According to a report conducted by KuCoin, 70% of the 28,200 crypto investors studied are actively watching the FIFA World Cup, while half of those are trading fan tokens. With crypto positioning itself front line, and center for the first time in FIFA history, industry insiders are bullish on what this could mean for adoption.
Let’s explore the various aspects of how the crypto industry is tapping into its FIFA World Cup exposure and the rising power of fan tokens.
Blockchain Evolves Fan-Team Relationships
A first for the world of soccer world cups is the rise in fan token popularity. In recent years the sporting industry has been very receptive to the adoption of blockchain technology and cryptocurrencies, which has led to the rise in fan tokens. These blockchain-built memorabilia allow fans to buy and hold their favorite team’s token.
These tokens then give fans exclusive access to merchandise, team decisions, and team meet and greets. At the time of writing, the fan token sector had a market cap of $321 million, with over $77 million traded in the last 24 hours.
The biggest platform supporting the purchase of fan tokens is Socios.com, which requires users to first hold the native coin, Chiliz (CHZ) before being able to engage in the marketplace. Once users have accumulated CHZ (which one can buy directly through the Oobit app), they can then purchase their favorite team’s fan token and tap into the benefits on offer. Each team is responsible for the perks on offer.
Crypto.com In The Limelight
As one of the main sponsors of the event, Crypto.com has enormous brand exposure across all stadiums and affiliated venues. The crypto platform is believed to be exposed to over five billion viewers across the globe on all continents.
While cryptocurrencies are technically banned in the hosting country, this is a huge step in terms of building crypto awareness in other more crypto-friendly locations. Latin America and Africa being the most crypto-forward, soccer-obsessed nations.
Two of the main sponsors have announced that they will be joining forces. Crypto.com and Coca-Cola have expressed plans to launch a series of NFTs to commemorate this year’s FIFA World Cup. The crypto platform’s native token, CRO, climbed 10% in value in the wake of the news.
The series will consist of 10,000 NFTs created by digital artist GMUNK in collaboration with the famous soft drink brand. By harnessing the power of Web3, the NFT collection has been described as a “completely new form of memorabilia.”
Match Winner for Crypto
While the excitement of the FIFA World Cup rages on, sports fans are warned to be aware of scams selling everything from stadium tickets to fake fan tokens. Rather, be sure to stick to reputable platforms that harness the power of blockchain technology and facilitate legitimate trades.