Connect with us

Blockchain Events

World Cup Could Boost Crypto Acceptance Globally

Published

on

The 2022 FIFA World Cup is set to take place in Qatar from November 20 to December 18, and due to the high number of crypto-related sponsorships, it could be one of the most significant events of the year in terms of helping to introduce crypto into the mainstream.

Sporting events are well-known for providing good platforms for businesses to advertise their products and receive exposure to a diversified audience from all walks of life.

After the Olympics, the World Cup is probably the world’s second-largest sporting event, making it an excellent arena for cryptocurrency entrepreneurs to convey their case to the global audience at large in an effort to promote awareness and adoption.

Earlier this year, the cryptocurrency exchange company Crypto.com was chosen as one of the event’s primary sponsors, potentially exposing the platform to a global audience of five billion consumers.

Crypto.com has been one of the most active corporations in terms of marketing to sports enthusiasts, with the company running many advertisements during the Super Bowl and obtaining the naming rights to the Staple Center, a multifunctional arena in downtown Los Angeles.

The startup is now attempting to reach a larger worldwide audience through the World Cup and is enlisting the assistance of payments processor Visa, which handles transactions for Crypto.com debit cards.

Visa will auction off five non-fungible tokens (NFTs) featuring noteworthy goals from previous World Cups as part of the agreement. According to Visa, the auction will be open until Nov. 8, with all revenues going to charity.

Advertisement

During the World Cup, fans will also have the opportunity to construct their own NFTs by engaging in four-minute-long, six-on-six bouts at the FIFA Fan Festival.

An interactive playing area will record their motions and generate unique GIFs that can be colored to match their preferred national team. Once generated, fans can choose to have their GIFs delivered to them as NFTs via their Crypto.com account.

The official blockchain sponsor of FIFA

Algorand, which was named FIFA’s official blockchain partner in May, is another startup that stands to profit from publicity at the FIFA World Cup. FIFA complimented Algorand in the original collaboration announcement for being “established by Turing Award-winning cryptographer Silvio Micali” and a “green blockchain technology business.”

In an age of rising expenses and environmental concerns, FIFA was drawn to Algorand’s capacity to provide high-speed, low-cost transactions while leaving a small environmental footprint.

As part of the agreement, Algorand will offer FIFA the official blockchain-supported wallet solution and will also help the organization build its digital assets strategy.

Silvio Micali, CEO of Algorand, commented, “This relationship with FIFA, the most globally renowned and prestigious organization in sports, will illustrate the potential that the Algorand blockchain has to alter the way we all experience the world’s game.”

Focus

Advertisement
  • The FIFA World Cup may increase global crypto acceptance.

After the Olympics, the World Cup is probably the world’s second-largest sporting event, making it an excellent arena for cryptocurrency entrepreneurs to convey their case to the global audience at large in an effort to promote awareness and adoption.

The 2022 FIFA World Cup is set to take place in Qatar from November 20 to December 18, and due to the high number of crypto-related sponsorships, it could be one of the most significant events of the year in terms of helping to introduce crypto into the mainstream.

Earlier this year, the cryptocurrency exchange company Crypto.com was chosen as one of the event’s primary sponsors, potentially exposing the platform to a global audience of five billion consumers.

Crypto.com has been one of the most active corporations in terms of marketing to sports enthusiasts, with the company running many advertisements during the Super Bowl and obtaining the naming rights to the Staple Center, a multifunctional arena in downtown Los Angeles.

The startup is now attempting to reach a larger worldwide audience through the World Cup and is enlisting the assistance of payments processor Visa, which handles transactions for Crypto.com debit cards.

Visa will auction off five non-fungible tokens (NFTs) featuring noteworthy goals from previous World Cups as part of the agreement. According to Visa, the auction will be open until Nov. 8, with all revenues going to charity.

During the World Cup, fans will also have the opportunity to construct their own NFTs by engaging in four-minute-long, six-on-six bouts at the FIFA Fan Festival.

An interactive playing area will record their motions and generate unique GIFs that can be colored to match their preferred national team. Once generated, fans can choose to have their GIFs delivered to them as NFTs via their Crypto.com account.

The official blockchain sponsor of FIFA

Advertisement

Algorand, which was named FIFA’s official blockchain partner in May, is another startup that stands to profit from publicity at the FIFA World Cup. FIFA complimented Algorand in the original collaboration announcement for being “established by Turing Award-winning cryptographer Silvio Micali” and a “green blockchain technology business.”

