Chiliz Doubles Down on NFTs with Blockchain Authentication Stake – Yahoo Sports

chiliz-doubles-down-on-nfts-with-blockchain-authentication-stake-–-yahoo-sports

Chiliz, the blockchain provider for fan-token creators, will invest $30 million over the next three years in GameUsed, a new B2B technology service that authenticates and enhances sports memorabilia.

GameUsed.com will provide a solution for teams and companies looking to bring memorabilia ownership to the Web3 environment via NFTs. It will also provide teams and companies with access to Socios.com, Chiliz’ fan-token platform.

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GameUsed’s technology will allow Chiliz to upload the memorabilia into the Web3 environment and store it on the blockchain. Socios.com will serve as the native marketplace for all NFTs minted by GameUsed, leveraging the platform’s built-in audience on a non-exclusive basis. At the point of sale or delivery, GameUsed.com will provide direct logistics and tech support on behalf of clients when an end user redeems an NFT.

“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.

The $26 billion sports memorabilia market is growing—partly fueled by the rise of NFTs—and is expected to reach $227.2 billion by 2032, according to an analysis by Market Decipher.

“Sports collectibles is a network effect business in a way that the more you aggregate at the same place, the more you can create value for both the fans and entities themselves,” Dreyfus said. “And that’s why we try to invest in technology and companies that can expand our network by offering services.”

GameUsed is not Chiliz’ first tech investment. In August 2022, the Malta-based Chiliz invested $100 million in Barça Digital Entertainment, the digital content creation and distribution hub of F.C. Barcelona, to spearhead the club’s Web3 strategy.

“We believe that blockchain technology can bring new ways for sports teams and companies to deliver ownership and engagement to fans,” Dreyfus said. “And by bringing blockchain authentication and distribution to sports memorabilia through GameUsed.com, we are taking another important step forward in our offering.”

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