TradeStars is a Fantasy sports platform powered by the Ethereum and Polygon Layer 2 blockchains where users can trade digital assets that represent real-life events’ statistics. It is a decentralized social gaming experience that allows users to express their passion for sports, compete against each other and test how much their sport knowledge is worth.
TradeStars platform has implemented decentralized exchange for fractional NFTs, where the economic benefits for users to stake in the available games are connected to real life statistical data. The team behind this project has past experience in the fantasy sports and gaming industry, which has enabled the creation of a crypto-economic game based on the trading of virtual assets representing real-life statistical performances.
How the platform works
TradeStars is creating a fantasy sports stock market where users can create a portfolio of athletes and manage this portfolio however they please. This is unique, because other daily fantasy sports and sport betting sites only allow users to create their teams and compete against each other in tournaments.
Market demand will determine the price of the player stocks, whereby, when many users buy stock of a particular player, the price increases while the reverse happens when many sell the stock.
Users will be able to win daily or monthly payouts when they buy stock in an athlete on the platform. The payouts will be based on the future performance of the athlete on the pitch, with this performance being tracked using a method similar to DFS platforms. Users will therefore be paid depending on the amount of stock they hold and an athlete’s performance.
This platform allows any Ethereum account to purchase Smart Tokens of any of the existing Fractional NFT markets and also create their own markets in future. The process is seen as a way of adding liquidity to the NFT markets, which attracts traders, with trading generating fees and ultimately profitability.
- Fractionable NFT
The NFT space has received a lot of attention and promising growth since the success of CryptoKitties. With the growth of these platforms, their native tokens increase in value, meaning that ordinary investors might have a difficult time owning them. Therefore, there has arisen the desire to own fractions of these non-fungible digital assets, hence the idea of TradeStars creating partially owned NFTs.
The Frationable NFT feature on TradeStars is very unique and it uses the ERC-20 standard to represent the NFT fractions, and provide the capability for the NFT to set the price and circulating supply of the shares as a fraction of the market supply and demand.
- Tokenization of real-world assets
The tokenization of real-world assets and events allows anyone to buy or invest on virtually illiquid assets. TradeStars will be able to set up Fractionable NFT markets and economic incentives for investing and holding shares of an NFT by tracking and representing real life performances of any given event.
- Fractional NFT Markets
These are the main items on the TradeStars platform. They can be compared to the liquidity pools seen on most DEXs. A Fractional NFT market would have a real-life performance of a sport player tokenized through the Fractional NFT and its circulating supply of shares. The markets are used by players on the platform to purchase and liquidate their shares by using a common reserve as a medium of exchange.
- Smart Tokens
These are transferable ERC-20 compatible tokens created and destroyed by holding Fractionable NFT. They provide automated liquidity for the TradeStars platform. Each of the smart tokens represent a fraction of the emitting Fractionable NFT. Users of the platform can trade, hold, purchase or liquidate the tokens freely against the TradeStars smart contracts in exchange for the platform’s reserve token.
The relationship between price and supply of Smart tokens for the platform is formulated using Constant Reserve Ratio (CRR).
The future of TradeStars
The vision of TradeStars is to create the first decentralized fantasy sports stocks trading market. Through the platform, user funds, fantasy stock prices, trade execution and athlete’s real performances are entirely managed by Smart Contracts on the Ethereum and Polygon Layer 2 blockchains, providing users absolute certainty and reliability of what is happening real time with their holdings.
The platform has a lot of potential and opportunities for growth especially since sports is one of the biggest economic drivers and a great passion for millions of people across the globe. The platform provides an opportunity for these sport enthusiasts to enjoy gaming and testing how much their knowledge of the sports can be worth.
The platform has introduced an interesting feature of dividing one NFT to many fractions such that more people are able to participate and have ownership of a specific unique digital asset. This feature is unique since in future, many NFTs will be too expensive and unavailable for millions of interested buyers across the globe. However, if one unique NFT can be owned by more than one person, it makes it more affordable and available on the market.
The Tradestars platform is now open for testing and is allowing a select number of users to join the testnet. There are various benefits for the early birds that choose to join the platform and help out with testing features and overall functionality. Visit the Tradestars website to get a chance to join the testnet and become among the early members of this amazing fantasy sports gaming platform.
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