DURHAM – Fandex, a fantasy sports startup based in the Bull City, is looking to draw players – and action – as soccer’s World Cup continues in Qatar.

The company recently secured a patent for its technology and now it has secured partners PLZ Soccer and Exceed Footwear, hoping to draw players competing for cash prizes based on tournament results.

Fandex is the first patented stock exchange that allows fans to buy and sell virtual shares of their favorite teams

“With an expected 100k+ in users and an expected 500K transactions, this will be Fandex’s largest tournament to date and a global event,” Fandex says,

Here’s how the company’s platform works, according to the firm’s website:

Users create an account and log in to the marketplace
Users can then “pick teams like they’re stocks, buy, sell, & short shares”
Trading occurs on the platform with other users

Durham startup FANDEX granted patent for its virtual fantasy sports stock exchange platform

“Cash prizes as well as World Cup merchandise to be awarded by round exhibiting Fandex’s prototype for entry into the Pay to Play European betting pool platform in 2023.,” Fandex says.

Key points, according to Fandex:

  • Proprietary pricing model will provide in game pricing for all matches throughout the Cup.
  • Patented sports stock exchange will feature all 32 teams in their respective groups
  • The partnership with Exceed will demonstrate Fandex’s B2C sports marketing potential
  • The partnership with PLZ demonstrates Fandex’s new and innovative gaming content for media and league partners