In the past decade, the rise of blockchain technology has been revolutionary, with the advent of cryptocurrencies transforming the financial system. More use cases for blockchain technology has been developed in recent years.
Fantasy Sports is the perfect sector where blockchain technology can be deployed to great effect. The current fantasy sports system is heavily skewed to service providers despite users generating engagement and creating communities.
Players also face the problems of strict rules, censorship and the lack of earning opportunities within the fantasy sports ecosystem. TradeStars provides the perfect combination between blockchain technology and fantasy sports.
TradeStars has built an innovative and unique fantasy sports gaming ecosystem for players. Built on the Ethereum and Polygon blockchains, fans can trade and monetize digital assets based on real-world sports events.
Innovative Play-to-Earn gameplay model
What makes TradeStars different from others is its innovative gameplay based on the play to earn model. Play-to-Earn has emerged as a popular concept in blockchain gaming where players have more control of the in-game economy driving adoption and increase in the value of assets.
TradeStars has developed a fantasy gaming ecosystem that incorporates Play-to-Earn model using Fantasy Stocks. Users can purchase and sell these Fantasy Stocks whose value is influenced by players’ performance statistics in real-life matches.
The initial price/unlock price of the Fantasy Stocks is decided based on the player’s past performances. Once unlocked the price depends on the demand and supply for the particular Fantasy Stock
Compared to conventional fantasy sports platforms, where fans are limited to certain choices when selecting a player for their teams. Users can purchase Fantasy Stocks of as many unique players as they want. This levels the playing ground and ensures that new users can quickly climb the leaderboard.
TradeStars is built using fully automated smart contracts, and users can trade 24×7, 365 days of the year, irrespective of whether tournaments are hosted or not in the real world. This provides long-term viability for Fantasy Stocks holders, ensuring more profit-making opportunities compared to conventional fantasy sports platforms.
Users are also incentivized to create a long-term investment portfolio consisting of Fantasy Stocks instead of limiting themselves to create a team of players for competitions that last only a few weeks.
TradeStars is also working on the gaming layer and will soon introduce Daily Fantasy Competitions (DFS), dividends and staking options. Users will be able to participate in different competitions and compete with each other using their knowledge of sports.
Fractional NFTs and DeFi
TradeStars continues to expand the features on its platform with the use of NFTs. Each Fantasy Stock are representations of NFT entity representing the player’s performance.
TradeStars also introduces Fractional NFTs, which further creates a unique NFT Market for players listed on the platform. Each NFT Market has a fixed amount of tokens that represent a percentage of the Fantasy Stocks. Fans can decide to purchase or sell any amount of Stocks they desire.
Fractional NFTs allow users to invest the amount they want in the Fantasy Stocks of their choice, and invariable leads to increased liquidity of Fantasy Stocks. TradeStars has also provided a liquid Fantasy Stock Market that allows users to purchase and sell stocks without the illiquidity problems many NFT marketplaces face.
TradeStars has experienced massive growth in recent months and completed the successful launch of its mainnet on August 31, 2021. TradeStars has also collaborated with key blockchain projects and recently announced an integration with Coin98 wallets.
The Fantasy Sports platform has also continued to foster the adoption of its native token TSX. TSX was listed on the leading cryptocurrency exchange MEXC to rave reviews from the crypto community. Since the listing, the number of users has increased to 320,000 as indicated on CoinMarketCap which represents a rapid growth in its ecosystem.
TradeStars has also continued to be community-focused and launched a successful referral reward program in September. In addition, a Trading Competition is ongoing where top users can win rare NFTs as rewards.
The TradeStars team are not resting on their laurels. They plan to introduce new sports like football, integrate a Play-to-Earn model and add new options for players to deposit fiat.
To learn more about TradeStars, visit the links.