Whitepaper - MedalVerse

Introduction

Medalverse is a platform based on the blockchain and NFT technologies to offer a unique experience to the sport stakeholders.

It is a true ecosystem bringing together organizers, amateur and professional athletes, and their fans, with a goal to simplify the creation and exhibition of digital trophies in order to offer them innovative interaction opportunities.

Win, thrill, share; these are the watchwords of MedalVerse. Emotion is at the heart of sports and MedalVerse aims at giving it a new dimension.

A strategic tool for marketing communication and fan loyalty, MedalVerse aims above all to be a platform that meets future strategic challenges for sport stakeholders in terms of image as well as digital property.

The evolution of information and communication technologies has allowed the emergence of digital property, a future major challenge for companies in the digital field.

Our mission : To support these players by responding to needs not yet expressed and whose potential market alone represents exponential growth.

01 – Vision : market state

A – Global NFT market

NFTs are digital property certificates registered on a blockchain. This record is immutable and cannot be modified or altered. Tokens are usually created or minted using smart contracts (self-executing contracts written into the code of a blockchain) and can be exchanged on the secondary market for cryptocurrencies.

The rise of this technology in 2020 has allowed the birth of use cases in many fields: art, music, avatars, games, etc. This has allowed the NFT market to experience phenomenal growth since the beginning of 2021. This market, which was a niche market just a few months ago, has become mainstream.

To illustrate this, here are the transaction volumes of the NFT market in recent years :

The Ethereum blockchain accounts for most of NFT’s transactions since $40.9 billion of transactions were recorded on this blockchain in 2021.

B – Sport NFT market

The world of sport has not escaped the trend and has naturally entered the world of NFTs. Among the biggest successes of the marriage of sports and NFT are NBA TopShot, socios.com, Sorare, etc.

More and more sports clubs are using NFTs for various purposes :
Getting closer to their community by forging stronger relationships
Provide their community with innovative experiences
Develop their complementary income by offering innovative products to their fans, and can
thus finance activities that require ever more financial resources.

Athletes are not left out. We think in particular of Lionel Messi who was one of the main sportsmen to partner with a brand (Socios) to develop the extension of NFT in sport. Other athletes offer their fans to acquire in the form of NFT highlights of their careers, personalized objects.

In the continuity of their activity, athletes have become real entrepreneurs who manage a brand and an image online. They use the tools at their disposal such as social networks to exchange and create a link with their community, their fans.

The organizers are also starting to take an interest in the sector and to offer NFTs to participants and spectators (to manage ticketing, for example).

This sharing and proximity should increase further in the coming years. The development of metaverses will allow even more intimate experiences, and even closer between athletes and their fans.

The prospects for the NFT market in the world of sports are therefore excellent. According to a study by Deloitte, it is a market that is expected to be worth $ 2 billion by 2022 and in which 5 million fans will be active, buying and selling NFTs on different marketplaces

C – Sports awards

he most intense moments in sport are victories. They represent the culmination of many efforts and sacrifices. The symbol of these victories is the trophy or medal that athletes win and some of these trophies have even become iconic. Thus, after the major competitions, we see countless photos of athletes presenting the trophy or medal won to their family, friends, partners, etc.

However, trophies have not yet taken the digital turn. They remain largely physical, which limits the possibilities of sharing with fans. In fact, the sharing of digital trophies could significantly expand the field of possibilities with its fans, “hook” the generations most passionate about internet technologies, diversify its value proposition on the internet and greatly increase the proximity between fans and their champions

02 – Goal : Our value proposition

A – Mission

Medalverse pursue multiple objectives :
▪ Enable organizers to create sports awards native from the digital universe,
▪ Allow the athletes who will win these trophies to easily exhibit them on their social networks, digital galleries,…
▪ Allow fans to rethink their relationship with their clubs and their favorite athletes.

MedalVerse is universal and intended for all organizers, clubs and athletes. Whether at the amateur or professional level, each athlete can be proud of the awards they win, whether it is a prestigious title, or an honorary award for participating in or completing a competition. He must also be able to share it simply with his friends, family or fans in order to share with them these moments of celebration.

Through the award, we want to give the opportunity to bring the actors of sport even closer together.

B – Stakeholders

MedalVerse brings the world of sports the tools to create and share digital rewards. These ambitious goals are intended to include four players in the world of sport:
▪ Les organisateurs de compétitions pourront créer des récompenses numériques et les transmettre aux sportifs vainqueurs,
▪ Artists will propose the designs of these awards to make them unique and iconic,
▪ Athletes will be able to exhibit and share their rewards, creating unique experiences for their fans,
▪ Fans will be able to participate in the experiences created by the athletes.

