SportyFi represents a new industry of sports crowd micro-financing, providing the athletes, clubs and sports organizations with macro financing for their respective purpose. Inclusion of direct financial communication between participants at both ends.
Low transaction costs based on blockages, as well as the introduction of intellectual contracts in the world of sports, as well as DAO voting will become the core of the SportyFi ecosystem.
SportyFi’s ICO will launch on November 21, with a hard cap of $16,000,000 and with a total of up to 200 million of non-mineable SPF Tokens issued in the token crowdsale.
Supported by a team which includes legendary international footballer Roberto Carlos, along with Olympians, NBA players, and Sports Officials, SportyFi might have significant impact and bring the right opportunities to the players that truly need them.
“I’m very happy to support SportyFi, which will work with young athletes at the most crucial point in their career and will give fans and small investors the opportunity to support them. Let’s find the next superstars together”
Anyone who is involved in sports will be able to create profiles of their current achievements and their future plans and expectations, as well as the types of investments they are looking for to fund their goals. On the other hand, the SportyFi Smart Manager platform will allow the public to participate in the sport on a personal level, acquiring a share, for example, financially as they move forward.
The Platform will have two main modules: a cryptocurrency-based donations platform (Donations Module), and a cryptocurrency financial reward-based platform (Investment Module).
The Donation Module will offer athletes a platform for donations based on blockchain, where they can raise funds, create profiles, list their achievements and plans for the future, as well as their specific crowdfunding targets. Opening an account in SportyFi will be free, with built-in mechanisms available to the participants.
The second module of the SportyFi Smart Manager platform, an investment module, will allow to sponsor smart contracts of various types and, most importantly, complex investment smart contract, when an athlete, club or other sports organization can offer a long-term deal to financiers by transferring the share of their future income.
SportyFi’s Token Crowdsale initiative will allocate part of the funds raised during the operation of SPF Token Pre-Crowdsale and Crowdsale into the SportyFi Professional Fund. All funds collected for more than $ 9 million to the hard cap will be allocated into the fund.
SportyFi will create a special Advisory Board consisting of veteran competitors, trainers, scouts and other specialists. The fund will invest in athletes with the greatest potential in exchange for future profits based on revenues such as prize money, endorsements, appearance, image rights and similar rights to value. As each sport is different, the investment strategy of SportyFi Professional Fund fund will be diverse, facilitated by analysts and specialists.
The selection of the athletes will then be scrupulously reviewed by the Advisory Board that approves the athletes with the greatest potential, agrees on all the elements of the investment with them , and thereafter confirms the athletes are ready to be submitted to the DAO voting. In the process of the DAO voting, the presentation profile of each athlete will be uploaded to the SportyFi platform, with all the SPF Token-holders invited to vote. If the DAO voting confirms the investment into an athlete, the Executive Management will prepare all the required documentation, setting the investment into motion.
Charlie Shreem, a founding member of the Bitcoin Foundation and one of the most recognizable Bitcoin advocates, joined SportyFi as an expert advisor on the technology and especially the business aspects of SportyFi, using his years of experience on projects in the blockchain ecosystem to support the SportyFi vision: a sports industry with a much higher success rate of young athletes, and a thriving investment ecosystem built around the industry.
Charlie Shreem commented:
“I like projects that are applying the blockchain outside of the financial sector — and sports is an industry ripe for a revolution.”