About Fanance Club: Fanance Club is a Decentralized Blockchain-based trading platform to trade your favourite sports star tokens. This enables fans all over the world to invest in their favourite sports stars and get returns based on their sports knowledge. More details on https://fanance.club Problem Statement: The current problem is that many people hesitate to invest in the stock/crypto market due to lack of knowledge about the market and the stocks they are willing to invest in. A lot of analysis and research is required before you could start gaining returns from stocks in the stock market. Solution: Fanance Club solves this problem as everyone has a lot of knowledge about sports and their favourite stars. This enables them to make use of their existing sports knowledge, invest in their favourite sports stars and gain returns based on their performance and prediction. Moreover, since Blockchain enables decentralized trading and investment, geographic barriers are eliminated and anyone from any part of the world will be able to invest in these tokens. Also, in the long-term, the platform can be extended to other celebrities apart from sports as well. User Journey: - Consider a user is interested in Football and has good knowledge about Lionel Messi and how his skills are, current form, career predictions. So he decided to buy Messi tokens from our ERC-20 exchange - In the following match, Messi scores 2 goals and becomes a star player of that match - The expectation for Messi to perform well in the following matches increase and hence due to future expectations, the demand for the player increases and many other users also buy Lionel Messi tokens. - This will result in a surge in price of Messi tokens, thereby giving a good Return on Investment for the user who bought Messi tokens before the match - The opposite will be true if Messi does not score well in a match. This is how a user who buys/invests in a sports player gets an RoI on his investment indirectly based on the field performance of the player and user predictions. - This can be either short term trading- like a game or season level and cash out profit or can be long term holding as well . -one can draw an analogy of above with trading or holding traditional stocks/crypto, major difference is there no need to acquire additional knowledge on the asset they invest as they already would have knowledge about their stars. ERC-20 Supply: The player tokens are ERC-20 as opposed to ERC-721 as I want multiple users to trade and hold tokens. The total supply of each player will be decided during the creation of the player token and the price of the token will arrived based on the past performance, credibility and popularity of the player and believe that the price and Market Capitalization will be adjusted based on supply and demand Relevant Experience: Founder : Having worked as a Blockchain and Full-Stack Developer and Trainer for the past 3 years also being an Entrepreneur, I am deeply passionate about the technology and the decentralization aspect of the same and believe that this solution can bring sports fans all around the world into the financial industry and provide economic growth and Financial Inclusion. Legal and Licensing: - Fanance Club is a "Game-of-Skills" rather than a "Game-of-Chance" - A clear disclaimer that Fanance Club is not associated with any of the sports stars will be provided in the portal - Further, Fanance Club will partner with sports stars and associations in the future - Also, a reserve fund will be maintained for all the traded sports stars - I have done some study on the copyright/legal issues and validated that it is legal to trade players this way. As per law, there is no infringement. Only clause is that the platform has to explicitly post a disclaimer that the platform is not associated with any players or sports bodies. Just to give a market validation, There are a few traditional players in this field notably https://www.footballindex.co.uk/ which uses Fiat currencies for trading players. The above mentioned platform is a legal entity which operates in UK with 5 million users with over £321 Mn trades in 2019/2020.This validates my idea legally. However I have plans to strike partnerships with players and associations in the future as well. Sports Digitization market snippet: According to PwC's Sports Survey for 2020, the COVID-19 situation has provided an unprecedented opportunity for the use of digital assets to increase revenues in the sports industry. Sports analysts predict the creation and monetization of digital assets will drive 82.9% growth in the coming years. "Sports analysts predict the creation and monetization of digital assets will drive 82.9% growth in the coming years." https://www.ibtimes.com/global-reset-sports-will-be-digitized-3095727 Currently, for development and testing purposes, we are developing in Ethereum test environment with Layer 2 Matic. However, Owing to Superior technology and benefits in Cardano - we will launch the end product in Cardano Please Find below our DApp - Under Development Home page: https://fanance.club Celebrity Exchange/Trade portal: https://dapp.fanance.club/#/trade/FC-MSD (Rinkeby Test Network) Proposed Launch: TestNet - February'21 MainNet -April'21
How It's Made
The project uses Solidity Smart Contracts for Player Exchange, FANC Token Exchange etc., on the Layer-2 MATIC Network. The frontend is built using Truffle Framework, ReactJS and Drizzle. User's wallet connects through Metamask. We have also used MATIC's widgets for FIAT On-Ramp and ETH-> Matic WETH conversion. We have planned to use Biconomy on Matic for gas-less transactions.