World Cup 2022: Web3 brings sports teams closer to their fans

Web3 brings a whole new value to traditional sporting events, such as the FIFA World Cup, which will be held in Qatar.

There are only a few days left until the FIFA World Cup 2022. The biggest international teams, champions and football icons all have one goal: to win the golden trophy

Qatar, which will host the 2022 World Cup, has spent around $220 billion to welcome around 1.5 million visitors from around the world.

Source: FIFA

Football heavyweights Cristiano Ronaldo and Lionel Messi will also take part in this world competition, which is likely to be their last chance to win a World Cup before retirement.

In addition, blockchain and Web3 come to bring a unique touch to this large-scale event. In the program: interactive gamesfan communities, immutable plots and many pleasant surprises.

World Cup 2022: Web3, NFT and the metaverse

Every month, thousands of job vacancies are published by companies looking for talent in the fields of crypto and Web3.

Metaverse and non-fungible tokens are attracting more interest from consumer brands and businesses than ever before. Indeed, NFTs have become a convenient marketing tool for brands looking to build communities and increase awareness of their products.

To believe Bloomberg, crypto businesses have invested over $2.4 billion in sports marketing in the past 18 months. At the dawn of the 2022 World Cup, the NFT and Web3 projects are preparing to surprise football fans.

Currently, several crypto exchanges such as OKX and Binance give fans the opportunity to interact directly with their favorite teams.

OKX organizes the Web3 version of the 2022 World Cup

OKX, the second largest crypto exchange by trading volume, announced on November 8 the launch of its Soccer Festival. On this occasion, the exchange paid a prize pool of $3 million for immutable tokens and exclusive Web3 experiences.

Jack Sutherlandcommunications manager at OKX, revealed to BeInCrypto that the company initially spent $1 million on its kitty, before increasing its budget to $3 million, due to several factors.

During its festival, OKX will organize a competition of commercialan NFT World Cup, as well as a program of standing up christened “Earn Super Hattrick”. The crypto platform will also issue limited edition non-fungible tokens.

Participants of the OKX NFT Football Cup will be able to create up to three Free NFT for their favorite teams. They will have to put 10 USTDA by NFT, but the funds will be fully refunded after the competition is over.

NFT OKX
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Holders of non-tradeable tokens will share rewards of USDT 20,000 each time their respective teams advance to the group stage. Likewise, the prize pool of any losing team will be transferred to the one that eliminated it.

OKX combines crypto with football

Fans will also have the opportunity to compete against each other in this competition OKX Football Cup Trading 2022. During the event Win the Super Hattrickthe crypto exchange will also offer fan shares for Manchester City ($CITY), Portugal ($POR), Argentina ($ARG) and Flamengo ($MENGO).

Haider Rafique, Marketing Director at OKX, told BeInCrypto: “Potential returns from token staking will increase up to 300% for $CITY and up to 200% for $POR, $ARG and $MENGO. $CITY is the official fan club symbol of Manchester City, sponsored by OKX”.

“OKX aims to help people find new and innovative ways to celebrate their passions. As we raise our flags in support of our national teams this year, I hope these virtual experiences will help bring the crypto and soccer communities together and show newcomers all the possibilities Web3 and crypto can offer them.

“OKX invests a lot in it wallet Web3 and its NFT marketplace, which are already among the market leaders. I can say with conviction that this exciting festival is just the beginning of the new opportunities we will offer”.

Other crypto giants join the party

Binance, the world’s largest crypto exchange, has also prepared surprises for this much-anticipated event. Like reported The English edition of BeInCrypto, the exchange has launched futures contracts for its fan token index.

The new crypto index will track the performance of USDT-listed fan tokens on the Binance spot market.

Similarly, electronic payments giant VISA has launched five football-themed non-fungible tokens in partnership with Crypto.com. company will auction these five NFTs, which feature goals scored by Jared Borgetti (Mexico), Tim Cahill (Australia), Carli Lloyd (USA), Michael Owen (England) and Maxi Rodríguez (Argentina) in previous World Cups.

It should also be noted that high-caliber clubs, including Real Madrid and FC Barcelona, ​​have filed trademark applications to protect their Web3 immutable tokens and metaverses.

World Cup 2022: a boost for the NFT market?

The market for non-fungible tokens has been hit hard by bear market. Despite the crisis, fan prices have risen significantly ahead of the FIFA World Cup.

For their part, classic NFT collections didn’t really benefit from this bullish trend. According to data from DappRadar, the non-fungible token market recorded sales of $3.4 billion in the third quarter of 2022, compared to $8.4 billion in the previous quarter. In the first quarter of the year, sales were $12.5 billion.

Source: DappRadar

The decline in the non-fungible token market can be explained by several factors, including crypto winter, investor uncertainty, growth NFT scamsamong others.

That said, the World Cup and the accompanying crypto exchanges could give the market a breath of fresh air.

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