SportyFi is bringing the power of the blockchain to the sports world, and their token crowdsale has been a resounding success as the project has reached its soft cap of $1.5 million in just 22 hours.SportyFi is bringing the power of the blockchain to the sports world, and their token crowdsale has been a resounding success as the project has reached its soft cap of $1.5 million in just 22 hours.
[Note: This is a sponsored article.]
Few things in life are as sweet as having your hard work appreciated by others. In the crypto world, this appreciation takes the form of individuals flocking to successfully take part in a platform’s ICO. The world of sports and the blockchain collide in SportyFi, the sports ecosystem that utilizes a decentralized approach for investors, fans, athletes, and sports organizations to achieve their dreams in the ever-growing sports world. The hard work in creating SportyFi has paid off as the application’s soft cap has been achieved in less than a day since their ICO launched.
SportyFi Soft Cap Realized in Just 22 Hours
The SportyFi token sale began on November 21st, and the development team is proud to announce that the soft cap of $1.5 million was reached within 22 hours. This is an amazing achievement as history shows that almost 70% off all cryptocurrency projects fail to generate enough enthusiasm from investors to continue development. Of course, this percentage doesn’t take into account the number of projects that are abandoned before they even reach the ICO stage.
The success of the SportyFi ICO shows that investors realize the vast potential of the blockchain-based sports ecosystem. Fans and investors can help young athletes realize their dreams of becoming a professional athlete by subsidizing their many costs, such as for trainers, travel, equipment, and tournament costs. Athletes and sports clubs can set up campaigns to allow their fans to offer material support. For those people interested in investing in the sports world, they no longer need to be extremely wealthy to do so. SportyFi allows investors to support athletes and sports organizations and receive a portion of financial benefits that such entities accrue, such as tournament winnings and endorsements.
The SportyFi ICO Runs Through December 8th
Interested investors can still take part in the SportyFi token sale, which lasts until December 8th. A total of 200 million non-mineable SPF Tokens will be issued during the crowdsale, which can be purchased with ETH. Investors can earn a 10% bonus in tokens by spending 100 ETH or more during the crowdsale. The token sale will end on December 8th or earlier if the hard cap of $16 million is reached.
As for the 200 million SPF Tokens, they are broken down in the following manner:
- Up to 134,000,000 SPF Tokens (67%) will be distributed to the contributors in the SPF Token Crowdsale.
- Up to 36,000,000 SPF Tokens (18%) will be distributed to the Founders and Team.
- Up to 20,000,000 SPF Tokens (10%) will be distributed to the Advisors and Ambassadors.
- Up to 10,000,000 SPF Tokens (5%) are intended for future incentives for fast growth (i.e. future strategic partnerships).
An important note for the SportyFi token crowdsale is that the development team is instituting an additional bonus for all contributors due to the fluctuating price of ETH. The ratio of ETH to tokens was written into the smart contract on November 21st, but the price of ETH has risen from $358 to almost $500 since then. To compensate for this fluctuation, SportyFi will institute a bonus airdrop, which will be based upon the ETH price on or around the very last block of the crowdsale (block number 4,708,120). The result is that each contributor will get SPF tokens close to the nominal rate of 0.12 USD each. Full details on the calculations and methodology for this bonus airdrop can be found here.
A Working Alpha Version
While there are a number of reasons why people are taking part in the SportyFi ICO, one important factor is that the platform already has a working alpha version. This “strong alpha” version allows clubs, athletes, and sports organizations to create a profile and start a campaign. Supporters and investors are also able to create their own profile. The profile data is secure as the platform already has a KYC (Know Your Customer) check fully in place and operational. The SPF token ecosystem will be integrated into the platform once the tokens are distributed to the contributors. A working beta version of SportyFi will be released by the end of the year, and the full version will be released in the first quarter of 2018.
Contributor interest in SportyFi has been amazing, causing the soft cap for the SportyFi ICO to be reached in just 22 hours after its launch. Using the blockchain and smart contracts to support young athletes and invest in the sports world is a revolutionary and innovative approach that will reshape the sports world. This is why many sports legends (Savo Milošević, Peter Prevc , Primož Brezec, Špela Pretnar, Roberto Carlos, Noriaki Kasai, and Vasja Bajc) and Bitcoin pioneer Charlie Shrem have joined SportyFi as advisors. There is still time to be an initial part of the new decentralized sports ecosystem as the SportyFi token sale ends on December 8th.
Check out the SportyFi website or read the SportyFi whitepaper. And come chat with the team on Telegram.
Images courtesy of Pixabay, Flickr, and SportyFi.
Bitcoinist does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company.