Chiliz to Mint Non-fungible Tokens (NFTs) in Real-Time Using Chainlink Oracle Network

By March 4, 2020 Ethereum
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Chiliz

The cryptocurrency for sports and entertainment tokenization, Chiliz ($CHZ) has integrated with Chainlink, a secure decentralized oracle network in order to mint Non-Fungible Tokens (NFTs) in real-time, according to a report on Wednesday.

Using Chainlink decentralized oracle network, Chiliz said it would be able to establish auto-executing smart contracts, which are based on real-world data and events. The NFTs will be minted for Chiliz partners right on their Socios.com app, a fan voting and rewards platform.

The platform partners consist of major football clubs, such as FC Barcelona, Paris Saint-Germain, Juventus, Atlético de Madrid, Galatasaray, A.S. Roma, etc. Chiliz expects to on-board more 50 IPs in 2020 from sports, entertainment industry, and esports.

The CEO & Founder of Chiliz & Socios.com, Alexandre Dreyfus, commented in the report,

NFTs will be key to expanding the utility of $CHZ in 2020 and beyond. […] The Chainlink integration enables us to be responsive to real-world sporting events in real-time, allowing us to mint limited availability NFTs to commemorate moments that can’t be predicted or recreated, giving these tokens real collectors value.

In addition to that, Chiliz will add support to a Chainlink Price Reference Contract for CHZ against the US dollar (CHZ/USD) in order to ensure accurate on-chain pricing when converting between $CHZ and USD.

The key price feed is being secured by an aggregation of seven nodes, according to the report. Each node source data from several data-aggregating APIs to ensure optimum reliability for the conversion of CHZ token.

Chiliz Launches NFTs Will Enjin

Earlier in February 2020, Chiliz partnered with blockchain asset creation project, Enjin to introduce non-fungible tokens for Socios.com. The partnership was aimed at enabling Chiliz to mint collectibles based on the Ethereum blockchain.

As Coinfomania reported, the digital collectibles will be created using ERC-1155, a popular Ethereum smart contract standard, afterwards, they will be available for trading on Enjin Marketplace.

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