FanX is the very first football (soccer) trading platform in the world, with the name indicating that it is an exchange for fans of football. Essentially, this platform lets you invest and trade football players. With FanX, you can make a profit using your knowledge of sports. All the changes in prices on the platform are based on real-world sports data.
In other words, this sports gaming and investment platform is based on cryptocurrency. It lets those who appreciate crypto trading and football enjoy the fusion of the two. Users purchase tokens representing football players, with the value fluctuating based on their actual sports performance in the real world.
The game is not fully functional at the moment, being based in Malta, they are in the process of securing an online gaming license, which would allow FanX to take cryptocurrency as a form of payment.
What Are the Basics of Using FanX?
- 1 What Are the Basics of Using FanX?
- 2 Is FanX Gambling, Fantasy Football, or Something Else?
- 3 How Does Pricing of Players Work on FanX?
- 4 How Many Players Can You Have?
- 5 What Other Features about Players Should You Know?
- 6 What Does the Market Look Like?
- 7 Are There Restrictions on Trading?
- 8 Is There an ICO, and Are there Fees?
- 9 What Platforms Are Available?
- 10 Conclusion
- 11 Useful Links
Starting to use FanX is as simple as signing up, at which point you get free players and coins. The homepage currently states the offer that when you sign up, you get 500 coins. The “Rules” section says you get 100 FanX coins and several random players. After you have signed up and gotten some coins and players, you can use your football knowledge to make trades and choose which players you want to have.
To get even more players for free, you can invite friends, giving you an immediate reward in the form of a random player and more people to interact with on the exchange. Whenever you want, use your coins to redeem awards.
Is FanX Gambling, Fantasy Football, or Something Else?
The concept behind FanX is unique. It is technically sports investing based on the performance of each player. There is no traditional betting available, and the model of FanX claims to be more like fantasy sports than gambling. This is an important distinction because regulations around the world tend to be more favorable for fantasy sports than gambling. According to the U.S. Online Unlawful Gaming Act of 2006, fantasy sports is a game of skill where gamers require sports knowledge to play, something that FanX meets the definition of.
How Does Pricing of Players Work on FanX?
As mentioned, the price of each player depends on their actual performance in real-world matches. The prices for player tokens are based on third-party sports data streams. The prices only change if the players actually hit the field and play. There is a lengthy list of factors that impact price, including assists, goals, yellow and red cards, played time, fouls, and game results.
More famous players have higher prices, and those prices are also less volatile. Less famous players have lower prices along with more volatility, meaning there is a greater potential for profit from a single game.
There is no current impact on the player token prices from buying and selling tokens. This is because FanX wanted to deliver a product that rewards those with a deep understanding of sports, something that a price based on buys and sells would undermine. However, the team hopes to add additional ways for buys and sells to impact prices in the future, incorporating them in a fair manner that does not minimize the knowledge required to be successful on FanX.
How Many Players Can You Have?
Users can have tokens for anywhere from four to 23 players. In the case of those with only four players, they must be one of each position: midfielder, forward, defender, and goalkeeper. At any point, you can list 11 players in your lineup, which you manage via the “my team” section. Those in your lineup participate in more advanced playing methods.
What Other Features about Players Should You Know?
One of the differences for those in your 11-player lineup is that they can participate in the platform’s achievement system. This is a new type of engagement where you get various token rewards based on hitting specific achievement types.
There are also daily “highlight matches.” The players that participate in those matches can earn you additional bonus tokens.
What Does the Market Look Like?
The exchange is divided by leagues, with sections for La Liga, Premiere League, Bundesliga, Ligue 1, Serie A, and Champions League. You can click on your chosen league at the top of the “Market” page. Then, you will see each player listed in order from most expensive to least expensive. For each player, you see their price, their percent change, and a mini-graph displaying the change.
Are There Restrictions on Trading?
You cannot trade players while the game is going on. Trading stops an hour before a game and begins an hour after it. It is also not possible to buy a player if their token price drops below 10. Token prices for players will never go below 0.1.
Additionally, during the upcoming 2018 World Cup, the platform will not accept account refills with other tokens. However, you can still get tokens from FanX from referring friends. Following the completion of the World Cup, you can once again redeem prices using tokens.
Although there are no specifics listed, there might be limits on the number of times each user can trade a specific player. This rule is designed to encourage users to look at multiple players and add balance to the game.
Is There an ICO, and Are there Fees?
The FanX token is only used internally, and it is not listed on any other exchanges. There is the possibility of an ICO or a coin in the future, but FanX has not confirmed anything yet.
During the World Cup, there will not be any exchange fees. In the future, the platform will likely add small exchange fees, but you can trade on FanX to reduce that fee.
During this initial period of the World Cup, FanX will not accept payments via Ethereum and Bitcoin. Instead, users will get tokens by hitting achievements and inviting friends. You can use your FanX tokens to redeem rewards.
What Platforms Are Available?
FanX only has a web version, but it will be adding a desktop and mobile apps soon. In the future, FanX will move the product to the blockchain to make it a decentralized exchange.
FanX is a unique investment platform as it is the first of its kind to let you trade football players. This platform lets users make a profit with their knowledge about football and provides motivation via rewards, achievements, and potential profits. The interface is well-designed and simple to use and fantasy football is a very popular past-time among fans so FanX is poised to capture a section of the market where gamers, sports fans and cryptocurrency users meet.