How do you decide if a certain athlete is good enough to make it to the big leagues? Of course, part of that responsibility lies with the athlete himself. If you win enough tournaments at the amateur levels, you increase your chances of going pro. But there’s also a lot that doesn’t lie in the hands of athletes, such as finding sponsors, getting noticed by a scout, and signing with a major talent agency. TokenStars is out to democratize those various aspects of the talent management industry using the unique facets of the blockchain.
TokenStars takes advantage of the decentralized nature of the blockchain to crowdfund many of the key decisions involved in managing talent such as athletes, actors, and musicians. It’s sort of like X Idol or X’s Got Talent (replace X with your country of preference), but less prone to maudlin displays of fake emotion. The eventual goal is to find and fund talented individuals at an age when they are eager to chase their passions, but may be hamstrung by the monetary and other demands of the pursuit.
To find said talented individuals, TokenStars has enlisted the help of 600 part-time scouts. Scouts are given tokens to submit players’ applications to TokenStars and assessing their talent through offline means. They receive additional tokens if a prospect endorsed by them is contracted by TokenStars. In a similar vein, promoters receive tokens to establish athletes’ fan pages and other PR activities. Promoters may also sign advertisers who would like to make use of athletes and other talent in their marketing campaigns. Advertisers undergo a screening process and receive a contract on passing it.
Anyone who has a token has a say in various matters relating to onboarding, managing, and releasing talent. Each token counts as a single vote. All decisions are made through a voting process involving the entire community. That includes decisions such as signing a player, renewing and terminating contracts, selecting the Head of Scouting after each year-long term, and replacing incompetent promoters.
The platform has started off by focusing on tennis athletes, given the sport’s global appeal. Following that, American football, hockey, basketball, and poker athletes will be added to the roster. Eventually, TokenStars will manage talent from across disciplines, including actors, musical acts, and models.
TokenStars’ token sale is underway, which gives regular folks a say on the platform without being a scout, promoter, or advertiser. The tennis-specific ACE tokens are priced 0.0001 BTC, and the minimum purchase you can make is 100 tokens. The token sale has raised 1224 BTC so far ($4,565,520/3465230GBP). The sale is ongoing until 31 October 2017. There’s a 17% bonus to be made for purchasing tokens by 11 October.
This article was written by one of our guest writers
Author: Prateek Jose
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