The TradeStars team has launched a new token that will allow monetizing their knowledge about the sport performance of selected athletes.
Essentially, it is about tokenizing the performance of athletes and this will be done using fractions of NFTs (Non Fungible Tokens). If a user decides to buy these NFTs they will be able to stake them and “bet” on an athlete’s performance.
The system is dynamic, similar to AMM (Automated Market Making) and based on supply and demand, while the rate will be influenced by the performance of the athletes.
30 thousand users for the TradeStars sport token
More than 30,000 TradeStars users have already been using the platform since it was launched in January of this year. 10% of the supply of TSX tokens will be released through liquidity mining, so everyone can participate and buy these tokens.
This is the first platform of its kind to offer a fractional NFT system, explained the CTO of TradeStars, Christian Hentschel:
“TradeStars is the first decentralized trading platform for ‘Fractional NFTs,’ where economic DeFi incentives are connected to real-life statistical data, is a new type of NFT, which enables NFTs to now be partially owned. We came out with the idea of using the ERC-20 standard to represent the NFT fractions, and provide the capability for the NFT to set the price and circulating supply of these shares as a function of the market supply and demand. Based on real-time and historic statistics, we’ve added another component to the formula that would be a factor of influence, while determining NFT shares’ final price. Similar to the real-world NYSE, the statistical performance metrics would also influence the dividends in the form of TSX, to which supply and demand would then validate its new price”.
It is worth noting that all those who will hold these TSX tokens will receive part of the platform fees in Tether (USDT), while the whole platform is based on both Ethereum and Matic, so as not to burden the blockchain with the various transactions through which the system will operate, resulting in lower fees.