Chiliz on NFTs with Blockchain Authentication

Over the course of the next three years, a new business-to-business (B2B) technological solution that authenticates and enhances sports memorabilia will get $30 million in funding from Chiliz, a blockchain provider for the makers of fan tokens.

GameUsed.com is going to start offering a service that will help solve a problem that has been plaguing organizations and companies that wish to use NFTs to transfer ownership of memorabilia to the Web3 platform. In addition to this, it will provide businesses and teams access to Chiliz’s platform for its fan tokens, which is known as Socios.com.

Because GameUsed is the provider of the necessary technology, Chiliz will be able to upload the memorabilia into the Web3 environment and store it on the blockchain. Socios.com will function as the native marketplace for any NFTs that are minted by GameUsed.com. This role will be performed on a non-exclusive basis and will make use of the platform’s already established user base. When an end user redeems an NFT, GameUsed.com will provide direct logistics and technical assistance on the client’s behalf at the point of sale or delivery, regardless of whether it takes place in a physical store or on the internet. This assistance can be in the form of either a phone call or an email.

“We’re creating an NFT, allowing the real-world memorabilia for frictionless transactions for the sports team or the company selling that piece of memorabilia and then a secondary market after that,” Alexandre Dreyfus, the CEO of Chiliz and Socios.com, explained in an exclusive Zoom interview. “We are allowing real-world memorabilia to participate in frictionless transactions for the sports team or the corporation that is selling that piece of memorabilia, and then a secondary market after that,”

The market for sports memorabilia, which is currently valued at $26 billion and is expected to reach $227.2 billion by the year 2032, according to the conclusions of research that was carried out by Market Decipher, is expanding and the current worth of the market is currently $26 billion.

“Sports collectibles is a company with a network effect in the sense that the more you aggregate at the same spot, the more value you can create for both the fans and the entities themselves,” said Dreyfus. “The network effect refers to the fact that the more you aggregate, the more value you can create for both the fans and the entities themselves.” Because of this, we make an effort to invest in both technological developments and businesses that have the potential to expand the reach of our network through the supply of services. We do this by following the strategy of “technology first, business second.”

Chiliz (CHZ) has a history of making investments in technological companies, one of which is in GameUsed. The investment of one hundred million dollars was made by the business Chiliz, which is based in Malta, in Barca Digital Entertainment in August of 2022. Barca Digital Entertainment is the digital content production and distribution center of F.C. Barcelona. The club decided to make this investment in order to put itself at the forefront of the Web3 strategy.

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According to a comment attributed to Dreyfus, he was of the opinion that “we believe that blockchain technology can provide new opportunities for sports teams and enterprises to deliver ownership and involvement to fans.” And by bringing blockchain authentication and distribution to sports memorabilia through GameUsed.com, we are taking another big step forward in growing our portfolio, “And by bringing blockchain authentication and distribution to sports memorabilia,”

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