NFTs are a very hot topic at the moment. NFTs stand for Non-Fungible Tokens, which can hold digital data that are not interchangeable. StarsX is a decentralized exchange for fractional NFT’s. It is a space where active users can exchange and invest in fractionable NFT’s relating to their proposed outcome.
The Ethereum and Matic Layer 2 blockchains host StarX. StarsX provides users with an online trading experience to trade digital assets and communicate with other sporting fans on a global scale. The platform has been developed keeping the gaming community in mind, this would allow NFT token holders of different teams and gaming communities to come together.
The StarsX platform is decentralized and owned by the community. This implies that owners can’t access the system from a central point and eventually blocks the users from accessing the platform or modifying the rules of use. The entire system is built for community use and owned by every user individually.
The Fractional NFT Market
The main body of the StarsX platform is built around the Fractional NFT market, which replicates the real-life performance of any sports player in terms of the user design. It can be compared to the liquidity pools that get represented on conventional exchange platforms.
NFT markets are still in the initial stages, which shows great potential to successfully convert the real-world data and store it in digital forms called Non-Fungible Tokens. These are tokens that cannot be converted and exchanged with other forms of data. The NFT markets with blockchain technology can be integrated into many industries including music, art, content creation and gaming, etc.
StarsX intends to deliver a platform where sports fans can gather and communicate on a global scale- interacting, engaging, and competing in a way that fuses passion and technology seamlessly. They aim to create the first decentralized fantastic stocks trading market.
What is StarsX Token?
The other main influence of StarsX comes from the ERC-721 STAX token. The idea behind ERC-721 is to create a cryptographic token that was unique and not interchangeable. Each token represents a share in the NFT, which users are 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. NFT is expected to be the big next thing from the decentralized space just like Defi. The use of NFT token has risen in 2020 especially for creators, artists, and sports team management.
The various artists creating the digital world have already started implementing the use of NFT to sell their work, whereas pop stars and celebrities are planning on using NFT for brand engagement.
Many leading football companies have started partnering with different NFT projects to offer fan tokens like Barcelona, PSG Real Madrid, and many other top-notch football clubs. NFT tokens will benefit the managers to build virtual cards and trophies that could be traded or sold into the Blockchain.
NFTs are the next big thing in crypto to boom and StarsX is aiming to capitalize on being an early adoption in the crypto world.
Future of StarX
The online gaming industry has evolved from being a private entertainment pastime into a commercial entity that has viewers and is willing to pay to watch matches. StarX focuses on capturing this gaming industry before anybody else. Hence they have been developing their products very rapidly. They expect Blockchain technology to disrupt the gaming industry for good.