Top crypto exchange OKX has launched World Cup NFTs, where participants stand to win great prizes. The initiative aims to capitalize on the World Cup craze as football takes center stage for the next month.
The NFTs are part of the OKX Football Cup. The tournament allows participants to mint their favorite teams’ NFTs and celebrate their success by winning pool prizes.
There are over $2.3 million in prizes to be won, according to the company website. All one needs to do to have a shot at the pool prizes is stake ETH and mint the World Cup NFTs for free. However, this will change once the group stages are over at the start of December.
You can mint up to 3 team NFTs by staking 0.01 ETH for each mint. To make the first mint, visit the OKX NFTs page and navigate to the OKX Football Cup. For the other two mints, you will need to use the OKX App. However, there is an option to use the app to mint all three NFTs at once, thus saving on gas fees.
Alternatively, you can buy the NFTs on the OKX NFT marketplace.
How The OKX World Cup NFTs Work
The challenge lies in predicting winners in the group stage, knockout rounds, and third place. The winners will get a chance to redeem their NFTs after the tournament ends on December 18.
For the group stages, each match offers a fixed pool prize of 20,000 USDT. For every NFT minted, OKX adds 10 USDT to grow the prize pool. Holders of NFTs belonging to the team that wins get to share the prize pool equally. However, if the teams draw, each side gets 10,000 USDT, which can be shared among holders of the team’s NFT.
OKX understands the World Cup is the most watched sports event in the world, with over 1 billion viewers. Therefore, by launching the OKX Football Cup, they hope to capitalize on this craze by introducing the large fan base to non-fungible tokens. This way, fans get to celebrate their team’s success with NFTs as they enjoy the tournament.