OKX kicks off NFT competition with $1M prize ahead of World Cup
Crypto exchange OKX is launching the NFT Football Cup with $1 million in spot rewards, the company announced in a press release on Tuesday. The cup comes as part of the stock exchange’s “Football Festival” ahead of the 2022 FIFA World Cup in Qatar.
OKX is offering soccer fans a chance to compete for $1 million in spot prizes
OKX, one of the largest crypto exchanges in the world, today unveiled the OKX Football Festival ahead of the upcoming 2022 FIFA World Cup in Qatar. The festival includes three major events, including the NFT Football Cup, the 2022 OKX Football Cup Trading Competition and the Earn Super Hatrick.
The NFT Football Cup is a competition that offers a total of $1 million in spot rewards to players. Starting November 8, soccer enthusiasts will be able to mint up to three free non-fungible tokens (NFTs) associated with their favorite national teams and compete for USDT spot rewards. Fans can enter the contest using any Ethereum wallet.
“NFT holders will share spot rewards of 20,000 USDT each time their team advances through the group stage, with the prize pools for each eliminated team transferring to the team that knocks them out. OKX will add 10 USDT to the prize pool for each NFT minted.3 Users will be allowed to participate in the event with any ETH wallet.”
OKX offers a total prize pool of $3 million as it bridges the gap between Web3 and soccer
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A crypto trading contest with $2 million in total rewards
Later, players will be able to compete in the second event, the OKX Football Cup Trading Competition, where they can win rewards using their crypto trading skills. In this competition, teams of a minimum of 10 traders will compete for the total prize of up to $2 million, in addition to other prizes such as new users and referral rewards.
Haider Rafique, head of marketing at OKX, said the crypto exchange continues to invest aggressively in its Web3 Wallet and NFT platforms, adding that the football festival is “just the beginning of the new opportunities we will offer.” While the World Cup is less than two weeks away, OKX’s festival comes amid a challenging period for the NFT market, which has seen a significant drop in sales in 2022.
OKX’s new initiative comes just a month after South Korean authorities asked the crypto exchange to freeze millions of dollars associated with Do Kwon, founder of Terraform Labs. South Korea has been after Kwon since TerraUSD and LUNA, the crypto tokens issued by his company, lost $60 billion in combined market capitalization.
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About the author
Tim Fries is the co-founder of The Tokenist. He has a B. Sc. in mechanical engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate in the investment team at RW Baird’s US Private Equity division and is also a co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
