‘StarsX, Ethereum powered decentralized exchange for fractional NFTs’ where active users can exchange and invest in fractionable NFT’s relating to their proposed outcome. The platform has been developed keeping the gaming fan community in mind, the platform would allow NFT token holders of different teams and gaming communities can come together to engage at a global level.
#StarsX is a platform that allow #sports fans to engage with their favourite team from their home.
Please visit our website at https://t.co/ENWHdiMaTv for further information#NFT #Blockchain #Token #nfttoken pic.twitter.com/FIdGEt3qiD
— StarsX (@StarsXPlatform) February 17, 2021
NFT is projected to be the next big use case to come out of the decentralized space just like Defi. The use of NFT tokens has risen in 2020 especially for creators, artists, and sports team management. The artists creating digital work have started to use NFT to sell their work, pop stars and celebrities are planning to use NFTs for fan and brand engagement, and probably the biggest use case comes from the Sports team managers be it Basketball or Football.
The leading Football and Basketball clubs have started partnering with different NFT projects to offer fan tokens, be it Barcelona, PSG, Real Madrid, or any other similar top clubs. NFT token allows these managers to build virtual cards and trophies that could be traded exchanged or sold on the blockchain.
StarsX Promises to Bring NFT Platform to Mainstream
The StarsX platform would work on top of the Etrherum network and would be aided by the Matic sidechain as a layer-2 solution for scalability. The network would consist of an ERC-721 STAX token which would represent a share in the NFT, with users able to trade and hold onto, liquidate, or purchase more tokens at any time in exchange for the bank of reserve tokens they hold. The price and supply of tokens are based on the Constant Reserve Ratio inspired by Bancor – with this Constant Reserve Ratio set by StarsX and influenced by STAX holders’ voting.
NFTs made a foray into the decentralized world as early as 2017 but found a true userbase only in 2020 when major sports clubs and art galleries started accepting NFT based projects and subsequently launched their own platforms and tokens later. The industry promises to revolutionize how fans from different industries interact with each other. NFTs could be understood as tradable cards of the past where the scarcity and condition of the card led to a rise in its value, NFTs could be seen as a digital form of those cards and functions quite similarly where the value of the token would depend on similar factors.
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