Tokenstars is the first project with the goal of “tokenizing people” and more specifically, celebrities. The platform is launching tokens dedicated to certain activities which holders will be able to be traded to the platform’s main index token, ‘STAR’.
In its initial stages, TokenStars is bringing out tokens for two of the most popular sports globally, tennis and soccer. The ACE token will represent tennis players, and the GOAL token is going to represent soccer players.
A focus of the project is going to be in providing funding and promotion for young and aspiring athletes. In what essentially could be considered an investment, TokenStarts’ users could help in improving the chances of young athletes entering the “pro” scene. Most importantly though, tokens could be used to represent and promote already established stars.
With the platform’s toolset, stars that already are professionals in their field could decentralize their funding sources, this way no longer being in need for talent agencies. This process decentralized talent sourcing and promotion, giving the crowd a very direct way to support people they like. All while users of the platform are investing in the success of the stars involved, this way creating a mutually beneficial relationship.
Moreover, the procedure of decentralizing talent sourcing and gives the users that form the demand a stronger say as they’d be able to put their money where their mouth is. As pointed out in the project’s whitepaper, a crowd provided with analytical data is more likely to make smart decisions than agents that rely on their gut feeling.
With this process, TokenStars aims to reinforce the self fulfilling cycle of professional careers. By funding stars, it has the potential to help them put their careers on a fast track and ultimately help the best grow their following fast. Moreover, the platform’s nature of allowing interested users to play a part in deciding which stars they’re going to support directly could also have an effect in electing stars that are more likely to reach success with the crowds.
What’s also interesting is how token holders will be able to democratize managing decisions through the platform’s system. Though what’s called a “Decentralized Community Voting”, users will be able to have a say in certain decisions for involved stars.
It’s also worth noting that sponsors and players have to pay their agency fees and commissions in tokens. Something which essentially means that the more interest there is for a star, the more interest there is for a star, the more tokens will be bought from the market. Increasing demand and most likely prices too alongside with it.
Through the proposed system, services could be offered by stars for interested parties, where they could accept FIAT or tokens. The choice on payments would be for the stars to make but it is essentially a service that extends to getting exclusive deals with advertisers with the use of the platform. So aside of compensating scouts and promoters for stars, use cases for a more direct use of the promotional services stars have to offer are also included.
All and all, TokenStars envisions on building a complicated platform with the purpose of “tokenizing stars” under what’s dubbed to be a decentralized talent management project. Whether this could end up being successful or not remains up to question, yet the concept behind the project is certainly very unique. TokenStars surely shows potential to bring a light of positive change in the talent management industry.
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