SCOR Releases Cross-Chain Solution,Transforms Dormant Sports NFTs Into Versatile Assets
NFTs are versatile assets that can be programmed to do just about anything. But they can also be volatile assets whose value fails to maintain the mint price paid for them. In recognition of the latter problem, SCOR has released a cross-chain solution that infuses sports NFTs with more of the former – genuine utility. In the process, the novel product – Cross-Chain Wallet Linking – has the potential to bring dormant NFTs back to life.
SCOR Hits a Home Run With Cross-Chain Linking
It’s no secret that blockchain has a fragmentation problem caused by the sheer number of networks all vying for market share, resulting in assets and liquidity being scattered across multiple chains. There have been many attempts engineered at solving this, from making it easier to move assets between chains to developing smart contracts that can execute on one chain concerning events that occur on another – say a user buying USDC on Ethereum but receiving it on Solana.
SCOR’s approach to the multichain problem, however, might be unique. Instead of architecting ways for sports NFTs distributed across dozens of networks to be transferred to one wallet – the wallet users require to access SCOR’s own web3 platform – it simply enables proof of ownership. But if you think this is about merely proving you bought a particular NFT at a particular point in time, think again. SCOR has grander ambitions with Cross-Chain Wallet Linking.
Giving Sports NFTs Superpowers
In recent years, sports fans have put significant amounts of money into demonstrating their fandom including forking out for NFTs of the players and teams with which they identify. But today, the vast majority of those NFT collections have little real-world value or utility. SCOR’s solution fixes that, not by magically returning these NFTs to their ATH, but by enabling their holders to earn exclusive perks within the SCOR ecosystem.
Examples cited include the ability to collect gems that can be converted to $SCOR tokens at an accelerated rate, but in reality, this capability will likely be expanded as SCOR devises new ways for fans to connect and engage. Speaking of connecting, it’s important to clarify that the underlying NFTs don’t go anywhere throughout this process. Instead, the user cryptographically links the external wallets holding the NFTs to their SCOR-ID, whereupon they are represented within their SCOR dashboard.
Digital Photographs for Dedicated Fans
There’s a couple of ways of envisaging the functionality that SCOR’s latest feature supplies. One is that it’s a way of getting more out of your interactions within the SCOR platform, whether you’re there for earning, entertaining, or engaging with fellow fans. But another way to visualize it is as a digital photograph album that records your onchain journey. For the first time, all of the different sports NFTs you’ve collected over the years and across the networks can be united within a single gallery.
For completists – the sort of individuals who like their possessions neatly ordered – this is an enticing proposition. It’s clean, non-intrusive, and the learning curve is nominal. If you can work a web wallet, you can click the couple of buttons it takes to sign a transaction that proves you own a football NFT on Tezos or a basketball collectible on Ethereum.
On the surface, this is just a solution for adding more utility to the SCOR sports fan platform. But as you drill deeper, it becomes clear that there’s a lot more at play here. Cross-Chain Wallet Linking intersects with onchain verticals spanning gaming, interoperability, digital identity, and much more. It might be the future of cross-chain ownership to come. But whatever the case, right now it’s a neat way of arranging all of your sports NFTs in a row and earning a few bonuses into the bargain.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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