The NCAA (The National Collegiate Athletic Association) made a rule change and as of July 1st, 2021, their athletes are now allowed to make Name, Image, and Likeness (NIL) business deals/ transactions that would allow them to make money during their college careers. This is good news for college players who want to sell their digital and physical merchandise or possibly start their own businesses while still playing college football, basketball, soccer, and more!
MetaWirks.com grabbed this new opportunity and decided to launch a multi-chain NFT and Fractional NFT marketplace for college athletes.
As more people become interested in crypto and blockchain technology, there is increased demand for bringing NFTs to the mainstream public. Also, a strong Desire is there for the Physical and Digital Sports Worlds to Combine. Digital collectibles, video clips, and upgrades to physical memorabilia are being made available for purchase and trade by professional sports leagues, individual players, and their partners.
TheBITLabs was awarded work to build the entire suite of applications for the multi-chain NFT and Fractional NFT marketplace by deploying its teams of experienced web application developers, blockchain/ decentralized application developers, and native iOS and Android Application Developers.
Service provided
Web Application, Backend, Admin Panel, Native mobile iOS and Android Application
Challenges
Web 3.0 and cryptocurrencies are built on the blockchain. Because of the transparency of various transactions, the world has adopted blockchain technology and decentralized applications. The majority of NFT DAPPs now in use operate on the Ethereum blockchain.
MetaMask Wallet is the most popular browser tool for sending and receiving signed transactions. It is also used as a primary wallet to store the balance in Ethereum. Our application needed to connect to Metamask wallet.Implementing Fractional Non-Fungible Tokens or F-NFT for our application as a key feature while documentation and developer community around this technology being less accessible was a challenge on its own.
Lazy minting feature had to be implemented to avoid very high gas fees for the seller.
Before deployment on the mainnet, we needed to figure out a formula to estimate gas price-wise total cost estimation.
The decentralized application would have to be open to upgrading the smart contract if any changes were required.
Solution
We have built a react application and we are using web3.js and ethers.js, to connect to the Ethereum wallet i.e. Metamask.
ERC712 from openzeppelin was used for the deployment of the F-NFT feature.
We created a voucher and made it valid on a smart contract. Only then do we allow transactions for the lazy mint.
We can determine a formula for gas price-wise total cost estimation. Additionally, gas price changes frequently, so the total cost calculation for deployment changes. We developed a script for monitoring and notifying of a favorable minimum gas price, and at that point, we started deployment on the mainnet.
Our deployment with OpenZeppelin gives us the flexibility to build upgradeable contracts.
Our decentralized applications’ user interface and user experience are very user-friendly and need very little time till a user can complete works such as collection creation, minting NFTs, and then proceed to features like Fractional NFTs.
Our NFT content is stored on IPFS (“The InterPlanetary File System is a protocol, hypermedia, and file sharing peer-to-peer network for storing and sharing data in a distributed file system. IPFS uses content-addressing to uniquely identify each file in a global namespace connecting IPFS hosts.”) through Pinata.cloud.We also used the Infura Web3 API, which provides instant access to Ethereum, Polygon, Arbitrum, Optimism, and more over HTTPS and WebSockets. They freed up some of our time working on infrastructure.
Impact
Simple, Secure, and in compliance with NCAA
One of the most exciting features of NFTs is how they help monetize athlete rights. Athletes’ NIL can be monetized by creating NFTs, through a compliant and secure platform that is not only in line with NCAA & State laws but also enables the athlete to set his/her price.
Minimal Time Commitment
Creating NFTs and the entire process is relatively easy and fast for any college athlete. NCAA athletes can easily create their NFTs by uploading images on Marketplace. For pro athletes, this creates an opportunity to engage with fans and add brand affinity.
Control over NIL
We have engineered a marketplace allowing athletes complete control over their NIL NFTs from start to finish. We believe this will be an area of growth once users see how much they can customize their NFTs with different utilities and art.
Royalties
NFTs are an exciting new way for athletes to earn money on their intellectual property. Unlike traditional memorabilia, NFTs don’t need to be produced in large quantities, have long lifespans, or be distributed through traditional retail channels. Athletes can always make more NFTs and can add royalties which let them earn percentages of the sales in perpetuity.
Genuine Community Involvement
NFTs enable athletes to connect directly and engage with some of their most passionate fans. In addition to providing exposure to the cryptocurrency community, NFTs are the perfect way to enable athletes to create personal brands and monetize their brands.
Prospect
NFTs are physical representations of digital objects. Unlike physical sports trading cards, NFTs can increase or decrease in value over time, which makes owning a rarer item more rewarding.
Value addition
Tokenization is becoming increasingly popular with the growth of blockchain technology and its ability to enable a platform through which fans can connect directly with the content creators they love. NFT fractionalization expands the market for NFTs by enabling greater liquidity, making it easier for smaller retail buyers to buy fractional amounts of an NFT, and opening the doors to new investment strategies.
Features
- Create and publish your collection
- Automatically generate images for collections by adding layers
- Mint NFTs
- Fractionalized NFTs
- Check price history
- Check transaction history
- Detailed Information Display of the Token
- Dashboard / Admin Panel
Technology
React, Metamask, IPFS, Infura Web3 API, AWS
Live Project
Native mobile iOS – Contact for Demo
Android Application – Contact for Demo
