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 FTT dropped by a staggering 90%. However, the crypto sphere did not just experience a financial crisis but a psychological one too.
The loss of trust among many investors and the wider public has offset mass crypto adoption by years. The native token of the Chiliz blockchain (CHZ), which powers the largest sports fan token creator platform Socios.com, surged 11% in 24 hours. Top world cup fan tokens for the national soccer teams of Portugal (POR) and Argentina (ARG), both major contenders to win the Cup, “will be the cherries on top during the World Cup,” the research team of crypto exchange Huobi wrote in a report.
Here are the top FIFA world cup cryptocurrencies soaring. Have a look!
A Closer Look At The Best World Cup Crypto Tokens
Chiliz (CHZ)
Chiliz exchange is a crypto platform that allows users to purchase and sell Socios.com-issued Fan Tokens. It is the first crypto exchange in the world that tokenizes sports and entertainment. This allows many crypto enthusiasts and fans to sell, trade, and purchase Fan Tokens of the biggest stars in the entertainment and sporting sector.
These fan tokens are paired against the platform's native token, CHZ. The token scored high on the news with the possibility of moving into its own blockchain. This move, if successful, will reduce the transaction cost significantly on the network while also improving utility.
FIFA fans and crypto enthusiasts can utilize CHZ to purchase their favorite teams' tokens while accessing exclusive community experiences and products. For instance, fans can meet their favorite sports heroes or even vote on the team. The Chiliz network has already amassed about 120 partnerships with various sports teams, with the token available on many well-known crypto exchanges.
Chiliz is a currency option for blockchain-backed products & services geared toward mainstream consumers. The team wants to elevate everyday experiences – fan engagement in entertainment, alternative payment solutions for conventional products, and more during the FIFA world cup.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Algorand (ALGO)
Algorand is a blockchain project that has become known primarily for its environmental friendliness and sustainability. Furthermore, the blockchain is also the official partner of FIFA. Hailed as a “green” blockchain, the cryptocurrency has numerous international partnerships, including the World Football Association. The World Cup projects include a FIFA wallet and FIFA NFTs.
This platform makes use of a two-tier blockchain infrastructure that combines the advantages of layer-1 and layer-2 blockchains. Its foundation layer also offers intelligent contract integration, asset production, and atomic coin swaps, all of which contribute to security and compatibility.
The inventors of Algorand (ALGO) say that their cryptocurrency would outperform others due to its speed, efficiency, architecture, and governance. This platform purports to overcome the “blockchain trilemma” by combining traditional cryptocurrencies’ trustlessness, immutability, and complete decentralization with speed and security.
Instead of the mining-based Proof-of-Work method used by Bitcoin and other cryptocurrencies, this platform validates and approves transactions using a modified version of the Proof-of-Stake consensus process, also known as Pure Proof-of-Stake. As a result, it requires substantially fewer processing resources and can settle transactions in seconds.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
KuCoin Discloses Information About World Cup Followers Trading Fan Tokens
As football season kickstarted with the 2022 FIFA World Cup, cryptocurrency investor fans are looking to own a piece of their favorite football teams through non-fungible tokens (NFTs).
According to a survey conducted by cryptocurrency exchange KuCoin across 20,180 crypto investors between January and September of 2022, and 8,022 users in KuCoin communities in November 2022, nearly 48 percent of football fans want to trade fan tokens for sports teams. Four out of every ten investors in France, Spain, Vietnam, Germany, and Brazil identify themselves as football fans. Around 35% of the respondents have traded in NFTs in the last 6 months, and of this, 42% are interested in Sports NFTs.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Watch Out For Crypto Scams
Since the last major bull run in the crypto market, the sports industry has adopted cryptocurrencies and blockchain-based solutions with open arms. The love for crypto in sports remains strong even when the global market goes through periods of bearishness.
However, one needs to maintain cautiousness. 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.
Research well before investing in any digital asset.
Read More:
11 Most Undervalued Crypto To Buy
Next Cryptocurrency To Explode
Top 10 Most Promising Cryptocurrencies
12 Best Cryptocurrency To Buy Right Now
Top Cryptocurrencies To Invest In
Top Cryptocurrencies To Buy During Inflation