We are now somewhat closer to the end of the 2022 World Cup than its beginning, and at this point it is fair to ask some questions and make some judgements on what has happened not just on the pitch, but off it. While the headlines will be dominated by early exits for teams such as Germany, Belgium and Spain, non-sporting matters have been pretty widely discussed too. For those of us who have an interest in matters relating to crypto, there are certainly things to look at in terms of how the tournament has impacted on a crypto sphere.
Crypto betting has taken the chance to grow its profile
Major sporting events are always a chance for businesses to promote their new initiatives, and one of the standout impacts for crypto has been the chance to really promote betting with Bitcoin and other digital assets. Leading Bitcoin, Ethereum and Ripple casino Cloudbet has been among the businesses that have taken this opportunity, launching its new Marketplace service which allows bettors to win Lightning Points every time they bet at the casino or sportsbook. With a plethora of World Cup markets, Cloudbet has had the perfect opportunity to draw more attention to this innovative loyalty program which allows bettors to win and redeem points.
Among the rewards on offer if bettors collect enough points are options like a free bet, bundles of free spins, and further on up the chain until you get to genuinely exotic prizes like a rare Rolex, a luxury holiday or a Lamborghini.
Crypto.com sees a big fillip
This World Cup is being played in the aftermath of the FTX crash, another story which made a splash beyond crypto circles and created a negative general perception. Crypto in general needed a strong positive story, and the presence of crypto.com advertising on the hoardings at World Cup matches has certainly helped deliver some much-needed positivity for crypto supporters. During this time, the exchange’s own CRO token has grown massively in value, and crypto.com is launching a range of NFTs based on player “heat maps” – graphical depictions of where the best players in the world run on the pitch over the course of a match or even a tournament.
FIFA adopts official blockchain sponsor
There are few sporting organisations – and by extension, few organisations of any sort – that have the profile and pull that FIFA has, nor the ability to shape global opinion. So when FIFA adopts a specific blockchain sponsor, that can have impacts on the whole structure of crypto as a concept. So when they gave that recognition to Algorand, which will now be taking a front seat in developing FIFA’s digital asset and wallet strategy, it will have sent a message to people in sport more broadly. Algorand, whose mission statement is to make crypto transactions a cleaner business, will benefit from a huge boost in attention from this point forward, something that won’t be lost on potential competitors or followers.