F.A.Q.

Frequently Asked Questions:

• On what network do the Blockchain Sports Athlete NFTs Exist? This is dependent entirely on the users. In order to be maximally inclusive BCSports automatically deploys to 6 networks via Layer Zero. While we anticipate that majority of users will come from the lower-cost, higher throughput chains such as Polygon, BCS, Avalanche, and the Layer 2’s Arbitrum and Optimism; we have kept the door open for Ethereum natives as well. As more athletes come online and the project matures, we will be integrating other chains.

• How do I acquire a Blockchain Sports Athlete NFT? Mint one during a IAO or acquire through trading on any open, decentralized marketplace.

• What marketplace can I trade a Blockchain Sports Athlete NFT? Any open, decentralized, permissionless, ERC-721 / ERC-1155 standard-compatible marketplace. To view listings, please refer to (Insert Opensea Link)

• Can I sell my athlete back to Blockchain Sports? No. In order to upkeep the necessary properties of permissionless, all minting transaction activity takes place directly on the blockchain. Thus, once a mint takes place, it is final and cannot be reversed.

• Will there be any Staking Modules? We are exploring a potential application for staking the Athlete NFTs in order to activate a hypothetical Hold-to-earn module, but at this time there are no concrete guarantees that it will be necessary. If we find an effective way to leverage staking, we will definitely consider integrating it.

• Can I Refer an Athlete? Certainly! We love to connect with all athletes. Just be advise that a this time they will only be engaged for tokenization if there is an affiliated organization/league/team that would be able to vouch for them and ready to cooperate with our requirements.

• I am an Athlete, can I get tokenized? Please reach out to our team [e-mail]

• I am a scout, can I buy the athletes? Player transfers and acquisitions must be directed to our team via email [e-mail]

• How are Athletes Graded? Assessments are carried out by prominent, trusted, reputable, individual industry participants. The Blockchain Sports trusted committees conduct an evaluation of a player based on their professional judgments. All evaluations are highly scrutinized and cross-referenced before finalization. The scores that athletes receive during their grading will be the primary data points that contribute to the establishment of their NFT mint prices.

*In the case of Soccer, assessments must only be conducted by FIFA-licensed scouts that have defined themselves as having high-quality reputations within the sport.

• What data points are used in evaluations? There will be a universal framework of data points that applies individually based on the sport and the role of an athlete. The target point grid will be nine. The nuances of each sport and player role will be accounted for to only include the relevant fundamental attributions, such as for a goalie the number of times they successfully protected their post, their wingspans, and so on.

• What happens to the public non-circulating (80%) of Athlete NFTs? During the issuance of the Athlete NFTs, the tokenization platform mints 5,000 units; 80% or 4,000 NFTs are allocated to an escrow locker. This is done in order to create an equilibrium in the market in terms of digital athlete ownership and market capitalization. It is important to note that the BCSports Tokenization platform will “soft-custody” these NFTs (holding them in escrow lockers) - thus, they will never be injected into circulation. This portion of NFTs will not be tradeable; they will serve as a “promissory note” that must be utilized for bootstrapping a liquidity pool. This portion of the supply will only be unlocked and transferable after an athlete transfer is settled.

• Is there a reveal that takes place? No. In line with creating an equilibrium without rarities, all NFTs are exactly alike and immediately revealed upon mint.

• Will there be different rarities of the Athlete NFTs? No, all Athlete NFTs are equal. Blockchain Sports has opted to forgo the use of rarities within its architecture at this time due to the unintentionally skewed effect created that split early community members on the grounds of arbitrary luck. After evaluating hundreds of collections, it has become well-known that rarities carry an element of gambling that, when not in alignment with the minter’s expectations, ends up being disregarded and loses its desirability in the marketplace.

• What happens if an IRL Oracle falsifies data? Blockchain Sports has established relationships with some of the most highly regarded Sports Data service providers and leverages a multitude of them in aggregate to establish the highest common denominator of truthful data in order to mitigate any potential conflicts of falsified data. In the event that any information is found to be untrue and intrudes on true platform operations, those entities shall be immediately discharged from their roles, and substitutes will be placed. We are exploring more sophisticated mechanisms involving multi-party computation to pre-empt any such occurrences and will enact them as Blockchain Sports matures.

• Why would a sports organization share their athletes with the public? Opening up a market that was previously private can invite a much broader audience with a much deeper pool of capital. Higher multiples are much more common in public markets. Moreover, the initial acquiring organization can diffuse its risk during the lifecycle of athlete ownership.

• What happens if the Athlete of an NFT I own is Injured? The NFT will continue to circulate and the Athlete’s physical status will be updated in the metadata.

• Do we own any IP rights? IP rights are exclusively preserved by the athlete's affiliated organization. Current IP rights in regard to blockchain technology can get overly complicated quickly due to the cross-jurisdictional nature of NFTs. While there has not yet been any concrete regulations put forth, a few edge cases have begun to set a precedent with the potential for retroactive enforcement. Therefore, at the moment, no. However, this is an area we intend to address in the foreseeable future as the concept itself matures.

• Why tokenized and Athlete? Tokenization taps into the concepts of portability, accountability, and rationalization. There are three key benefits to transforming athletes into digital assets through tokenization. First, new markets can be created. Second, a new class of assets can be created. Third, new channels for the formation and flow of capital.

• How is an Athletes Market Capitalization Calculated? Market Cap calculations are based on a formula which multiplies the current price of the Asset by the total shares of it. The initial market capitalization is derived from the mint price. If there are 5,000 fragments of an athlete NFT and the mint price is 100 Matic (or $80 at ~$0.80 per MATIC) then the Market capitalization is 500,000 MATIC which will translate to $400,000.

• Will there be any KYC processes? Yes absolutely. KYC will take place during the minting process. Every wallet/user is granted a maximum cap of up to $1,000 worth of minting before the KYC module engages.