Non-Fungible Tokens

NFTs constitute a central concept in the Genesis League Sports (GLS) ecosystem. Each NFT, whether a player, equipment, skill, or another asset type, will be represented by a unique identifier that will be recorded to and/or derived from transactions on the Hive blockchain. In addition, all ownership and transfer records relating to the NFTs, including minting, transferring, buying, selling, renting, etc., will also be recorded and/or derived from transactions on the Hive blockchain.

This means that each player has full and exclusive ownership and control over their NFTs through the private key associated with their Hive blockchain wallet.

Separately, the expression of the NFTs on the GLS websites and apps (including all graphics, images, stats, abilities, etc.) will be co-designed by the GLS company, league, and partner. The intellectual property that comprises the expression of the NFTs will be owned by GLS and/or its partners unless otherwise specified and may be modified at any time if deemed necessary.

The GLS company and its partners will be the issuers of the majority of the NFTs within the GLS platform and games and will issue new NFTs within the various game products at regular intervals which will be announced in advance.

Every time we sign a partnership with a new sports brand/entity/organization, the process of releasing the NFTs for that particular partnership will follow roughly the following steps

1. Announce Partnership

   • GLS will announce the partnership with the new partner.

2. White Paper Release

   • The white paper of the game will broadly go over the functionality of the game, concepts that are important to know, tokenomics, and pack information.

3. Pack Sale

   • GLS will conduct a pack sale for the new partnership. The details of the packs (price, number of NFTs per pack, etc.) could vary from one partnership to another, but we will share those details ahead of time with our community in the white paper. Players will be able to participate in the ecosystem by buying NFT packs. Packs contain several NFTs, which will vary based on the partnership, that can be used in the game. Each game in the GLS ecosystem will have its own type of NFTs, which can be bought through packs.

4. Mint Day

   • Pack holders can open their packs on mint day. When the packs are opened, a set number of NFTs will be minted (created) that may represent players, coaches, skills, or many other types of NFTs that will be needed to play the game. When users open their packs, the contents are based on a pre-published, open-source algorithm that will generate a random card based on pre-determined and released probabilities (e.g. a common card may have a 75% chance of being opened).

5. Game Release

   • Prior to game release, an initial game overview will be shared with the community. After a set amount of time, a website will be released so the NFTs in the corresponding game will be playable and kick off the P2E gaming. Sometime around the game release, depending on the partnership, a marketplace will be opened where users can buy, rent, or sell their NFTs.

6. Earning NFT Rewards

   • Users will be able to earn new NFTs that will be minted as players earn them. These rewards will be earned through gameplay, participating in events, and other ways that will be determined by the type of partnership.

The dates for the steps above will be decided upon by the GLS team and the partner and shared with the community in a timely manner.