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Crypto exchange OKX is launching the NFT Football Cup with $1 million in spot rewards, the company announced in a press release Tuesday. The cup comes as a part of the exchange’s “Football Festival” ahead of the 2022 FIFA World Cup in Qatar.
OKX Offers Football Fans a Chance to Compete For $1M in Spot Prizes
OKX, one of the biggest crypto exchanges in the world, unveiled the OKX Football Festival today 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. As of Nov. 8, football 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 take part in the competition using any Ethereum wallet.
“NFT holders will split spot rewards of 20,000 USDT each time their team advances through the group stages, with the prize pools for each eliminated team being transferred 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 $3M total prize pool as it bridges Web3 and football
A Crypto Trading Competition With $2M in Total Rewards
Later on, 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 fight for the total prize of up to $2 million, in addition to other prizes like new user and referral rewards.
Haider Rafique, Chief Marketing Officer of OKX, said the crypto exchange continues to invest aggressively in its Web3 Wallet and NFT platforms, adding the Football Festival “is only the beginning of the new opportunities we’ll be offering.” While there are less than two weeks until the World Cup, OKX’s festival comes amid a challenging period for the NFT market, which has seen a significant slump 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, crypto tokens issued by his company, lost $60 billion in combined market value.