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While sport is not connected with cryptocurrencies that often, this has the potential to change in the near future thanks to one of the most important sporting events in the world. In less than a month, the football World Cup is going to take place in Qatar and this time, it will include a few interesting cryptocurrency partnerships, sponsorships and features.
One of the biggest sporting events in the world is going to take place at the end of this year. Football World Cup 2022 will be hosted in Qatar and will be held from 21st November to 18th December. Qatar 2022 will be the most expensive football World Cup in the history, as the hosting country has spent over $200 billion for the construction and renovation of the stadiums, roads or hotels.
The men’s football World Cup is one of the biggest sporting events that takes place every 4 years and under the current system involves 32 teams. Last time it was held, in 2018 in Russia, more than 1.1 billion people watched the final match between France and Croatia, with the final score of 4-2 in favour of France.
One might ask, how is this topic relevant to the cryptocurrency world? Well, one of the biggest sporting events in the world will attract an incredible amount of audience, hype, media coverage or sponsorships. And some of the sponsors as well as partners of the upcoming FIFA 2022 World Cup are from the cryptocurrency world.
Which companies or platforms will be seen in Qatar, what will be their roles and why did FIFA choose them? That, as well as more extensive analysis of the association between football and cryptocurrencies, is going to be covered in the following paragraphs.
The first and probably one of the biggest sponsorships between FIFA and a cryptocurrency project was announced at the end of March of this year. At that time, FIFA announced a sponsorship with Crypto.com, a cryptocurrency trading platform that will help drive significant awareness around cryptocurrencies and exposure to these assets.
Kay Madati, Chief Commercial Officer of FIFA, has stated that Crypto.com was chosen mostly due to its commitment to support top tier teams and leagues and major sporting events, such as the World Cup itself. Madati also highlighted that the cooperation of these two brands will bring great awareness about cryptocurrencies and help FIFA to stay relevant, modern and appealing to younger generations.
“We are delighted to have a global brand like Crypto.com join us as a sponsor of the exciting and ground-breaking FIFA World Cup in Qatar, ultimately helping to grow our beautiful game on a global scale.”
That was one of the statements of Madati, who clearly expressed the excitement about this cooperation. The same energy was shared from the side of Crypto.com, since Kris Marszalek, CEO and Co-founder of Crypto.com, stated the following:
“We could not be more excited to sponsor the FIFA World Cup, one of the most prestigious tournaments in the world, and to drive further awareness of Crypto.com globally.”
Marszalek also believes that thanks to this cooperation the Crypto.com platform will gain more exposure to world-class sports and that the experience of the fans all over the world will improve. This should mostly be done thanks to innovation, which the cooperation between these two sides should lead to.
Crypto.com is not the only cryptocurrency platform that will be connected to the FIFA World Cup in Qatar. Only a few months after the official announcement of the partnership between FIFA and Crypto.com, another cryptocurrency partnership was announced between FIFA and Algorand.
According to the official statement, Algorand will help FIFA with development of its digital strategy. This should include not only official blockchain supported wallet solutions, but also different non-fungible tokens collections (NFTs).
The NFTs should include different collections of classic clips from the history of this international football tournament. These can include anything from the greatest goals, saves, most iconic moments or celebrations from the history of the World Cup. All of this will be featured in the FIFA+ Collect app or platform.
The announcement of Algorand might have been a bit surprising, as NFTs are mostly connected to Ethereum. However, this was before The Merge of Ethereum happened and according to the official statements, the decision was made with two priorities in mind. These are scalability and efficiency, which, in the case of Ethereum, are still not in the best shape.
That is why FIFA has chosen Algorand to be one of the main cryptocurrencies and blockchain sponsors and partners for Qatar 2022.
The combination of football and cryptocurrencies however is not surprising. The upcoming FIFA World Cup can only be seen as the culmination of years of work of different platforms and projects that have been connecting the world of football with the crypto sector.
One of the most obvious ways this can be seen is through football fan tokens that have become more and more popular over the past few years. Teams such as Juventus, AS Roma, Barcelona or Paris-Saint Germain have their own tokens such as Juventus Fan Token (JUV), AS Roma (ASR), FR Barcelona Fan Token (BAR), Paris-Saint Germain (PSG), Santos FC Fan Token (SANTOS) that their fans can buy thanks to Socios platform and Chilliz token.
Many of these tokens can also be bought, sold and traded at our platform. You can find out more about this very specific sub sector of cryptocurrencies connected to the world of football, as well as the fee structure connected to its trading in this article.
The FIFA World Cup has the potential to introduce millions of people to cryptocurrencies. If done right, it has the power of connecting the cryptocurrency brands with football in such a way that people will start learning more about crypto and potentially becoming part of this sector.
Even though the cryptocurrencies are currently not in the best shape, mostly price-wise, due to a raging bear market, the adoption or use-cases have only improved. That simply means that the World Cup can be an ideal opportunity to present these changes and improvements to the world, to make sure that mainstream and retail know about them and can use them to their benefit.
The hype around the FIFA World Cup will undoubtedly also bring along some scams, as is, sadly, very common in the cryptocurrency world. There are already some tokens that are trying to capitalise on the combination of one of the biggest sporting events and cryptocurrencies.
One of them is for example FIFA World Cup Fans token. This token has many red flags such as self-reporting circulating supply, extremely low trading volume and market capitalisation. Yet, it can be expected that around the time of the FIFA World Cup, there will be people buying it, since they would expect it to increase in price.
Thus, everyone should be aware of the difference between official sponsorships and partnerships between FIFA and cryptocurrency projects and platforms, and projects that want to look official, but are there only to capitalise on bad decisions of the masses.
The FIFA World Cup will definitely be one of the biggest sporting events of the year. With the best footballers from all over the world, it is guaranteed to attract the attention of hundreds of millions of people from all around the globe.
Cryptocurrencies will definitely be present at this event as well, thanks to different partnerships between FIFA and companies from this sector. This event can however help to intertwine the cryptocurrency world with the sports world or at least football world more than ever before. While this has been happening for a while thanks to fan tokens, an event of this magnitude can push this connection to completely new levels.
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