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Preventing fraud with technology

fraud-lock

Currently in the sports memorabilia market...

Fraud runs rampant.

It’s no secret that the current state of the sports memorabilia market is fraud ridden. According to the FBI, estimations suggest that anywhere from 50-80% of sports memorabilia is counterfeit. This leaves the burden on buyers to research sellers and verify the authentication of items, which repeatedly can deter buyers from making possible investments.

 

With Sportafi’s revolutionary technology, the burden is no longer the buyer’s responsibility to research the seller and authenticate items before purchase since the physical item is connected to a digital asset and immutable record. Our partners: authenticating companies, sports leagues, and players association officials stake their credibility on the verification of these items deterring the creation of fake memorabilia.
 

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Examples of how Sportafi can eliminate issues concerning fraud

By pairing collectibles with a digital token, there is no question of its authenticity or ownership

Collectors still maintain ownership, even if an item is lost or stolen. Collectibles cannot be sold without the authenticating token (NFT)

New counterfeit items cannot be created due to the requirements

for verification of the time, location, biometrics, and digital identifier allowing the trueowners

to maintain ownership

Merchandise on memorabilia genesis, on first creation, must match the manufacturing facility with corresponding time

Fraud Prevention

Removing the item identifier makes the item worth less. It’s impossible to create a duplicate digital asset due to the requirements of time, location and biometrics from the “genesis” data on the blockchain

Blockchain technology prevents counterfeit time records from being created

Sportafi kiosks are GPS anchored making it improbable to forge

location records

Biometrics must be of authenticating parties (owner, official, athlete, authenticator, etc.)

Without a digital token paired with it, the physical item inherently has less value

All items with tied digital tokens are stored in the immutable blockchain database and is available to be viewed by any interested party creating transparency in the market

Accountability & Transparency

Companies and officials put their reputations on the line when authenticating items

Once an individual is found to be authenticating fake items, all of their credibility is lost

A database of all authenticators and items accessible to all prospective buyers bringing a level of transparency and accountability never before seen in the sports memorabilia world

Memorabilia are assets--and should be treated as such--Sportafi has not only developed a patented hardware and software platform for registration and verification but also a transparent exchange allowing for easier verifiable confirmation, and transactions to occur

How Sportafi Changes the Game of Sports Memorabilia

Sportafi’s patented software and hardware platform pairs sports memorabilia and collectibles with a digital asset creating an immutable digital asset that becomes the “token” or key for the verification of the object. The token and physical object are then inextricably linked. Sellers must have both in order to complete a transaction, one without the other nullifies the transaction. 

 

Unique, tamper-proof identifiers, like the RFIDs already found in NFL footballs, act as the link between real-world objects and the blockchain. This pairing makes it easier to verify a collectible’s authenticity and harder to create fake memorabilia benefiting both the fans and the leagues/teams/players behind it.

 

These security features will all but eliminate fraud in the marketplace. It’s nearly impossible to create a duplicate digital asset due to the requirements of time, location, and biometrics from when the item was authenticated or registered. Time is immutably recorded on the blockchain with the kiosk acting as the GPS anchor, in addition, the biometrics of the owner, official, authenticator, and/or player are all recorded. 

 

Because of this, owners are able to maintain ownership, even if an item is stolen or lost. The physical item cannot be sold without the authenticating token (NFT), and vice versa. 

 

To further prevent fraud, authenticating companies and sports leagues officials stake their reputation on the verification of these items. Once an individual is found to be authenticating fake items, all of their credibility is lost. In addition, a database of all authenticators and items accessible to all prospective buyers bringing a level of transparency never before seen in the sports memorabilia world. 

Reduced Fraud

Sellers must have the digital key along with the collectible in order to prove authentication in order to receive payment and transfer to the buyer’s wallet eliminating any question of whether the collectible is authentic.

Enhanced Security

With the added level of security tying physical objects to an immutable record of the time, location, biometrics of the official, owner and/or player, it will be nearly impossible for fakes to be created. 

Safer Market

Currently, the burden is on the buyer to do their own research to determine if the seller is trustworthy and the item they are selling is authentic. Sportafi brings truth and transparency to a marketplace that has for far too long been overrun with fraud.

Historical Data

From the digital asset “genesis” or creation data to the current ownership, every change of hands is immutably recorded on the blockchain, and available to be viewed by any prospective buyer.

Sports memorabilia has the intrinsic value of being able to take us back to a pivotal moment in time and the rush of emotions we experience when seeing amazing feats on the field.

Give your collectibles even more value by immutably tying them to digital assets so they never lose their worth