SportyFi is aiming to disrupt the sports financing market by creating a blockchain-based financing platform for fans and small investors. The platform is intended to give opportunities to emerging athletes as they launch their careers. To set up the platform, SportyFi will launch its SPF Token Crowdsale on the 14th of November, 2017, running for up to 17 days with a hard cap of $16 million.
Professional sport can carry high barriers to entry for athletes and small investors alike. Aspiring athletes at the outset of their professional careers face issues when it comes to funding training and participation in global events. This also applies to many sports clubs and organizations which face financial and liquidity issues.
The London-based tech start-up will launch its Smart Manager Platform and the SportyFi Professional Fund, which will enable donations, detailed sponsorship smart contracts of various types, as well as complex investment smart contracts, where an athlete, a club or another sports organization will offer a long-term deal for a share of future income or other revenue stream in exchange for an upfront cash investment.
By doing this, the platform will enable a wider community to invest in the sports industry, worth an estimated USD 620 billion currently. The team supporting SportyFI includes international footballer Roberto Carlos, along with Olympians, NBA players, and Sports Officials. The platform is already in development and on schedule for a Q1 2018 launch.
Carlos commented: “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!”