Following the FTX exchange’s collapse on the 9th of November 2022, the crypto market experienced a crisis. Bitcoin (BTC) lost 25% of its value across three days, and the FTX token dropped by a staggering 90%.
However, the crypto sphere didn’t just experience a financial crisis but a psychological one too. The loss of trust among many investors and the wider public has probably offset mass crypto adoption by years. Much longer than many had anticipated.
As the 2022 FIFA World Cup in Quatar approaches, Crypto.com, another cryptocurrency exchange, was revealed as the official sponsor of the event. Is it possible this sponsorship would put a good name for crypto amid the bad press? And also set a positive course for the mass adoption of cryptocurrencies Algorand, Chiliz, and Big Eyes Coin?
FIFA+ Collect, A FIFA MarketPlace Powered By Algorand
Sustainability-focused Algorand is the official blockchain platform of FIFA. Interim CEO of Algorand, W. Sean Ford, stated that FIFA represents “innovative spirit and desire to directly and seamlessly engage with football fans”.
The Algorand blockchain will host FIFA+ Collect, a new platform that will allow football fans to own and collect FIFA World Cup moments (in the form of digital collectibles). Holders of these collectibles can then be showcased, traded, and even used in challenges to earn exclusive rewards.
Falling short of describing the collectibles as NFTs, FIFA+ Collect state the collectibles will be accessible and affordable for fans across the globe.
Chiliz’s Ecosystem Behind The Tokens for Italian, Portuguese, And Argentinan National Teams
Despite operating a blockchain-based sports entertainment platform called Socios, Chiliz (CHZ) hasn’t been doing so well recently. This is even more surprising as the FIFA World Cup is approaching.
Socios.com allows many sports teams and companies to sell their fan tokens. Fan tokens offer a way of connecting fans to the club by allowing them to participate in club-related decisions.
Chiliz will be impacted by the 2022 World Cup, as the Italian National Team, Portugal National Team, and Argentia National Team each have their own fan token. Socios.com will find itself at the forefront of fan engagement with its favorite sports teams.
Following The World Cup, Big Eyes Coin Set To Bridge The Gap Between Crypto Experts And Mainstream
Like many cryptos, Big Eyes Coin may not be directly related to the FIFA World Cup in Qatar but could benefit from it if Crypto.com’s partnership promotes the mass adoption of cryptocurrencies.
The reason Big Eyes Coin could be a natural jump from football-related cryptos such as Chiliz or Algorand is due to its accessible nature and ease of use. BIG is a community-based meme token, very much like tokens seen on Socios. Because of its strong community that has already garnered almost 60k Twitter followers and almost $10 million in presales, BIG is in the perfect position to welcome football fans to its circle.
Furthermore, just like the exciting competitiveness seen in FIFA, meme coins have their rivalries and determination to reach the top. Big Eyes Coin plans to take on the top dog Dogecoin, Shiba Inu, and Dogelon Mars by becoming the greatest meme coin.
Could The 2022 FIFA World Cup In Qatar Rescue Crypto Following The Crash?
As the market slowly recovers from an astonishing amount of bad press following the FTX dump, FIFA does have the potential to prove crypto is here for the long run.
This is promising, especially considering that more than half the world’s population (3.5 billion) watched the 2018 FIFA World Cup in Russia. As fans tune in to watch the 2022 World Cup and see references to Crypto.com, the cryptocurrencies ALGO, CHZ and BIG could see a significant boost.
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