MindWave signs 12-month blockchain deal with Flash Sports & Media

MindWave Innovations Inc., a wholly owned subsidiary of Apimeds Pharmaceuticals US, Inc. (NYSE American: APUS), has signed a 12-month software development and technology services agreement with Flash Sports & Media Holdings, Inc. (OTC: FLZH) to build and operate FlashChain, a blockchain network for tracking digital broadcasting rights, video assets, and match ticket inventory.

Under the agreement, MindWave will deploy a dedicated subnet for FlashChain on its MindChain Layer-2 infrastructure, operate validator nodes, and issue FLZH the cryptographic keys needed to access the network. Flash Sports & Media will own the FlashChain network, its brand, and its Digital Asset and Ticketing Ledger.

MindWave will also build two software components: an integration module connecting FLZH's FLASHSM streaming application, online ticketing platforms, and gate-scanning hardware to FlashChain; and a set of smart contracts to authenticate digital match tickets, manage digital sports memorabilia, and help prevent ticket counterfeiting and unauthorized media duplication. FLZH will hold a perpetual license to use both components.

As consideration, MindWave will receive FLZH common shares and an allocation equal to 20% of the total supply of FLASH TOKEN, FlashChain's platform token. The agreement also includes an annual maintenance fee equal to 50% of the applicable contract consideration. The aggregate dollar value of the consideration has not been publicly disclosed.

"A match ticket or a highlight clip only has value if people can trust it's genuine," said Dr. Vin Menon, CEO of MindWave Innovations. "FlashChain is designed to give FLZH a way to authenticate those assets at the stadium gate and across the streaming experience."

"FlashChain gives us one ledger that we own to authenticate all of it, while MindWave runs the infrastructure underneath," said Bradley Nattrass, CEO of Flash Sports & Media Holdings.

The agreement may be renewed annually after the initial 12-month term. This is described in the press release as MindWave's second such agreement in the U.S. market.

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