In this new series “Hybrid Product Ideas with Qliktag” we share some interesting ideas and examples of ordinary physical products and assets and address how their value can be enhanced by tokenizing and digitally augmenting them through the use of printed electronic tags.
Today, we look into sports memorabilia & collectibles.
Authentic sports memorabilia and collectibles have often fetched millions of dollars at auctions and is a multi-billion dollar industry. Whether it’s a pair of Michael Jordans sneakers, Roger Federer’s tennis racket or Lewis Hamiltons race helmet, exclusive signed collectibles often come with immense emotional value to fans and influences financial value of the item. As a result, they are also a lucrative target for counterfeiters and the ability to ascertain the authenticity of these items is paramount both to the buyer and the industry as a whole. The other challenge those within the sports collectible industry are often trying to address is how do take these collectibles and bring them to the digital age making them more valuable to the newer generations of fans and collectors. The NFC + NFT technology which enables hybrid products addresses both these concerns and can actually make sports memorabilia and collectibles more valuable to collectors as a result.
Let’s assume a basketball which was used by LeBron James to shoot 18 points during a game. Post-game, the ball can be signed by the NBA star, fitted with a Qliktag / special high security NFC tag paired with an NFT minted on the blockchain and equipped with a smart-contract. The key statistics for the game can be captured as attributes and recorded against that ball. Everything from which teams, played, who refereed the game, the date, time, shots scored with this ball, who scored them, total score, end result, possession statistics etc. Video clips of LeBron James making the shots with this ball during the game can also be attached digitally to the game ball along with perhaps a short personal message from the star recorded for the future owner of this collectible ball. All these things capture memories and moments from the game and tie it to the ball making it more personalized, more valuable to a collector and more financially valuable too than the ball without the digitally associated features. Further, pairing it with an NFT ensures ownership can be transferred online, traded digitally and authenticated though both the secure NFC authentication as well as immutable blockchain record.
In summary, the item can now be authenticated, ownership of the item can be authenticated and the physical item is augmented with digital capabilities and intangible moments and emotions from the game and player making it more valuable than just the physical item by itself.