The market for sports content based nonfungible tokens or NFTs, is expected to hit USD 2 billion in 2022, according to a report from Deloitte Global. The report, titled ‘From trading cards to digital video: Sports NFTs kick sports memorabilia into the digital age’, says that in 2022, platforms and rights creators are likely to continue testing different ownership models to determine the optimal balance of stoking consumer demand and maintaining intellectual property rights (IPR) that respect existing third-party rights over the underlying digital assets. “So far, the offer of limited IPR within sports NFTs has not dampened appetite, suggesting that demand may well be driven by the ability to demonstrate status: Scarcity drives inherent value in and of itself,” says the December 2021 report.
SportCash One AG, has introduced a sports NFT game based on Belgium GP Formula 1 race. The challenge is that participants buy NFT tickets to predict the winner of the real life race and win prizes accordingly. There will be three different team NFT tickets – one for each team of the challenge. Tickets can be bought in the Sportcash One NFT marketplace from 12th August, 2022, 6 PM CET till 27th August, 6 PM CET. Each ticket will be priced at USD 5. One NFT ticket, La Rossa, will represent Team Ferrari, one NFT ticket, The Bull, will represent Team RedBull and one NFT ticket, Silver Arrow, represents Team Mercedes.
NFTS are programmable unique cryptographic tokens and digital contracts that represent uniqueness and authenticity, as opposed to other cryptocurrencies which are fungible. Sportcash One’s NFTs are powered by its Sportcash One Token (SCOneX). The Switzerland-headquartered company, says that its ecosystem boasts a NFT marketplace, social sponsorship network, a digital wallet, tokenization-as-a-service (TAAS), NFT-based primitive for trading sporting assets, and a multi-vendor shop where brands, shops, customers, and athletes participate together in its vertically integrated ecosystem optimized for engagement and shared ownership. Sportscash One uses the Waves platform – this allows its users to build applications, create and distribute new cryptocurrencies.
Automotive Industries spoke to Roberto Moretto, CEO, Sportcash One AG.
AI: What do participants get out this challenge?
Moretto: Well, fans can bid and earn from their sport fashion. And the most exciting sports NFT game is here! The NFT challenge is a Team 1 versus 1 one day race. The game is SIMPLE, if you hold the NFT Tickets of the Winner Team in the real life Race, you will win a nice prize. There will 3 different Team NFT Tickets, one for each Team of the Challenge, you will be able to BUY them in the Sportcash One NFT Marketplace when the sale will be open.
AI: What made Sportcash One base the challenge on the Belgium GP Formula 1?
Moretto: The Belgium GP Formula 1 race track, the Spa, is among Formula 1 drivers’ most loved tracks, with its mix of long straights and challenging fast corners allowing them to push their cars to the edge of their capabilities – if it’s dry, that is. The size of the track and the nature of Belgian weather means it can sometimes be raining on one part of the track and dry on another, meaning grip can vary from one corner to the next. Keep an eye on the thrilling Eau Rouge, arguably the most famous sequence of corners in the world, as the drivers flick left, right and then up the hill through Raidillon.
AI: So tell us how exactly the challenge will work?
Moretto: It’s quite simple – first you have to analyse and choose your favourite team. Then you buy the NFT of your favourite team. Then, on the day of the real-life race, you have to check the result of the race and if you win, we will send the prizes directly into your wallet.
The winner (s) receives the total amount in US dollars generated from the sale of all the NFTs sold from the teams of the challenge. The total prizes will be shared within all the NFT wallets winners. An additional Prize of 10K SCOneX tokens will be shared with all the NFT team winners This challenge will have three NFT tickets. Each team NFT will have 1 NFT with a 100/100 edition.
AI: Why did your company get into the NFT sport challenge game?
Moretto: We reimagined the concept of fantasy sports, giving fans the ability to play one-day fantasy sports for real cash prizes. Play against your friends or against everyone, with no season-long commitment. Play daily or season-long fantasy sports and win real money. Our NFT platform is full decentralized and safe to play.
AI: What are the details of your cryptocurrency, SCOneX?
Moretto: Our ecosystem has full payment and donation integration via our Sportcash One Token (SconeX). Our ecosystem has multiple platforms leveraging emerging technologies (social platforms, NFT marketplace, digital wallets, Dapps, mobile apps, and more). Sportcash One offers a crypto native solution for sport’s merchants and ordinary consumers by building a comprehensive utility, charity, loyalty and rewards platform for the sports industry. We provide utility, sponsorships, loyalty, donations, and monetized social capital for athletes, stakeholders, and all members of the sports business ecosystem.
Sportcash One offers an innovative blockchain and crypto solution for the Sports and E-Sports industries. Our Tokenization-as-a-Service, NFT Marketplace, and Social Network provide athletes, clubs, brands, fans, gamers, and sponsors exposure to crypto assets. NFTs and tokens continue to disrupt and improve the ways in which sporting entities engage directly with their fans. Sportcash One provides the blockchain solution at the convergence of tech and sports.
AI: What makes SCOneX’ blockchain technology unique and safe?
Moretto: Waves is believed to be one of the fastest blockchains and continues to serve as a transparent, fully decentralized and auditable platform for value transfer. The Waves platform heavily relies on fiat gateways administered by independent operators. These operators enable users to exchange fiat currencies for digital coins. However, the coins here are different from traditional cryptocurrencies, such as Bitcoin and Ethereum. Fiat currencies like USD or EURO are converted to fiat tokens (wUSD or wEUR) and can now be transferred through blockchain.
Going forward, exciting news, more events, more exciting challenges after Belgium, there will be Monza, Italy and others events coming soon.
The website of SportCash One AG is unofficial and is not associated in any way with the Formula 1 companies. F1, FORMULA ONE, FORMULA 1, FIA FORMULA ONE WORLD CHAMPIONSHIP, GRAND PRIX and related marks are trademarks of Formula One Licensing B.V.
Details of the first Formula 1 NFT Challenge challenge
Collect Ai Cover Art NFT Ai Cover Art with Roberto Moretto, CEO, Sportcash One AG