In an age of rising expenses and environmental concerns, FIFA was drawn to Algorand’s capacity to provide high-speed, low-cost transactions while leaving a small environmental footprint.

As part of the agreement, Algorand will supply FIFA with the official blockchain-supported wallet solution and will also assist the organization in establishing its digital assets strategy.

The opportunity this partnership presents for Algorand was not lost on Silvio Micali, who stated, “This partnership with FIFA, the most globally recognized and distinguished organization in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game.”

The ECB is slowing down the digital euro, while the Euro Coin is being rushed to Solana.

The increase in adoption during the last World Cup in Russia provides evidence that the forthcoming World Cup may have an impact on worldwide cryptocurrency acceptance.

While mitigating conditions, such as international sanctions imposed on Russia, have pushed citizens into crypto as a workaround, an increased tendency was already present before 2022.

Meanwhile, data from Chainalysis predicts that bitcoin usage in the Middle East will outperform all other geographic regions by 2022, with the UAE aiming to become a worldwide cryptocurrency powerhouse.

Advertisement

Following the tremendous degree of exposure that cryptocurrencies will receive at the World Cup, there is a good likelihood that the adoption rate will continue to rise for the foreseeable future.

With the cryptocurrency firm Chiliz (CHZ) working with some of the world’s most well-known football clubs to produce their own exclusive tokens, the opportunities for fans to engage have never been higher thanks to blockchain technology.

And, with the 2022 FIFA World Cup likely to be Lionel Messi and Cristiano Ronaldo’s final World Cup, at least as players at their peak, there are bound to be plenty of crucial moments that fans would like to have preserved as unique NFTs that can be bought, sold, and saved on the blockchain.

The success of fan tokens for Mesi and Ronaldo’s national teams, Argentina (ARG) and Portugal (POR), which have gained about 50% in the last two weeks, is evidence of such demand.

For More Blockchain News, Click Here.

Blockchain Events

DAVOS 2023: Blockchain’s Potential Beyond Cryptos

Published

on

DAVOS 2023: Blockchain's Potential Beyond Cryptos

DAVOS 2023: At #WEF23, policymakers and business leaders were eager to distinguish between distributed ledgers and cryptocurrencies. Not crypto, but blockchain.

From climate solutions to humanitarian aid to moving on from FTX’s stunning collapse, the second day of the World Economic Forum’s 2023 annual conference saw discussions focused on the promise of the technology underlying cryptocurrencies, rather than the often speculative financial assets themselves.

The day opened with a panel of traditional banking professionals seeking to draw a line under the FTX issue, noting that, while the cryptocurrency industry is in crisis, other products founded on distributed ledger technology are not.

“It’s critical not to mix cryptocurrencies with CBDCs, stablecoins, and DLT… they’re all quite distinct,” PayPal President and CEO Dan Schulman stated. Despite the bitcoin crisis, “the underlying tech has operated well,” according to Schulman.

“The promise of a distributed ledger is that it may be faster and cheaper to settle transactions concurrently with no middlemen. That is really significant.”

Importantly, unlike past waves of “blockchain, not bitcoin,” which generally referred to permissioned blockchains, the talks on Tuesday were OK with public ledgers such as Ethereum and the Stellar network. Lynn Martin, President of the New York Stock Exchange, seems to adopt a similar stance, citing the potential benefits of blockchain in making share issuance more efficient or allowing financial exchanges to be settled quickly rather than days later.

“Some of the technologies have now been embraced and used to truly make processes considerably more efficient,” Martin added.

Former Indian central bank governor Raghuram Rajan later repeated that promise of broader blockchain uses.

Advertisement

However, TradFi’s commitment to the industry may eventually be tested: When questioned, Schulman, Martin, and State Street’s Ronald O’Hanley all claimed artificial intelligence, not blockchain, was the most exciting technology.

Carmen Hutt, treasurer for the United Nations High Commissioner for Refugees, detailed such an application – a recently launched blockchain payment solution for distributing humanitarian aid in Ukraine – just across the street from the forum’s main congress center, in a historic church transformed into a neon hub for hosting discussions about the future.

Hutt revealed during a panel discussion hosted by CoinDesk chief content officer Michael Casey that the pilot project, which was launched in December using the blockchain platform Stellar network, is significantly more sophisticated than one might assume.

Donations via the blockchain promise “transparency and visibility,” and the Commission has a platform ready to send relief immediately, according to Hutt. “What an incredible offer… We can deploy $500 million today if we acquire $500 million. So this isn’t going to take weeks or months,” Hutt explained. (Later that day, Ukraine’s deputy prime minister praised the contribution of virtual money to the military effort.)

