The 2022 World Cup in Qatar has kicked off, with crypto in focus through various sponsorships and activities surrounding the event. Unfortunately, the recent FTX scandal is standing in the way, putting the crypto world in a dark light even to the mainstream audience.
What has been set up as the perfect opportunity for crypto to take another step toward mainstream adoption might not go like that. The World Cup in Qatar is the biggest sports event of the year, with millions watching worldwide. Big sponsorships like Crypto.com and NFT drops by Visa and FIFA have served crypto on a silver platter for people to see.
But the recent FTX scandal has forced the crypto space in an unfortunate direction, showcasing how insecure the market can be. With one of the biggest crypto exchanges declaring bankruptcy only a few days before the World Cup started, the bright image surrounding crypto is now taking a hit.
While the best football players in the world are duking it out on the pitch, the crypto partners connected to the event are going through a rough market on the sidelines.
As companies like Crypto.com and BingX ourselves are trying to engage with the football fan base through crypto technology, the FTX scandal is standing in the way as an obstacle no one wanted.
Everyone was hoping to talk about NFTs, metaverse, and player tokens during the whole event, but the elephant in the room can’t be ignored. With FTX going down, people have lost millions of dollars in the process, putting the entire crypto market in one of the most vulnerable spots in years.
With people losing their jobs and companies having to downscale, it’s hard to focus elsewhere. With that said, the World Cup still seems to pull through and boost awareness around crypto. At BingX, we continue our carnival, where users compete in football-related games to earn rewards and bonuses. It has already served as a great “break” from the dark news you can’t avoid when browsing.
Luckily, the World Cup is shaping up to be a shining light for crypto in these dark times. The awareness around it is incredible, and the surrounding crypto initiatives empower the event. Let it be hope for the future while letting the FTX scandal be a valuable lesson.
During the Knock-Out, Quarter-Finals, and Semi-Finals, vote for the team that you think has the best odds of winning. ⚽️
🎁A correct prediction will get you Redemption Vouchers equal to the number of your votes.
— BingX @ Token 2049 London (@BingXOfficial) November 22, 2022
While the World Cup can hopefully show the potential of crypto to the broad public, the FTX crash could teach the most hardcore crypto enthusiasts a lesson or two.
It has been an eye-opener for many and will be remembered for a long time. Not just because one of the biggest exchanges crashed so suddenly but because of all the lessons we can take away from it. In a matter of days, everyone learned that no one is entirely safe in crypto as long as the industry is this young.
This shouldn’t scare anyone away but simply remind us that operating in crypto should be done with caution. The future will focus on storing assets safely and respecting market conditions.
After great bull runs often comes a bear period where the market settles and “cleans out” the inflated projects. Currently going through a bear period, we once again learn to tread lightly and spend money wisely.
As a leading social crypto trading network, BingX continues to operate the space effectively and bring out the good in crypto, whether it’s engaging with the community through a big sporting event like the World Cup or a rock-solid platform. If you are looking for a safe space during these times, make sure to keep an eye on BingX, especially during the World Cup.
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