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Chiliz Launches NFT-Based Sports Memorabilia Authentication Service

Chili’s_Launches_NFT-Based_Sports_Memorabilia_Authentication_Service

As a curated sports memorabilia platform, Chiliz, the firm behind the Socios platform and its native CHZ token, continues to gain traction. The company recently introduced a new service called GameUsed to verify the authenticity of products from athletic events, such as tickets and game-worn shirts.

NFTs for sports collectibles?

Throughout the fluctuations of the NFT industry over the past two years, sales of game-focused NFTs have remained high. NBA Top Shot has produced over $1 billion in sales volume across 22 million transactions by tokenizing NBA Highlights.

According to the CryptoSlam aggregator, Sorare’s revenue from fantasy soccer competitions exceeded $500 million. The latest analysis from Market Decipher projects that the market for sports memorabilia would reach $227,2 billion by 2032, up from its current value of $26.1 billion. Tokenization in the form of NFTs has not yet tapped into this increase, which is expected to reach $92 billion by 2032.

Infrastructure Chiliz is a significant landmark along the way (CHZ). The startup developed the Socios marketplace using the CHZ token as an ERC-20 Ethereum standard. The CHZ token enables sports fans to purchase branded NFTs produced by sports clubs and even vote on minor choices. With the addition of GameUsed.com, the value of the Socios marketplace has increased as the largest ecosystem for sports fan tokens.

How does GameUsed work?

How can a sports collectibles business be developed without first making a costly investment in blockchain technology? GameUsed is a business-to-business (B2B) system for the authentication and management of sports memorabilia. memorabilia verification and management. Using the Socios NFT marketplace as a foundation, GameUsed issues NFTs that are essentially secured by sports memorabilia and merchandise.

For instance, if a sports team distributes trading cards, tickets, or match-worn clothing, GameUsed certifies the merchandise by inserting near-field communication (NFC) chips, which are currently prevalent in contactless payment cards.

The Chili’s blockchain will then record the item and mint the equivalent NFT, which will be traded on Socios using CHZ tokens. In this manner, a digital asset is secured by a proven physical item, potentially increasing its value. Through the use of a smartphone and NFC chips, the authenticity of sportswear may be quickly and simply checked.

Chiliz (CHZ) Is Probably Going to Dominate the Sports Token Market

There are two notable companies operating in the NFT-specific industry. Currently, they are neck-and-neck in terms of market capitalization: Dapper Labs Flow (FLOW) blockchain is valued at $868.4 million, while Chiliz (CHZ) is valued at $818 million; Chiliz Chain 2.0 will shortly deploy its own layer-1 blockchain network (CC2).

While Flo has obtained NFT service for the NBA, UFC, NFL, and Ubisoft, Chiliz focuses mostly on sports teams. Led by the CEO of Chiliz and Socios, Alexandre Dreyfus, they assisted over 170 teams and organizations in launching Fan Tokens. The August acquisition of a €100 million share in FC Barcelona’s Barca Digital Entertainment was one of Chiliz’s largest transactions to date.

Chiliz seeks to grow tokenized assets as a bridge between fans and sports teams with the latest addition of end-to-end verification via GameUsed.

“We believe that blockchain technology can bring new ways for sports teams and companies to provide ownership and engagement to fans, and we are adding another dimension to our offering by bringing blockchain authentication and distribution for sports memorabilia through GameUsed.com.” important steps forward.” Alexandre Dreyfus, Chili’s and CEO of Socios.com

In the following months, Chiliz’s 2.0 semi-decentralized layer-1 blockchain for enterprise-grade sports and media integration will reach a major milestone. Due to its reliance on significant collaborations, the CHZ token is not as closely aligned with bitcoin as most alternative cryptocurrencies.

On Thursday, CHZ rose by 10%, only to see those gains wiped out on Friday. CHZ is projected to grow in significance in Chiliz Chain 2.0 as its usage inside the Chiliz ecosystem expands. Similar to ETH for Ethereum, but for whitelisted (curated) third party developers. Chiliz 2.0 will also provide POSA (Proof of Stake Authority), in which whitelisted token holders become node operators.

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About Tina

Tina concentrates on all matters related to NFT and Web3. Tina uses social media to spot NFT trends and report unique news.

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