The leading cryptocurrency exchange CoinW hosted a twitter space discussion amidst the 2022 Qatar World Cup in full swing. In the meantime, co-hosted with the well-known blockchain media, ChainDD, and the speakers including the crypto veteran Xu Zhihong, the CoinW Brand Manager DeFi Professor, the founder of Galaxy Media Sister Maomao, OG Builder of dexfilter.com Lin Wuxian, and other industry leaders such as Web3-native zhzhzh.eth, Qatar local expert, Linzi, Twitter crypto participant @vvan688, and CoinW contract analyst, Crypto Wuya, engaged in an in-depth discussion and discourse on topics surrounding cryptocurrency and sports events.
First, Qatar Linzi, who come from Qatar, the host country of the 2022 World Cup, gave a general introduction of the country of Qatar from a geographic and economic perspective, as well as an overview of the series of major development projects done in preparation for this year’s World Cup. Sports and crypto are growing closer!
It has become a trend nowadays for crypto projects to seek collaboration and sponsorships in the world of sports and this year’s World Cup was no exception. In addition to the numerous sponsorship deals made between FIFA and major crypto institutions, various national teams and football clubs have issued fan tokens, football stars themselves have also joined the ranks of NFT issuers. Brazilian football superstar Neymar, for example, launched his first NFT series during this World Cup. Sports has seemingly become the primary battleground for crypto adoption and application.
Xu Zhihong, the founder of Naodongdakai, commented that fan tokens are another way for the teams to monetize and expand their assets. It can be said that fan tokens are the greatest innovation in the blockchain space after exchange-tokens and DeFi . Zhige, a Web3-native, echoed that sentiment and stated that the fan token market will see continuous growth, and crypto exchanges can promote the development of fan tokens and expand their vertical scope.
Crypto participant, @vvan688 believes that sports events have become an important entry point for crypto adoption, but since the industry is still largely in its infancy and rapidly growing, it is expected that in the next few World Cups, crypto will become increasingly familiar to clubs and football players.
The brand manager of CoinW adds that the sports world has entered the field of cryptocurrency in a major way. It is using crypto to attract sponsors and participate in the global crypto economy. CoinW has been actively exploring the infinite possibilities of crypto application in sports. In May 2022, CoinW made its debut in La Liga; In June, it assisted the world-class boxing event, Kunlun Final; In July, it sponsored the East Asian Cup and several European football clubs; In November, it became the first crypto exchange in the world to collaborate with the Globe Football Awards. The increasing cross-promotion and collaborations between sports and crypto will undoubtedly introduce more people to the use crypto.
dexfilter.com, OG Builder, Lin Wuxian and zhzhzh.eth, suggested that sport has little connection with crypto. Lin points out that the total crypto market cap is still comparatively very small, even during the peak of the bull market, total crypto market cap was only 3 trillion US dollars, which is just comparable to the total market value of Apple. Lin and zhzhzh.eth, however, do recognize that crypto can bring more encrypted attributes and introduce new ways for the audience to participate and engage in the affair of the World Cup.
Sister Mao Mao, founder of Galaxy Media, used a set of data to prove that sports events and crypto are increasingly more closely related. Mao Mao asserted that sports NFTs will generate more than $2 billion in transactions in 2022, doubling from that of 2021. According to the latest report released by Market Decipher in September, the sports NFT market is projected to grow at a compounded annual growth rate of 36.6% from 2022 to 2032, and it will reach $41.6 billion by 2032. DCA in the bear market while waiting for the next halving bull.
Recent events in the industry have caused the crypto market to suffer another setback. Market sentiments have generally been negative and depressing. Crypto Wuya, a CoinW contracts analyst who has long studied the secondary market, pointed out that while it is undeniable that the crypto market is strongly correlated to the World Cup, from the secondary market perspective, however, the hype of fan tokens preceded the World Cup, and due to the underlying mechanism of fan tokens and the lack of long-tail effect, fan tokens will not have much market value. In addition, the crypto circle revolves around the four-year Bitcoin halving narrative, and the characteristics of a four-year cycle have been very distinctive. The best thing the average crypto investor can do would probably be Dollar-Cost-Average investments, and wait for the 2024 halving to start the next bull cycle.
CoinW’s World Cup Contest is still ongoing. All CoinW users will receive 1 free bid per day, users can also gain additional bids by referring friends and depositing onto the exchange to bid on 64 matches for free. After the contest ends, rewards will be given out based on individual score tallies, the higher the score, the bigger the prize. The grand prize of 300g Golden Footballs, treadmills and other luxury items are all up for grabs. Click here to participate now: https://www.coinw.com/page/worldcup/