Author : Mark

Date : Dec 21,2022

GameUsed to confirm the legitimacy of goods from sporting events, like tickets and game-worn apparel.

Chiliz, the company behind the Socios platform and its native CHZ token, continues to gain popularity as a curated sports memorabilia site. The business just launched a brand-new service called GameUsed to confirm the legitimacy of goods from sporting events, like tickets and game-worn apparel.

NFTs for sporting goods memorabilia?

Sales of game-focused NFTs have remained strong throughout the ups and downs of the NFT market over the last two years. By tokenizing NBA Highlights, NBA Top Shot generated over $1 billion in sales volume over 22 million transactions.

The CryptoSlam aggregator estimates that Sorare earned more than $500 million via fantasy soccer leagues. The market for sports memorabilia is expected to increase from its present worth of $26.1 billion to $227,2 billion by 2032, according to the most recent data from Market Decipher. By 2032, tokenization in the form of NFTs is anticipated to grow to $92 billion, but has not yet been fully used.

Chiliz Infrastructure is a prominent feature on the route (CHZ). The business used the CHZ token as an ERC-20 Ethereum standard for creating the Socios marketplace. Sports fans can buy branded NFTs made by sports clubs using the CHZ token, and they can even cast votes on little decisions. The importance of the Socios marketplace as the largest ecosystem for sports fan tokens has increased with the acquisition of

How is GameUsed put to use?

How can a sports collectibles company grow without first incurring significant costs to acquire blockchain technology? The authentication and maintenance of sports collectibles are handled through the business-to-business (B2B) system GameUsed. GameUsed releases NFTs that are essentially secured by sports memorabilia and merchandise, using the Socios NFT market as a base.

For instance, GameUsed verifies products by adding near-field communication (NFC) chips, which are now common in contactless payment cards, whether a sports club distributes trading cards, tickets, or match-worn apparel.

The item will subsequently be recorded on the Chilean blockchain, and the corresponding NFT will be created and traded on Socios using CHZ tokens. In this way, a digital asset is protected by an established physical object, possibly raising its worth. Sportswear's authenticity may be easily and rapidly verified using a smartphone and NFC chips.

Probably going to rule the sports token market is Chiliz (CHZ).

In the niche market for NFTs, there are two notable companies. They are now tied in terms of market capitalization: Chiliz Chain 2.0 will soon launch its own layer-1 blockchain network, while Dapper Labs Flow (FLOW) is valued at $868.4 million and Chiliz (CHZ) at $818 million (CC2).

Chiliz mostly focuses on sports teams, but Flo has gained NFT service for the NBA, UFC, NFL, and Ubisoft. They helped more than 170 teams and organizations create Fan Tokens under the direction of Alexandre Dreyfus, the CEO of Chiliz and Socios. One of Chiliz's largest purchases to date was the purchase of a €100 million share in FC Barcelona's Barca Digital Entertainment in August.

Chiliz's most recent addition of end-to-end authentication via GameUsed is part of its ongoing effort to expand tokenized assets as a conduit between sports fans and organizations.

We are adding another layer to our product by integrating blockchain verification and distribution for sports memorabilia through "We believe that blockchain technology can introduce new opportunities for sports teams and corporations to deliver ownership and interaction to fans. Alexandre Dreyfus, CEO of and Chili's

Chiliz's 2.0 semi-decentralized layer-1 blockchain for enterprise-grade sports and media integration will accomplish a significant feat in the coming months. The CHZ token is not as tightly allied with bitcoin as most alternative cryptocurrencies because it depends on substantial cooperation.

CHZ increased 10% on Thursday, only to see those gains reversed on Friday. As usage of CHZ within the Chiliz ecosystem increases, its significance in Chiliz Chain 2.0 is anticipated to rise. much like ETH for Ethereum, but for whitelisted (curated) outside developers. Additionally, Chiliz 2.0 will offer POSA (Proof of Stake Authority), which allows holders of whitelisted tokens to operate nodes.

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