Applications and Use Cases

New Stock Market Approach Pins NFT Value to Athlete Performance

October 24, 2022

Signed sports memorabilia, trading cards and, more recently, collectible NFTs are what fans use to “own” a piece of their favorite athletes and teams. These are all great to have, but for those wanting to sell them, the value comes down to the buyer – their desire to get that item as well as what they are actually willing to pay. The problem is that only a handful of athletes have significant value.

What if Tyler Herro from the Miami Heat had a stellar month that is MVP-worthy, while Steph Curry from the Golden State Warriors had a mediocre month? Curry’s memorabilia, NFTs and trading cards would still be of higher value because of the name attached to them. If only there was a way to put value on performance.

In what is effectively a combination of collectibles and the stock market, Prospect Labs released a mobile-first decentralized fantasy sports app, Prospect Sports, that enables users to purchase athlete NFTs that earn Prospect tokens based on their real-life in-game performance.

Prospect believes that fundamental performance should drive fundamental value for all athletes. Rewards are calculated and distributed via Prospect’s proprietary proof-of-performance algorithm.

"At Prospect, we believe that fundamental performance should drive fundamental value,” said Johnny Chen, co-founder of Prospect Labs. “Through our proprietary 'proof-of-performance' algorithm, we want to give athlete NFTs a third dimension of value through gamified staking rewards that will be earned throughout the arc of their career."

With Prospect Sports, users can buy packs of athletes, build a team of their favorite players and play to earn and trade NFTs on the Prospect marketplace. Those users are buying based on a speculation that the NFT’s value will increase based on future performance. 

For users who are worried about too many clone tokens, do not worry. No single athlete token is the same. The one the user collects will be distinctly theirs. And the supply of each player is limited based on rarity.

Also, besides earning cryptocurrency based on athlete performance, users will have personalization options. Users can make each athlete their own with custom signatures and visual effects.

Prospect’s play-to-earn gaming platform is built on the Ethereum and Polygon blockchains. The app is available on the Apple App Store. There are plans to roll-out additional features available with the start of the NBA season and an Android version in November.

Edited by Erik Linask

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