The FIFA World Cup could launch Crypto into the mainstream
Arguably the biggest sporting event in the world after the Olympics, this month’s FIFA World Cup is also expected to be unprecedented in launching crypto into the mainstream.
One reason is because of the industry’s prominence among the event’s sponsorship. Earlier this year, the WC organizers chose the cryptocurrency platform Crypto.com as one of the event’s main sponsors. It will give the exchange exposure to an estimated audience of five billion viewers when the event starts on November 20.
The platform has been among the most successful in securing promotional deals, producing commercials and gaining arena naming rights. These have been crucial not only in keeping the brand up, but also in providing wider exposure to cryptocurrency in general.
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Visa is the latest TradFi company to adopt NFTs
Visa, a major sponsor of global soccer governing body FIFA, is also partnering with Crypto.com to raise awareness of the event. The payments company is auctioning off five non-fungible tokens (NFTs) that feature notable goals from various countries in past World Cups. The auction is open until Nov. 8, and proceeds will go to charity, Visa said.
In addition to these NFTs, Visa will also give fans an opportunity to create their own during the event. Fans attending the World Cup can take part in four-minute six-on-six matches at the FIFA Fan Festival.
The interactive playing field will capture their movements and create unique GIFs in the colors of their favorite national team. Players can then choose to receive their GIF as an NFT through a Crypto.com account.
Adoption leap since the last World Cup
While crypto awareness has spread since the last World Cup, circumstances have also changed for the previous host country, Russia. The country invaded Ukraine in February, resulting in economic sanctions that have financially isolated it from much of the world. Consequently, many Russians have started using cryptocurrencies to transact or store their money.
Still, despite cryptocurrency’s ethos of financial inclusion regardless of centralized authority, it has become difficult for crypto exchanges to continue offering their services to Russian users.
Later sanctions imposed by the US and EU have banned many exchanges from operating in Russia. Others have sold their businesses in the country because of the limited prospects for expansion created by the war.
Meanwhile, the use of cryptocurrencies has also accelerated dramatically in the region hosting the upcoming World Cup.
Cryptocurrency adoption has grown faster in the Middle East over the past year than anywhere else, according to Chainalysis. Much of this has been stimulated by investment in the United Arab Emirates, a Gulf country that neighbors Qatar.
With the establishment of regional headquarters of some of the largest crypto companies in the world, the UAE is positioning itself as a global hub for cryptocurrencies.
Soccer Tokens Surging World in Anticipation
As the World Cup approaches, cryptocurrencies related to the sport have also surged. The most notable has been Chiliz (CHZ), the symbol behind Socios.com, which has partnered with many major football clubs. Over the past two weeks, the price of CHZ has risen nearly 43%, according to CoinGecko.
This year’s World Cup could also be the last with two of the biggest players in the sport. Lionel Messi and Cristiano Ronaldo are both in their mid-to-late thirties, the end of their prime playing years for professionals.
Nevertheless, their participation has stimulated interest in fan tokens from their respective national teams, Argentina and Portugal. Both ARG and POR fan tokens have risen almost 50% in the last two weeks.
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