Further along the legendary “promenade,” industry heavyweights ranging from Solana and Ripple to the Global Blockchain Business Council teamed together to develop a climate project that would use blockchain’s transparent record-keeping to assist in improving carbon emissions and credit tracking.

Although authorities have mostly focused on the potential of crypto contagion to financial stability, a string of bankruptcies last year that wiped out billions of dollars in retail investments, most notably Sam Bankman-FTX, Fried’s may have underlined the need for a shift in their focus.

For the lone banker on the conventional finance panel, the events of 2022 must shift regulators’ focus away from the risk of lenders bringing down the whole financial system and toward the risk of individual customers being duped by crypto frauds. “It’s not that regulators have disregarded [financial innovations], but if it’s not going to generate systemic danger, I’m not sure why we should focus on it.”

For More Blockchain News, Click Here.

Advertisement

 

Continue Reading

Blockchain Events

Blockchain to Revolutionize Supply Chain Management

Published

on

Blockchain Technology to Revolutionize Supply Chain Management

Blockchain has become increasingly prevalent in recent years, with applications spanning from new cryptocurrencies to their potential uses in various sectors, making it important for business leaders, industries, and regulators to have a deeper understanding of the technology and its potential applications.

While blockchain has yet to achieve widespread acceptance, it has the potential to drive significant digital transformative changes and generate new possibilities throughout the corporate landscape, from banking and finance to infrastructure and healthcare.

Blockchain is defined as “a distributed ledger that records transactions chronologically and publicly,” according to one source. Its database is shared across a network rather than being held in a single location, which enables a high level of information control and transaction transparency.

However, there has been so much hype surrounding blockchain on all sides of the debate, that it has become increasingly difficult to separate fact from fiction.

A study by Vorhaus Advisors, a Los Angeles-based digital media consulting firm, found that only 25% of people in the United States understand what blockchain is.

According to the same poll, 62% of people believe blockchain is the same as cryptocurrency, and 48% believe it is the same as bitcoin.

This lack of understanding of blockchain has caused confusion, skepticism, and fear about its use, which spreads across all sectors of industry and government, influencing not only business but also policy.

Advertisement

The fact is that blockchain technology has the potential to fundamentally alter how organizations and individuals trade products and information, and part of that revolution is already underway.

Blockchain has the potential to improve any business in which transactions require a permanent record and the confidence of many parties. Furthermore, it has the potential to dramatically simplify paper-intensive enterprises that require an accounting ledger.

Here are three real-world blockchain use cases to illustrate how adaptive, widespread, and disruptive it can be:

  1. Banking and Finance: Finance and banking have received the most attention regarding blockchain and for good reason. It’s an entirely transactional industry. For example, blockchain can convert paper-based functions such as letters of guarantee (documents provided by a bank that assure suppliers be paid for the goods or services they supply in the event that the payor is unable to pay) into a totally paperless, digital, and transparent process, helping to eradicate fraud and forgeries.
  2. Rethinking Healthcare: The pandemic’s unexpected demand for remote healthcare and other medical-related activities has moved the emphasis on delivering clinical treatment in a virtual or data-driven manner. As a result, the various medical data silos across healthcare providers can be integrated into a single shared blockchain network for secure and efficient data sharing.
  3. Supply Chain: Blockchain can also be used to improve supply chain management. A blockchain network can provide a single source of truth for the entire supply chain, from the origin of raw materials to the final delivery of goods to the customer. This can help to improve transparency, traceability, and efficiency in the supply chain.

In conclusion, blockchain is a powerful technology that has the potential to transform many industries, but it is important to separate the hype from reality. It is essential for business leaders, industries, and regulators to have a deeper understanding of the technology and its potential applications to fully harness its potential.

For More Blockchain News, Click Here.

 

Continue Reading

Blockchain Events

Blockchain Boom: 90% of Businesses Now Using the Technology

Published

on

Blockchain Boom: 90% of Businesses Now Using the Technology

According to the findings of a recent survey that was carried out by CasperLabs, it is anticipated that business adoption of blockchain technology will increase over the course of the following year in the United States, the United Kingdom, and China.

This is the case even though there are knowledge gaps.

Despite the fact that the cryptocurrency and blockchain industries have undergone significant change over the course of the past year, people and companies continue to display an interest in the area.

