Blockchain Events
World Cup Could Boost Crypto Acceptance Globally
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.
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
- 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
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.
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.
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