One of the most significant sporting events in the world is almost here, and fans cannot keep calm any longer. The 2022 FIFA World Cup is scheduled to take place in Qatar from the 20th of November to the 18th of December.
But what do crypto enthusiasts have to do with FIFA? Well, the answer is simple, capitalize on this opportunity. Crypto.com, one of the most popular crypto exchange platforms, was chosen as one of the main sponsors for the event. This means the crypto world is all set to get more publicity to take crypto mainstream.
FIFA & Crypto? The Bridge Of Possibilities!
There is no denying that sporting events are an excellent medium for advertising and gaining better exposure. Now there are different types of sporting events that target different audiences. But the FIFA World Cup is different as it allows you to reach a diverse audience from almost all walks of life.
The 2022 FIFA World Cup is only second to the Olympics in scale and exposure. This makes it an ideal venue to generate more awareness about cryptocurrencies and boost adoption among the masses.
With Crypto.com being one of this event’s main sponsors, it allows the platform to reach potentially five billion people from all over the globe. But this is not something that Crypto.com is doing for the first time, as the company already has a reputation for making the most of sporting events.
The crypto giant has been known for running ads during the Super Bowl and purchasing the name rights to a multi-purpose arena in downtown Los Angeles, formerly Staple Center. But with an ambition to reach global audiences, Crypto.com is now trying its luck with the 2022 FIFA World Cup.
Crypto.com + Visa = A New Generation Of Advertisements?
Following the long list of collaborations, the firm partnered with the prominent payment processor Visa, which helps facilitate transactions for Crypto.com. Visa will auction five NFTs featuring notable goals from past World Cups as a part of the collaboration. All the proceeds from this auction, opening on the 8th of November, will go to charity for the greater good.
Furthermore, this collaboration allows fans to create their NFTs during the World Cup. They will have to participate in a four-minute-long six-on-six match that will take place during the FIFA Fan Festival.
To make things more fun, there will be an interactive playing field to capture movements and create unique GIFs that fans can color to match their favorite team. Fans will then have the option to receive these GIFs as NFTs through their account on Crypto.com.
What’s More With Crypto And The 2022 FIFA World Cup?
The collaboration between the 2022 FIFA World Cup and the crypto world does not just end with Crypto.com. There is another project worthy of your attention in this sphere that will benefit from the exposure offered by the 2022 FIFA World Cup.
Algorand was chosen as the official blockchain partner of the 2022 FIFA World Cup. The announcement came in May 2022, with FIFA praising Algorand for its green and less energy-intensive blockchain technology.
Algorand offers the world an efficient and cost-effective medium to carry out transactions while keeping the carbon footprint minimal. This is a need of the hour in a world struggling to bring down transaction costs while combating the implications of global climate change.
Algorand will provide FIFA with support for blockchain-enabled wallet solutions as a part of this partnership. Besides that, Algorand has also been tasked to assist FIFA in developing an effective digital asset strategy.
Silvio Micali, the Turing Award-winning cryptographer and the founder of Algorand, also welcomed this development with open arms. Mr.Micali acknowledged that this partnership would allow them to showcase the true potential of the Algorand blockchain. He also affirmed that they would take this opportunity to transform people’s perception of sports and games in the 21st century.
Jump In Crypto Adoption Since The Last World Cup
Since the last FIFA World Cup, crypto adoption has seen notable growth, a big deal for the industry. But the circumstances have changed drastically since then, with Russia’s invasion of Ukraine in February this year. These developments resulted in mayhem within the global economy with Western sanctions on Russia.
But due to all these developments, the number of Russians using cryptocurrencies has sky-rocketed drastically. However, crypto companies have been struggling to serve their Russian users with direct pressure from the West.
Besides, the sanctions levied on Russia are not making this any easier for these crypto companies. As a result, many prominent crypto businesses in Russia have decided to sell off their business contributing to the limited scope of expansion in a war-torn country.
But barring the entire phenomenon with Russia, there has been another notable change in the crypto world since the last World Cup. Recently, the number of people using cryptocurrencies has grown significantly in the Middle East.
According to Chainalysis, there has been a fast and significant adoption of cryptocurrencies in the region since last year. Much of these adoptions come with investments from rich countries such as the United Arabian Emirates and its neighbor Qatar, which is hosting the 2022 FIFA World Cup.
As a result, many crypto companies are now choosing to set up their headquarters in the region. With most companies choosing UAE for this reason, the country is set to position itself as a global leader.
Will This Help The Market Recover From The Bearish Sentiment?
The crypto market has been suffering since the very start of this year with increasing interest rates and war in the Eastern world. But this widespread crypto adoption triggered by the 2022 FIFA World Cup sponsorship of Crypto.com and Algorand might be the fix the market needs.
All these factors will help boost the trading volumes in the market, which will positively impact the prices of cryptos. With the simple demand and supply principle at play here, the prices of cryptocurrencies will likely start rising again.
Besides, considering the latest turn of events around FTX, would the world’s greatest football event be enough to overturn the market emotion?