Case Study
ELASTECH Implements Custom Blockchain Solutions to Develop an NFT Marketplace for Sports
Athletes and entrepreneurs benefit by offering ownership of the greatest moments in sports history
For the past few years, sports merchandising has been facing several challenges as fans increasingly want to connect with teams and athletes in a more meaningful way. Where traditional items like jerseys or scarves no longer offer a competitive advantage, digital experiences and products create a closer bond between fans and the players and teams they support. In this regard, NFTs (Non-Fungible Tokens) are becoming increasingly popular. These are unique, non-interchangeable digital assets stored on a blockchain that can be used to sell collectible, authenticated, limited-edition content like autographs, videos, or images.
- Solution
With the escalating interest in owning NFT-backed digital assets in sports, this client chose ELASTECH to develop the solution to capitalize on this opportunity. Our consultants created a proof-of-concept (POC) application for a marketplace that allows the public to buy, sell and trade NIL digital assets. Given the storage on Blockchain technology, the assets are maximally secured against fraud or theft, providing unparalleled proof of authenticity and ownership.
- Outcomes
This application clearly proved the popularity of how sports fans purchase NIL digital assets via a marketplace. This concept helps to protect the athletes by allowing them to control the use of their NIL assets while also protecting the fan’s investment through the use of NFTs, providing our client a distinctive competitve advantage.
- Industry
- Retail
- Sports
- Capabilities
- NFTs
- Blockchain
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