The results of a recent poll that was conducted by CasperLabs and Zogby Analytics revealed that businesses had a particularly upbeat outlook on the potential applications of blockchain technology.

The questionnaire was sent to a total of 603 “decision makers” employed by a variety of commercial firms in China, the United Kingdom, and the United States of America, in that order.

Almost all of the businesses that were asked about their usage of blockchain technology responded that they did so in some form, and almost all of those businesses (87%) also stated that they intend to make financial investments in blockchain technology during the next 12 months.

This phenomenon is especially widespread in China, where more than half of the respondents want to put money into blockchain technology by the year 2023.

Advertisement

According to Ralf Kubli, a member of the board of directors for the Casper Association, businesses are continuing to look to blockchain technology for solutions despite the recent turbulence:

“It is incredibly heartening to see businesses recognize that blockchain technology is not a threat but rather a solution,”

Companies who are now implementing the technology are reaping the benefits of two of its primary characteristics, namely security (42%) and copy protection (42%), both of which are proving to be highly useful for these organizations.

Those who work in IT-based operations are using blockchain technology for a variety of reasons, including but not limited to improving the efficiency of internal processes (for which 40% of users employ it), improving the efficiency of supply chain operations (34% of users employ it), and improving the efficiency of software development (30% of users employ it).

According to Kubli’s projections, the year 2023 will mark a pivotal turning point for the widespread use of blockchain technology, particularly in terms of offering practical answers to real-world challenges and producing long-term value.

In spite of this, a significant study shed light on the flaws that are commonly seen in CEOs of corporations. The vast majority of respondents (73%) feel confident in their comprehension of blockchain technology.

Despite this, 54% of those who replied continue to regard the words “blockchain” and “crypto” as being identical. In spite of the fact that the vast majority of respondents feel positive about their comprehension of blockchain technology, this is the result.

In a similar vein, it has been argued that the most significant obstacles to adoption are a lack of developer talent, a lack of tools, a lack of interoperability, and pessimism regarding the industry as a whole.

Advertisement

All of these factors contribute to a general sense of pessimism.

In spite of this, practically all of the people who took part in the survey stated that they would be more receptive to embracing blockchain technology if they had a better grasp of how their coworkers are utilizing it.

Education, in addition to accessibility, has been a challenge and a barrier for a significant amount of time for those people outside the space who seek to interact with the technology and engage with customers. This has been the case for many different causes throughout history.

For More Blockchain News, Click Here.

 

Continue Reading

Trending

© Copyright 2022 | All Rights Reserved RISK DISCLAIMER There is a very high degree of risk involved in trading. Past performance is not necessarily indicative of future results. VarsityNFT and all individuals affiliated with this site assume no responsibility for your trading and investment results. All the material contained herein is believed to be correct, however, VarsityNFT will not be held responsible for accidental oversights, typos, or incorrect information from sources that generate fundamental and technical information. Options trading carries significant risk. Futures and futures options trading carries significant risk. Trading securities, security options, futures and/or futures options is not for every investor, and only risk capital should be used. You are responsible for understanding the risk involved with trading options. Prior to trading any securities products, please read the Characteristics and Risks of Standardized Options and the Risk Disclosure for Futures and Options. The indicators, strategies, columns, and all other features are for educational purposes only and should not be construed as investment advice. Information for futures trading observations are obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. Your use of the trading observations is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the information. You must assess the risk of any trade with your broker and make your own independent decisions regarding any securities mentioned herein. Affiliates of VarsityNFT may have a position or affect transactions in the securities described herein (or options thereon) and/or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. All of our partners or affiliated companies are in no way associated with the proprietary information provided by the VarsityNFT Trading Method or software. All returns are based off buy side analysis and do not include commission costs. All projections are based on current returns. The projections do not account for any possible draw down effects on performance and performance projections. Actual returns and projected returns may fluctuate over the course of the service. "VIP" or "Lifetime" designation refers to the lifetime of the product only and not to be assumed to be the lifetime of any individual. Any person who chooses to use this information as a basis for their trading assumes all the liability and risk for themselves and hereby and absolutely agrees to indemnify and hold harmless VarsityNFT, its principals, agents and employees. As a Student and Chat Subscriber, we ask that you please cross check the information posted here. We ask that you challenge any information you feel is incorrect. We do not guarantee any of the information that is posted in the chat. All company names are trademarks or registered trademarks if their respective holders. Use of a mark does not imply any affiliation or endorsement by them.

Social Media Auto Publish Powered By : XYZScripts.com