Olyseum (OLY) functions as a blockchain-based social marketplace. The network enables influencers, artists, and sports stars to connect with their fans in new and exciting ways. Olyseum content creators can host virtual social engagements and issue NFT collectibles to reward fans for their engagement.
Notably, the platform already has momentum in the soccer market. The developers took a primary focus on sports due to the rising value of NFT memorabilia. Collectors can already find a variety of soccer legends and world cup winners on the platform. Players such as former Barcelona legend, Andres Iniesta, provide users with exclusive content and access to one-of-a-kind memorabilia.
What Problems Does Olyseum (OLY) Attempt to Fix?
Olyseum seeks to solve one of the biggest problems facing content creators, sports stars, and celebrities. The network helps these individuals to connect with their fans and provide a customized experience. In the traditional markets, these celebrities often need to share their funding with large production firms or major sports teams. Olyseum eliminates the middleman and provides a peer-to-peer network for these groups to prosper.
Counterfeit Goods
The rise of the counterfeit collectibles market has been a troubling reminder of why blockchain integration is so important. Reports have found that as much as 50% of classic sports memorabilia is fake. Collectors are losing millions of dollars yearly because they lack a reliable way to verify the authenticity of their collections. Sadly, some of these collectors forked out tens of thousands of dollars for these knock-offs. Olyseum provides a transparent network that provides near-instant verification in an efficient manner.
Benefits of Olyseum (OLY)
There are a lot of cool benefits that make Olyseum unique in the market. For one, it enables influencers to monetize their social standing in multiple ways. They can host events and issue collectibles. They can also reward their best fans with tokens for their support. Imagine your favorite musician hosting a private virtual concert for only his token holders. At the end of the event, you receive a commemorative NFT. All of this and more is possible using Olyseum.
Rare Collectibles
The NFT market is on fire at the moment. Today there are sports collectible NFTs worth hundreds of thousands of dollars. Olyseum provides a streamlined method for celebrities to issue NFTs. They can issue these tokens as large sets, small collections, or even unique pieces to fulfill their fan’s wishes. Notably, NFT collectibles derive value from different factors than regular cryptocurrencies.
Instead of market cap, the individual’ss personal connection, token scarcity, and past ownership play a role in determining the value of an NFT. Olyseum enables players to issue and hold xNFTs and then sell them or give them to fans. These tokens provide blockchain proof that they were issued directly from the player and were once owned by that individual.
Transparency
The Olyseum platform integrates blockchain technology to provide a high level of transparency to the market. Transparency has long been a point of contention for collectors. An FBI study found that the lack of transparency had led to a huge rise in counterfeit sports memorabilia. Olyseum users avoid these concerns as all NFTs issued by the platform remain blockchain verifiable throughout the life of the Ethereum network.
How Does Olyseum (OLY) Work
Olyseum operates on the Ethereum blockchain. Ethereum is the second-largest proof of work network in the world and the largest Dapp ecosystem. Olyseum users enjoy full interoperability within the Ethereum ecosystem. They can connect wallets such as MetaMask and store their NFTs in any ERC-20 compatible wallet. This approach simplifies onboarding for new users because they can use the crypto features they are already familiar with.
Olyseum functions by bringing stars and their fans into the Olyverse. This social ecosystem was designed specifically to reward fan engagement and collaboration with the goal to provide unprecedented levels of fan-star interactions and experience. Fans receive tokens that represent their favorite stars. These tokens can rise in value as the social standing of the celebrity rises. Think you found the next Messi? Join their Olyseum and watch their token value appreciate with their career.
Notably, this approach provides stars with a more powerful advertising platform. They can weave their campaigns into a collaborative, closer, experiential, and emotional network built around fans that care. This innovative approach brings stars and fans closer and allows them to monetize their audience more efficiently.
xNFTs
At the core of Olyseum’s strategy is the issuance of xNFTs. These tokens allow stars and fans to host live experiences and monetize engagements on an entirely new level. Fans can collect, trade, buy, and sell these tokens via the marketplace. Interestingly, Olyseum has issued a collectible set of xNFTs. These tokens are hidden in mystery cards to ensure they get fair distribution.
xNFTs live on the Ethereum network and can be saved in any network wallet that supports ERC-20 tokens. You can also trade these tokens on popular DEXs such as Uniswap. In this way, Olyseum provides a valuable service to the Ethereum community.
OLY
OLY is the native utility token for the network. Users need to hold OLY to purchase NFTs and join exclusive content. This ERC-20 token can be used as a cryptocurrency to send value globally. Also, you pay fees and receive your rewards in OLY. The token has a capped supply of 5 million tokens.
Final Thought
The developers behind the Olyseum project did their homework. The platform has a variety of features that make it a great selection for anyone seeking unique collectibles. Additionally, the network’s decision to focus on football stars was a wise choice. Impressively, the platform already has some of the greatest players of all time signed up and providing content. For these reasons, you can expect to hear a lot more from Olyseum as it ventures into other franchises and markets.
