Blockchain data platform SportZchain aims to clock a net revenue of two million dollar in FY23, on the back of an operational cost of $700,000, Siddharth Jaiswal, founder and CEO, SportZchain, told FE Digital Currency. The company claims that it will roll out its product in this August, and the earnings are essentially of seven months from the time of launch. The platform claims to have around 25,000 followers across social media platforms. “We aim to onboard 20,000 users by the end of FY23,” Jaiswal said.
According to Jaiswal, the platform has raised $800,000 from external investors. As per the platform, it will launch fan tokens and non-fungible tokens (NFTs) of sporting teams, and charge a 10% commission on the amount generated from its sale. “We plan to charge a 0.30% brokerage on the launched fan tokens that will be available for trading on our platform. Apart from that, we plan to generate income through gamifications introduced by our partnerships,” Jaiswal stated. The platform plans to host a fan commerce event to sell sporting based merchandise.
Moreover, the platform claims to have entered into a business tie-up with four Kabaddi teams to launch their fan tokens and NFTs. “We have entered into a business partnership with blockchain network Polygon for availing its digital infrastructure based services. Recently, we have partnered with merchandise brand Shop The Arena,” Jaiswal said. The platform claimed that it is in talks with various gaming companies. Furthermore, the platform claims to have its base of operations in Singapore and plans to set-up an office in Dubai.