’s. Recently, Visa became the latest major company to jump onto the NFT bandwagon by purchasing a “Crypto Punk,” a digital artwork issued on Ethereum, for nearly USD 0.15 million equivalent in ETH.
TradeStars employs NFTs to represent the real-life performance stats of athletes, both historical and current. Furthermore, instead of representing each unique athlete through a single token, TradeStars issues what they refer to as “NFT Markets”, making it possible for buyers and sellers to purchase or sell any amount of Fantasy Stocks as they want.
For each such Market, the actual number of NFTs (or Stocks) issued is limited in number. When the associated athlete puts out top notch performances, the Stocks tend to increase in demand, which drives up the Stock price. The earlier a user can identify and purchase Stocks of upcoming players, the greater the return on investment.
Leveraging Blockchain Technology
TradeStars’ Fantasy Sports app (or DApp, to be precise) is built on Ethereum blockchain and powered by Polygon blockchain. Apart from enabling the utilization of NFTs, the use of blockchain technology makes the entire TradeStars ecosystem decentralized, and provides unparalleled transparency and security compared to its predecessors and peers.
Every trade made by every user is recorded immutably on the blockchain, visible for everyone else to see and verify if the need ever arises. Moreover, the user receives the Fantasy Stocks purchased directly in their wallet, where they remain till the user decides to sell them. In other words, none of the hassles associated with changing teams for every match to accommodate the players who would be playing.
Users can trade Fantasy Stocks on TradeStars 24×7, all 365 (or 366) days of the year. Users can immerse themselves in the joy of Fantasy Sports anytime they want, and don’t necessarily have to wait for match days, as is the case with traditional Fantasy Sports apps.
The TradeStars infrastructure is powered by Polygon, a Layer-2 blockchain scaling solution which 400+ DApps have already used. Polygon’s technology has facilitated almost instant and instant transactions in the TradeStars ecosystem, while simultaneously supporting cross blockchain transactions of assets over Ethereum.
TradeStars is also seeking to actively involve the users and community members in various activities regarding the governance of the platform through a decentralized voting system. This is a special privilege for users who hold TSX, the utility token of the TradeStars ecosystem.
TSX holders can now vote and decide which athletes’ Fantasy Stocks would get unlocked for trading. Going ahead, the TradeStars team wants to involve the users in the platform’s decision making processes on a broader capacity.
Christian Hentschel, Founder of TradeStars, said, “TradeStars is the future of fantasy sports gaming, built by a bunch of blockchain enthusiasts for Sports lovers all over the globe. We are using blockchain technology to provide superior security and transparency, along with a host of unique, exciting features. Leverage your sporting knowledge to purchase fantasy stocks and create a long-term investment portfolio without bothering about adjusting your team before every single match.”
TradeStars Mainnet Launch
The first version of the TradeStars Mainnet is called Olympic Torch. The Mainnet will be deployed in a phased manner by the TradeStars team so it can roll out all the supported features in a seamless and glitch-free way. TradeStars will complete mainnet deployment on 31st August.
You can purchase Fantasy Stocks on TradeStars using cryptocurrencies (USDT). Since the application is on the Ethereum blockchain, you’ll need Metamask to make any transaction on the platform. Fiat payments through USD and INR will soon be enabled to attract the larger global Sports audience.
As of now, you can trade the Fantasy Stocks of Cricketers on TradeStars. Athletes from other sports would soon be listed as well, starting with Football. Some of the Fantasy Stocks are locked for trading and will get unlocked when users cumulatively purchase 10,000 of the stocks. Many more exciting and unique features are on their way.
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