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DappRadar Sports Report Explains How the FIFA World Cup Introduced Web3 to 5 Billion People

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DappRadar Sports Report Explains How the FIFA World Cup Introduced Web3 to 5 Billion People
November 25, 2022 / 02:15 PM CET/CEST

DappRadar Sports Report Explains How the FIFA World Cup Introduced Web3 to 5 Billion People

NEWS RELEASE ON DAPPRADAR

Kaunas, Lithuania | November 24, 2022 11:24 am EST

DappRadarglobal decentralized application store, announced the opening sports reportfocused on the growing presence of Web3 projects and applications in the world of sports and their unique ability to enhance the fan experience.

At a time when the entire world is focused on the 2022 FIFA World Cup in Qatar, Web3 is connecting millions of people from all over the world through a host of sponsorship offers, promotional deals and immersive sports-themed digital experiences.

In particular, the DappRadar Sports Report highlights the growing popularity of blockchain-based fantasy sports games such as Sorare, where fans are tasked with collecting NFT-based player cards hosted on Starkware, an Ethereum L2 solution. Over the past 30 days, Sorare has become the second largest NFT collection in terms of trading volume, only surpassed by the legendary Bored Ape Yacht Club, with the largest single sale featuring Manchester City star Erling Haaland’s unique card sold for a whopping $265 . ETH, or 609,000 euros, last January. This was followed by the sale of Kylian Mbappe’s card for a staggering €416,000, while the Messi and Ronaldo cards sold for more than €200,000 each.

Not only card games are popular. Fans can use the blockchain to participate in how their favorite clubs are run through the Socios.com platform. To do this, they must purchase fan tokens minted on the Chiliz blockchain, which represent certain clubs such as Barcelona, ​​Lazio and Paris Saint-Germain. With these tokens, fans can participate in regular polls to choose new kit designs, jersey numbers and motivational messages for their favorite players. At the same time, token holders get the chance to win official merchandise, VIP tickets to games, online player meetups, and more.

Given the benefits, it’s no surprise that over 82 popular clubs have launched fan tokens on Socios at the time of writing. However, teams would benefit from taking note that the price of their fan tokens may be affected by negative outcomes. After Argentina’s shock 2-1 defeat to Saudi Arabia in its first World Cup match, the price of the AFA token dropped over 25%!

Digital sports memorabilia is another new concept in the Web3 sports offerings. For example, the NBA Top Shot NFT collection on Flow generated an impressive $450 million in trading volume in the first quarter of 2021, representing a staggering 36% of the total NFT market at the time. Created by Dapper Labs, the collection consists of short videos known as “moments” that capture some of the most breathtaking clips from NBA games.

DappRadar said Flow collections are popular because they reduce friction for users who are new to blockchain. Whenever someone buys an “instant” NFT, a wallet is automatically created for them. Thus, the user does not need any technical knowledge to participate. This year, the NBA Top Shot collection generated over $200 million in sales from 8.1 million trades despite harsh bear market conditions in the wider crypto industry. A competing NFL-themed collection called All Day has grossed more than $35 million in sales this year from one million deals. Dapper Labs also offers collections for UFC fights and Spanish La Liga matches.

Finally, Web3 firms are making their presence known in the sports world with powerful advertising campaigns. The DappRadar report notes that FIFA recently signed Algorand, for example, as an official sponsor and blockchain partner. Algorand now hosts the official FIFA NFT collection called FIFA+ Connect. Elsewhere in the summer of 2021, Formula 1 struck a massive $100 million promotional deal with the Crypto.com exchange and wallet ecosystem, while 80% of its racing teams have at least one crypto partnership with brands such as ByBit. OKX and Tezos.

Crypto.com has been particularly energetic in its pursuit of sports partnerships, having struck similar multi-million dollar deals with the Staples Center, PSG and the NHL Canadiens. Most recently, Crypto.com signed an agreement with Budweiser to market itself in the company’s new digital world of Budverse.

About Dapp Radar

Founded in 2018, DappRadar is The World’s Dapp Store: a global store for decentralized applications (dapps) that allows its base of over 1 million monthly users to track, analyze and discover dapp activity through its online platform. The platform currently hosts over 12,000 dapps across 49 protocols and offers a variety of consumer-friendly tools, including comprehensive NFT valuation, portfolio management, and daily industry-leading insights.

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DappRadar, founded in 2018, is a global dapp store: a global dapp store that allows its base of over 1 million monthly users to track, analyze and discover dapp activity through its online platform. The platform currently hosts 9,000 dapps across over 30 protocols and offers a variety of consumer-friendly tools, including comprehensive NFT valuation, portfolio management, and daily industry-leading insights.

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Dan Edelstein

pr@marketacross.com

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