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How It Works

Verification Process for New & Existing Memorabilia

You’ve seen the advantages - here’s how it works. 

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The Value of an NFT Is in the Metadata

Metadata validates an NFT’s value and describes essential properties, including:

  • Name

  • Location

  • Time of Creation

  • Video

  • Description

  • Images

  • Any other primary digital assets or documents that contribute to the NFT’s value

 

Black Ink Tech uses kiosks to capture metadata from the initial event, including the unique identifier from the physical object, biometrics of
participants, the date and time of the event, and the GPS location.

BIT tokens are all Touch Audit enabled for transparent validation and give NFTs unique value. They are not just digital representations or objects that solely exist in the digital realm but are actually connected to real-world objects that can be audited and validated.

New Memorabilia

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  • The Owner will choose the Sport, Memorabilia Category, and enter the asset details.

  • The Owner will upload photos associated with the Asset.

  • The Asset is then verified by the Owner or an Official using the QR Code anchored to the Asset in the NFT.

  • The generated QR Code or the Officials unique identifier is attached to the asset.

  • Once the Owner submits, the Asset will be minted and held in their Sportafi wallet.

  • The minted NFT's Touch Audit metadata includes details of where, when, what, and who.

  • Embedded smart contract language records stakeholders in NFT records.

  • At the time of sale, a portion of the purchase price is distributed among the associated player, team, league, and manufacturer autonomously via smart contract.

Existing Memorabilia

  • The Owner takes their Asset to an authenticating agency equipped with a Sportafi oracle.

  • The Official will scan the Assets QR Code and biometrically anchor themselves to the Asset.

  • The Official will verify the Asset Details.

  • The Official will also upload photos of the Asset and the Unique Identifier associated with the Asset.

  • Certification of Authenticity is processed and uploaded.

  • Upon submission, the Asset's NFT will display Verified by Official in the Owner's Collection on the Sportafi Mobile Application.

  • The minted NFT's Touch Audit metadata includes details of where, when, what, and who.

  • Embedded smart contract language records stakeholders in NFT records.

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  • At time of sale, a portion of the purchase price is distributed among the associated player, team, league, and manufacturer autonomously via smart contract.

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In the event of a sale, the digital token is transferred from the seller's wallet to the buyer's wallet. All identified stakeholders receive a percentage of purchase price, creating a transparent, autonomous, and residual income stream.

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