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The first multi-dimensional NFT options product based on sporting events

The Tie Launches NFT and GameFi Dashboards Bringing Deep Avalanche Visibility

As sports culture and the crypto economy converge and major events such as the World Cup in Qatar draw near, sports event-based derivatives open up new opportunities for crypto investors.

NEW YORK, NEW YORK / ACCESSWIRE / November 24, 2022 / NFTEA, the “Tea House” of Web3-based NFTs, has NFT variants, games, galleries, and many other derivatives. It features brand new community management and a completely decentralized contract interaction that ensures complete fairness.

For the first time, the NFTEA brings together NFTs, options and sports culture at its core, allowing investors to enjoy the event as well as participate in options trading and profit.

Multi-Dimensional Optional NFT Products for Sports Events

On the eve of the 2022 World Cup in Qatar NFTEA World Championship 2022an option product based on NFT, was launched, having created several firsts in its inception:

  • First sports variant of the NFT;
  • First multivariate NFT variant;
  • Take the lead in integrating AMM into the NFT option.

NFTEA World Championship 2022products work completely decentralized on the network. Based on a simple options mechanism, users can support their favorite teams by purchasing options from different teams.

Options are a certificate of option assets with multiple conditions and potential future value that can be traded on markets such as The open sea Anytime. This right will be exercised at the end of the World Cup in Qatar. Investors who own different teams are expected to generate significant equity returns.

The NFTEA project is supported Qatar 2022 Digital Twinwhich is the first metaverse ecosystem maintained by the Qatari royal family.

How decentralized NFT works

NFTEA, Thursday, November 24, 2022, photo from press release

NFTEA World Championship 2022 built on the Polygon mainnet, with a total of 32 teams each with 40,000 options and NFTs. Team option records team information, training date, expected income, etc. NFT team records purchase time, team information, etc. Both team options and NFT are based on the Ethereum ERC1155 standard.

Users must purchase NFT options to participate in events. NFTEA accepted AMM mechanism, with a starting price of 3USDC. Later, the pricing mechanism is fully decentralized and driven by the market, the deciding factors include team performance aspects, market sentiment, and community feedback. For example, before the start of the game, the future performance of the team is still unclear, so the price of options will not be high; once the game starts and the stronger team(s) present, indicating an increasing opportunity for profit from that team(s), then the price of the options is sure to rise.

NFTEA, Thursday, November 24, 2022, photo from press release

This means that the cost of buying additional cards for stronger teams will increase significantly as you progress through the game, and the earlier you buy, the lower the cost will be and the more profit you will receive (early participants can earn the most). Meanwhile, the cost of some unpopular teams is relatively low, by using appropriate strategies, you can also earn some benefits.

The NFT team introduces NFT options, which are used as a symbol and a collectible that is given away for free to users after users purchase NFT options.

Fully decentralized revenue system

Users who have the NFT option can exercise their rights after the World Cup to earn money. When users buy NFT options, 10% of the commission will be given to the development team as development funds and copyright income, and any remaining sales will be returned to participating users.

NFTEA, Thursday, November 24, 2022, photo from press release

Depending on the final score of each team, the buyer of the team’s NFT option will be able to receive different amounts of money, and may also lose money.

NFTEA, Thursday, November 24, 2022, photo from press release

The income pool contains:

1. The total prize pool of the team (90%)

Depending on the final results of each team (champion, runner-up, third place, fourth place, quarter-final, top 16, top 16), the buyer of the team’s NFT options will have the opportunity to receive different amounts of income, and may also incur losses.

We take into account both the cost and the number of sales. Assuming the same number of options sold for each team, we get the following cost-benefit ratio:

One team (total 40,000 people)

  • If 5,000 cards were traded, the average option price is $3.428 and the highest price is $3.918. After winning the championship, it is theoretically possible to return 3.428 * 2 = 6.856 USDC (if other teams also sold the same number of options).
  • If 10,000 cards were sold, the average price of the Option is $4, and the highest price is $5.33, after winning the championship, theoretically 4 * 2 = $8 can be returned.
  • If 15,000 cards were sold, the average Option price is $4.8 and the highest price is $7.68. After winning the championship, you can theoretically return 4.8 * 2 = 9.6 USDC.
  • If 20,000 cards were sold, the average Option price is $6 and the highest price is $12. After winning the championship, theoretically, you can return 6 * 2 = 12 USDC.
  • If 25,000 cards were sold, the average Option price is $8 and the highest price is $21.33. After winning the championship, theoretically, you can return 8*2= 16 USDC.
  • If 30,000 cards were sold, the average Option price is $12 and the highest price is $48. After winning the championship, you can theoretically return 12*2= 24 USDC.

Therefore, assuming all teams sell 20,000 options (40,000 in total), of which Team A wins the championship, the final return could be twice the average price of 8U when selling 20,000 options, which is 16U.

As for the first investors who bought shares at the price of 3U, they can get 4 times more profit. Those who bought later, despite the decline in profitability, could still make quite a significant profit. With this model, you can see that users who participate early get the most profit.

It is worth noting that on the option details page for each team, the highest payout (if they win the championship) and the lowest payout (if they do not finish in the top 16) options will be constantly updated in real time. Users can use this information to judge teams and people’s expectations for them, and combine this information with the current price to make an overall judgment and decide which team option to purchase.

2. Last Buyer (1%)

The last buyer of all teams will receive an additional top prize of 1% of the team’s prize pool.

3. Referral reward (5%)

We have referral rewards! When a user invites a friend to buy an NFT option, they directly receive 5% of the selling commission. For example, if Player B buys an option for $3 using Player A’s referral link, Player A will immediately receive 5% of the sales to their address, which is $0.15. This is another way for users to get more profit.

4. Lottery Prize Fund (3%)

This part of the income pool will contain various small activities such as Blind boxes, Card collection, Airdropsetc.

5. Community Incentives (1%)

This part of the income pool is used to reward active community members and administrators to reward those who are actively involved in the project.

NFTEA World Championship 2022 The product series is a pilot for the team to participate in NFT Option in the field of sports. From 2023, we will launch products for the five major European leagues, NBA, esports (Dota, League of Legends, CS) and other diverse Sports NFT Option products to meet the needs of our users.

ABOUT NFTEA

The Web3-based NFT “tea house” has NFT variants, games, galleries, and many other derivatives. It features brand new community management and a completely decentralized contract interaction that ensures complete fairness.

NFTEA has launched an exclusive NFT Option product for World Cup 2022 in Qatarwhich can be used to purchase matching NFT option cards, support your favorite team by participating in options trading and sports.

Make friends, play and earn. Have fun!

Website: nftea.homes
Contact person: Yusuf
Email address: [email protected]

SOURCE: NFTEA

Written by khirou

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