Prospect Labs has announced today the release of Prospect Sports, a mobile-first decentralized fantasy sports app that enables users to own Athlete NFTs which earn rewards based on their real-life in-game performance. The app is now available on the Apple App Store with plans to roll-out additional features such as player portfolio management and staking to be available with the start of the NBA season, and an Android version in November.
“If a sports fan wants to invest in an athlete today, they can purchase things like signed sports memorabilia, trading cards or collectible NFTs such as NBA Top Shot. The value of these items are based on their desirability and what someone else is willing to pay.” says Johnny Chen, Co-Founder of Prospect Labs. “At Prospect, we believe that Fundamental Performance should drive Fundamental Value. Through our proprietary ‘Proof-of-Performance’ algorithm, we want to give Athlete NFTs a third dimension of value through gamified staking rewards that will be earned throughout the arc of their career.”
Prospect Sports Athlete NFTs will be released on the Polygon blockchain and include player portfolio management and staking. The team plans to introduce play-to-earn tournaments, head-to-head experiences and social experiences in the future.
About Prospect Labs
Prospect Labs was founded in 2020 with the goal of enabling sports fans to gain exposure to the underlying performance and ultimately the success of an athlete. Using Prospect’s proprietary Proof-of-Performance (PoP) algorithm, real-life in-game performance data is taken in to determine cryptocurrency rewards that are distributed to the user on Prospect’s Decentralized Fantasy Sports app. This enables sports fans to share in the fundamental value of an athlete: their performance.