What it does
SportStreet is like a stock exchange but for sports where it empowers you to buy shares of real-life athletes such as Lionel Messi, Tiger Woods, Novak Djokovic, Lewis Hamilton, and Naomi Osaka where their share prices follow their real-life performances. It’s like fantasy sports, except that you buy their shares that you can cash out later.
Players' shares are represented in ERC1155 tokens and each token comes with its unique digital card design, just like an NFT. It also helps promising yet underprivileged athletes to fundraise their sporting career by conducting IPO (Initial Player Offering). It’s like ICO but for people.
The token price follows the real-life performance of each player. The better they play on the field, the higher the value. Users can cash out by selling the tokens back to us at their current market value.
The Team
Our team consists of fantasy sports developers with 10 years of sporting experience and our previous fantasy sports startup was acquired in 2016. Now, we are skyrocketing to the next level in sports gaming.
We have designed over 600,000 NFTs to be minted and spent $50,000 to purchase licensed live sports data feeds.
Global Sports Market
Global sports market is valued at $486.61 billion in 2022 with 17 billion sports fans globally
What is Initial Player Offering (IPO)?
It’s just like ICO/IEO but for athletes. Here's an anecdote. Son Heung Min‘s father made heavy sacrifices by moving from South Korea to Germany just to make his son a top footballer. Today, Son is the captain of Tottenham Hotspur in English Premier League (EPL). Not every parent can afford this. We aim to build a platform to launch the careers of promising athletes into the professional arena by helping them to do fundraising with tokens. Investors could track the performance of these players when they reach pro level and trade their shares.
FAQ
What is your share token format? We use ERC1155 to utilize fungibility and non-fungibility features in one format.
How to buy the shares of players? Each player's token has a price, just like any stock. For example, the price for Lionel Messi may be ~USD6 per token and you may purchase 1,000 share tokens or more. You may buy using the blockchain native token that we support.
How to sell the shares? You may sell the share tokens back to us. We shall pay you based on the current player's market value. If the player plays well in real life, their share price will rise and you earn!
How fast can a person sell back their shares? Immediately. There’s no cliff to hang to.
How does the price increase for each share? The price of each NFT card follows the performance of the respective player. For example, if Erling Haaland from Manchester City scored a goal this week, his card would absolutely increase in value.
How do you calculate the player's performance? Similar to fantasy sports, we have our unique underlying algorithm to determine the player’s performance which influences the price of the player’s cards. The better they play in real life, the higher the value of their cards.
Are the tokens considered security? No. Our tokens pass the Howey Test because we've learned from the mistakes of other projects such as NBA Top Shot. Please contact us so we can explain in detail.
How much is the price of each share and how many shares do you plan to issue? The starting price starts from $0.10 and this depends on the popularity of each athlete. The price can rise, just like actual stocks. We aim to issue 1,000 shares per player. Popular players will have more.
How many shares can a person purchase? They can buy as many as they want. We try to limit the issuance of shares per athlete to create rarity. We could issue more shares as we go along.
Why your project doesn’t look like a stock trading platform? Because we try to keep things simple to attract the average crowd. Sports fans are not your average stock trader, thus providing them a complicated UI will be overwhelming to them. Moreover, we try to avoid having our tokens being labeled as securities.
What's next for SportStreet - Wall Street For Sports
We hope to soft-launch this platform in Dec 2023. We hope your blockchain is keen to work with us.
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