Because every emotion is different, MedalVerse will also be able, when necessary, to adapt to organizer’s requests and build custom trophies.

03 – Medalverse solution

A – Trophy factory, the trophy lab

Competition organizers will have at their disposal an environment that will allow them to create their rewards in a very simple way. Visuals in 2D, 3D, fixed or animated, will be proposed by artists and selected by the community or can be directly imported from a pre-existing model. In addition to this, they will be able to choose the NFT parameters to fit their competition.

B – Fan place, The athletes Hall of Fame

Once the competition is over, the trophy will be sent to the athlete, who can share it in a gallery for the benefit of their family, friends and fans. It is a real meeting place between athletes, clubs and their fans.

The fan place is also intended to allow athletes (or organizers) to get closer and exchange with their fans, such as the organization of dedicated meetings.
In addition, a marketplace will make it possible to create and sell derivative objects offered for sale by players in the Medalverse ecosystem.

C – Compete to earn

To promote interactions between all players in the ecosystem, fans, organizers and athletes have the opportunity to create their competitions and invite their community to participate in exchange for a reward in $Medal tokens…

The more competitions you enter, the more rewards you earn !

D – Smart contracts

The project’s smart contracts have been published on GitHub and can be viewed at the following address :
https://github.com/MedalVerse/MedalVerse-Front

The MedalVerse application is composed of 10 contracts, including a core NFT contract, which follows a smart NFT architecture and manages the particular logic of the trophies.

For example, to meet the needs of some organizers, an option will allow them to pause and/or withdraw a reward given to an athlete; the idea being to allow the organizers to disqualify a competitor after delivery of the reward, such as following the result of a positive anti-doping control. The NFT belongs to the athlete, but the organization retains a peremptory right to withdraw it without the athlete being able to oppose it.

The contract implemented on our Git is a “Trophy” type NFT :
▪ It is based on an NFT whose role is to provide a graphical representation of the reward; unique and tamper-proof representation,
▪ It is put back into play with each new edition,
▪ It keeps the history of the previous edition winners,
▪ It belongs to the winner while waiting for the next edition, he cannot however sell it.

The Trophy NFT supports the ERC721 interface and overrides some specific mechanisms to meet the needs of the “Trophy” settings.

A gallery is automatically generated for the athlete, displaying the medals he wishes to share. The site generates one page per user address, ex :
www.medalVerse.xyz/athlete_URL

This address is visible without a direct link or requirement to register on the MedalVerse site, it can be exported as an IFrame on another site.

The other contracts correspond to the internal management of the application and allow recordings in the database of events / users / medals. They also ensure the coherence of the structures.

Sécurity :
A security audit was carried out to secure the token and the NFTs generated by the application. The report corresponding to the latter is available here :
https://github.com/MedalVerse/MedalVerse-Front/blob/main/documents/avoiding_common_attacks.md

E – token

The $MEDAL is the exchange currency of the platform allowing the whole ecosystem to interact, although it is not exclusive for the operation of the platform. It will be used in particular for the creation of trophies, the purchase of derivative products on the marketplace or even as a reward for “Compete 2 Earn” events.

The $MEDAL will also be a way to actively contribute to the ecosystem, in particular by voting for the possible evolutions of the platform.

The $MEDAL token will also allow its owners to guarantee the quality of the reward models offered
in the Trophy Factory by the artists,allowing the community to vote according to the following principle :
▪ All proposed models will be deposited in a Waiting Pool before the weekly opening of the Selection Pool,
▪ When the Selection Pool is opened, the models from the Waiting Pool are integrated into the Selection Pool,
▪ Token holders can lock their tokens on the model of their choice,
▪ At the end of the week, the votes are stopped, and a count is made :
▪ The most popular models are integrated into the models marketplace. The other models return to the trophy creation pool
▪ Token holders who have locked tokens for the voting process get their tokens back. They also receive an additional reward in $MEDAL from the platform.

It is therefore a participatory staking, which will benefit the ecosystem. Token holders are in fact encouraged in three ways to actively participate in the ecosystem :
▪ The reward received for staking their tokens,
▪ Improving the quality of the marketplace models will make the platform more attractive for organizers, and therefore enhance the token,
▪ Access to Medalverse exclusives : physical or virtual events, NFT collectors, etc

The $MEDAL token is a standard ERC20 token, with no particular intrinsic behavior. It is used by MedalVerse and NFT contracts in order to perform the necessary transactions.