According to a recent KuCoin survey, football is the most popular sport among crypto investors. out of 70% Nearly half of the fans who are watching the FIFA World Cup 2022 are also trading the token. But crypto scams are flourishing Their ugly head, so be careful.
One of the most prestigious sporting events is currently underway in the Middle Eastern region of Qatar. It is expected that more than one million football fans around the world will watch matches in the infamous air-conditioned stadiums for the first time in history.
However, the 2022 FIFA World Cup will also be a first for several other reasons, most notably the way it features crypto. The event is expected to be a massive booster for crypto adoption.
There is a reason the industry’s prominence in sponsoring the event. Earlier this year, the organizers of the World Cup selected cryptocurrency platform Crypto.com as one of the main sponsors of the event. This will give exchange exposure to an estimated audience of five billion viewers, which was not there in the previous World Cup.
But more importantly, the fans make the World Cup. And this time, cryptocurrency exposure is changing how fans interact with their teams – bridging the gap between football and the blockchain industry.
Football meets crypto in Qatar
Since the last major bull run in the crypto market, the gaming industry has embraced crypto and blockchain-based solutions with open arms. The love for crypto in the game remains strong despite the global market going through a downturn.
Seychelles-based crypto exchange KuCoin sheds some light on this joint venture. The exchange published the report “When Crypto Meets Football”.
The report is based on surveys conducted among 20,180 crypto investors between January and September of 2022 and 8,022 users in KuCoin communities in November 2022. This shows how crypto investors engage with their favorite sports, especially football, in Web3.
According to the survey, football is the most popular sport among crypto investors. 24% of crypto investors say football is their favorite sport. According to FIFA, there are five billion football fans worldwide, with Latin America, the Middle East and Africa representing the largest fan bases.
“Community” (41%), “Teamwork” (33%), and “Passion” (30%) are considered to be the top values shared between crypto and football. This was followed by “strategic” (27%) and “all-access” (23%). Some features combine crypto and football.
An anonymous Nigerian football participant in the survey said:
“Fan support is what crypto and football have in common. They revolve around individuals who look past traditional social constructs to build a community based on shared passions and dreams. They both have a sense of inclusivity, They are independent and not biased.”
Overall, seventy percent of crypto investors are keeping a close eye on the event, making it the first of the top sporting events to watch in 2022/2023.
The event has attracted fans from all over the world. But this time, crypto investors were also a part of the contingent. Geographically, Europe, Latin America, the Middle East, Africa and Southeast Asia are regions where passion for crypto and football cross paths. Football fans account for the largest share among crypto investors in France, Spain, Vietnam, Germany and Brazil.
Four out of every ten crypto investors in these countries identify as football fans.
Now seeing unprecedented traction, the crypto community has taken fans’ interaction with their respective clubs to a whole new level – with fan tokens.
by the fans, for the fans
More and more football clubs are turning to the crypto industry to raise revenue by issuing a new type of digital asset called Fan Token. The relationship enables clubs to issue so-called digital ‘fan tokens’ that can be sold to supporters and traded like other assets.
Tokens are similar to a club-specific asset, virtual coins that can be bought and sold with their value rising and falling in line with demand and team performance.
Tokens in the club shop are often marketed with real-world perks such as promotions, rewards and discounts. Even the chance to unlock VIP rewards, including meet and greets with favorite players, VIP seats and other unique benefits.
The more tokens, the more access and shot at team governance.
In one of the first high-profile link-ups between football and cryptocurrency, big-name football clubs such as Paris Saint-Germain, Manchester City, Barcelona and Juventus partnered with the SocioCrypto platform.
To buy tokens, supporters must first convert traditional funds into Socios’ cryptocurrency, Chiliz, through an app.
Considering football’s exposure, Fan Token sales are set to increase from $1.90 billion in April to nearly $7 billion in November 2022, with sales volumes to date surpassing the $175 billion mark.
The same trend was seen in World Cup 2022 as well.
48% of surveyed crypto investors are football fans interested in trading Fan Token during the 2022 FIFA World Cup.
The event is also expected to increase the popularity of other sports tokens. 28% of football fans among crypto investors also expressed interest in investing in general sports tokens or projects. Top mentions were Sweatcoin (SWEAT), Chiliz (CHZ), Stepan (GMT), Alpine (ALPINE) and Flow (FLOW).
Now to bridge the gap between football and crypto users, various platforms have joined hands for the biggest sporting event. First, it was OKX, as reported by BeInCrypto. In the latest development, KuCoin in its exchange with BeInCrypto said:
KuCoin is partnering with high-impact Web3 companies, such as Polygon – the leading Layer 2 platform for Ethereum scaling and infrastructure development, WinGoal – a burn-to-earn and win-to-earn F2P World Cup DApp , and YGGSEA – the first subDAO of Yield Guild Games, to launch “Shoot to Win Goal”, a 4-day event aimed at promoting crypto and football within the global ecosystem while rewarding crypto users with a $1 million prize pool to highlight the intersection of
In fact millions of fans, sponsors and well-known crypto-related firms will all come under one phase. But at the same time there is a need to be careful.
As BeInCrypto reported on November 24, cryptocurrency scams are one of the biggest risks for anyone investing and gambling on the World Cup. As tickets for this year’s event are only available digitally, scammers have increasingly capitalized on creating fraudulent websites offering them.
Fake websites for goods, gifts and giveaways also lure unsuspecting people among event enthusiasts.
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