Sports clubs can now create tokens to instantly commemorate notable events, thanks to a partnership between two blockchain startups, announced today.
The partnership sees sports tokenization platform Socios.com and its cryptocurrency Chiliz integrate decentralized oracle provider Chainlink. The tie-up enables sports clubs to mint limited-edition tokens in the blink of an eye—if Cristiano Ronaldo were to surpass 50 goals for Juventus, for instance, or Lionel Messi breaks another goal-scoring record.
Chainlink enables automatically executing smart contracts to react to real-world data and events, ensuring the most secure and accurate data feeds possible.
Chiliz will now use these feeds to create non-fungible tokens, in real-time, for their clients who include top soccer clubs FC Barcelona, Juventus, Paris Saint-Germain, and Atlético de Madrid.
“The Chainlink integration enables us to be responsive to real-world sporting events in real-time, allowing us to mint limited availability NFTs to commemorate moments that can’t be predicted or recreated, giving these tokens real collectors value,” said Chiliz founder Alexandre Dreyfus.
Chainlink moves into the sporting arena
The partnership marks a first for the oracle provider—it’s the first time Chainlink has integrated with a sports-focused platform.
Chainlink has been busy integrating with all manner of blockchain projects to provide secure and accurate feeds. It’s made much headway recently, becoming a standard protocol in the buzzy field of decentralized finance (DeFi) applications, which mimic traditional financial tools. But it’s now integrating with other sectors such as insurance, and gaming.
For Chiliz the partnership marks a new leap, enabling it to introduce more decentralization, Dreyfus told Decrypt.
“We are consumer focused, but we also want to build more blockchain-based features on our core system,” he said.
As well as instant memorabilia, the new integration will provide the token provider with an accurate on-chain pricing feed for conversions between its token $CHZ and USD.
The feed is secured by seven nodes that each source data from different data-aggregating APIs, ensuring the highest reliability for token conversions, according to Chiliz statement.
Chiliz is aiming for 50 sports and entertainment partnerships by the end of the year—so no danger of running out of events to immortalise then.