- Web3 will be an important catalyst in bringing more value to sports like soccer.
- NFT market has been through a flat phase. Amalgamating sports with web3 could be a turning point.
- OKX exchange is the host and official partner for the FIFA World cup.
- OKX has a prize pool of $3M for participants.
Web3 is positively disrupting traditional games like football and basketball through innovative channels. Crypto exchanges like OKX and Binance are extending their support in shaping the ‘world of web3 in traditional games’.
The most prestigious football cup is here: FIFA World Cup 2022. The champs, star teams, and iconic players are at the helm of playing their best game to lift the golden trophy. Qatar is the official venue where the FIFA World cup will be held. According to sources, the country has spent $220 billion to host tentatively 1.5 million visitors from across the globe.
This World cup is going to be historical because the two legends of football Cristiano Ronaldo and Lionel Messi will probably be playing their last match in Qatar before they officially retire. The magnitude of this event is expected to be a marvelous one as Web3 will integrate some of its elements to make the World cup a stellar one for football lovers across the world. One can expect interactive games on blockchain, digital collectibles, and fan communities to join the bandwagon.
Web3, Digital collectibles, interactive gaming. FIFA is going to be a gala!
Web3 has grown by leaps and bounds all thanks to the firms and advocates on the frontier. Every day there is a huge demand for talent in the web3 and crypto realm. Builders, product designers, and individuals with knowledge of cryptography and an understanding of blockchain architecture.
The NFT and web3 space has caught the attention of many brands like Mercedez, Nike, Coca-Cola, and many others. Not just brands but many artists like Khaby Lame, Snoop Dogg, Lady Gaga and many others have leveraged platforms like metaverse and NFTs to connect with their audience at a deeper level.
Bloomberg revealed that many crypto firms have committed more than $2.4 billion to sports marketing in the last 18 months. Now with the FIFA World cup nearing many players will make the most of the momentum in NFTs and metaverse collectively.
OKX Crypto Exchange Is Hosting the Web3 Version of the FIFA World Cup 2022
The exchange launched a Football Festival on November 8, 2022, as a creative way to warm up for the biggest football event – FIFA World Cup 2022. The event consists of prize pools, limited edition NFTs and much more.
Originally the prize pool was capped at $1 million and was increased to $3 million as disclosed by Jack Sutherland, a spokesperson from the OKX crypto exchange. The OKX Football Fest includes the NFT Football Cup, the 2022 OKX Football Cup Trading Competition, and the Earn Super Hattrick fan token staking series.
In the NFT Football Cup, fans can mint up to three free NFTs depending on their preferred football team. However, users need to stake 10 USDT per NFT. The staked USDT will be returned to the user after the tournament is over. NFT holders who have assets of the team that has progressed or won will split the 20,000 USDT reward pool.
OKX is also offering fan tokens for various football teams. These include Manchester City ($CITY), Portugal ($POR), Argentina ($ARG), and Flamengo ($MENGO). Traders can stake these fan tokens to earn rewards in the football trading competition.
“Potential APYs for the staked tokens will rise as high as 300% for $CITY and 200% for $POR, $ARG, and $MENGO.5 $CITY is the official fan token of the Manchester City Football Club, for which OKX is the official cryptocurrency exchange partner.” Haider Rafique, Chief Marketing Officer, OKX said in a statement.
Many people have speculated that the NFT season was merely a gold rush and it has lost its luster. Maybe the 2020 FIFA World cup being promoted via Web3 will turn the tables.
Additional Read: Ducati Partners with Ripple Blockchain To Launch Ducati NFTs