CASE STUDY
The Game Changer: Building the Ultimate Marketplace for Officially Licensed Sports NFTs for Panini America.
ABOUT
PANINI AMERICA
Panini America is a subsidiary of the Panini Group, a global leader in the collectibles industry. The company produces sports cards and other collectibles for various sports leagues, including the NFL, NBA, and FIFA World Cup. With the rise of NFTs, the company saw an opportunity to enter a new market and leverage its existing relationships with sports leagues and athletes to offer unique digital collectibles.
In 2019, Panini America, a sports and entertainment collectibles company, entered the NFT (Non-Fungible Token) market, launching a digital platform for trading sports collectibles. The company aimed to tap into the growing popularity of blockchain-based collectibles and create a new revenue stream for the company.
THE
CHALLENGE
The NFT market is a dynamic and emerging space characterized by limited regulation and few established players. In this case study, we will examine the obstacles that Panini encountered upon venturing into the NFT sphere.
TECHNOLOGICALLY, PANINI HAD TO DEVELOP A PLATFORM FROM SCRATCH THAT SEAMLESSLY INTEGRATED BLOCKCHAIN AND DIGITAL WALLET TECHNOLOGIES WHILE ENSURING USER-FRIENDLINESS.
COMPETITION-WISE, SEVERAL OTHER FIRMS HAD ALREADY ENTERED THE NFT ARENA, NECESSITATING PANINI TO DIFFERENTIATE ITSELF AND OFFER UNPARALLELED VALUE PROPOSITIONS TO ATTRACT USERS.
LICENSING PRESENTED ANOTHER CHALLENGE AS PANINI HAD TO SECURE AGREEMENTS WITH SPORTS LEAGUES AND INDIVIDUAL ATHLETES TO DEVELOP AND SELL NFTS BASED ON THEIR IMAGES AND LIKENESSES.
THE
SOLUTION
Our team successfully deployed a robust and user-friendly platform that caters to both novice and experienced users through its simple and intuitive interface. Panini's main objective was to offer their clients authenticated digital collectibles that necessitated a secure and transparent system that could guarantee the uniqueness and authenticity of each NFT. Consequently, we decided to employ Hyperledger Sawtooth, an open-source blockchain platform, to construct and operate their private NFT platform. Hyperledger Sawtooth is an optimal platform for developing private blockchain networks, as it enables users to create, deploy, and manage their blockchain networks.
A PRIVATE NFT PLATFORM WHERE CUSTOMERS CAN BUY AUTHENTICATED DIGITAL COLLECTIBLES
THE ABILITY TO PROCESS A LARGE NUMBER OF TRANSACTIONS
SMART CONTRACTS TO VERIFY THE UNIQUENESS AND AUTHENTICITY OF EACH NFT
SAWTOOTH'S SCALABILITY ENABLES THE CREATION OF MULTIPLE BLOCKCHAIN NETWORKS THAT CAN PROCESS DIVERSE TYPES OF TRANSACTIONS.
A DIGITAL WALLET TO SECURELY STORE NFTS
A MARKETPLACE TO PURCHASE AND SELL NFTS
NFT ECOSYSTEM
TECH
STACK
BENEFITS
Panini America's NFT marketplace was a game-changer, offering a myriad of exciting benefits:
THE PLATFORM SKYROCKETED IN POPULARITY, SELLING AN ASTONISHING NINE-FIGURE WORTH OF NFTS IN THE SECONDARY MARKETPLACE IN THE FIRST TWO MONTHS OF THE NFT MARKETPLACE LAUNCH!
WITH THE PLATFORM'S HELP, PANINI'S NFTS HAVE BECOME FREQUENT CHART-TOPPERS, CONSISTENTLY BREAKING INTO THE GLOBAL TOP 10 BEST-SELLING NFTS!
THE PLATFORM'S IMPRESSIVE STABILITY AND SECURITY DREW IN SOME BIG NAMES IN THE SPORTS COLLECTIBLES SPACE WHO ARE NOW EVANGELISTS OF THE PRODUCT!
DIGITAL COMMERCE SAW A WHOPPING 300% GROWTH, MAKING IT A GAME-CHANGER FOR ONLINE TRANSACTIONS.
INDIVIDUAL NFTS FETCHED JAW-DROPPING SIX-FIGURE SUMS, LEAVING COLLECTORS IN AWE.