The FIFA World Cup in Qatar is getting celebrated in a variety of ways and the NFT Options idea from NFTEA is a new way in which technology is mainly deployed to join the celebration.
The Qatar World Cup, by far the largest sporting event in world history is set to kick off in a few days, and NFTEA, a Web3.0-based nonfungible token (NFT) “Tea House” has engineered a strategy to help make the event inclusive. Notably, the startup has launched NFT-focused Options, Galleries, Games, and many other derivative products that can enable adept fans to earn passive income as they cheer their fans on.
Interestingly, the NFTEA platform has reiterated that its NFT option is highly exclusive to the World Cup event and it is decentralized and based on the smart contract-controlled Automated Market Maker (AMM) trading engine used by decentralized exchanges.
The NFTEA platform grants users a chance to show lots of support to their favorite teams by purchasing their NFT Options. The options will cost up to 3 USDC coins and they can be traded for a bigger value after the World Cup. The future valuation is subject to the performance of the team in the World Cup.
While all of the NFT Options will cost the same price at the start, the valuation will increase according to the team that wins the World Cup, the one that comes second, third, semi-final, and so on. Also, the poor-performing teams can also turn out profitable for the fan, subject to the trading strategy they adopted.
The Options can get traded in the open market at the end of the World Cup tournament. One descriptive blog post from the NFTEA platform reads:
“Options represent a certificate of options assets with multiple conditions and potential future value, which can be traded on markets such as OpenSea at any time. This right will be exercised at the conclusion of the Qatar World Cup. Investors holding different teams are expected to receive substantial equity income.”
The NFTEA NFT Option Design Model
The FIFA World Cup in Qatar is getting celebrated in many ways and the NFT Options idea from NFTEA is a new way in which technology is mainly deployed to join the celebration.
These products are built on top of the Polygon Layer-2 protocol and it features 32 teams, each with 40,000 options and NFTs. The NFT and options are designed using the ERC-1155 standard and the NFTEA project is supported by Qatar 2022 Digital Twin, which is the first meta-universe ecosystem supported fully by the Qatari Royal Family.
The NFTEA project presents a chance for football lovers and enthusiasts to invest and earn money while also catching fun at the same time. These sales of the NFTEA NFT Options launched on November 14 and are expected to eventually end on November 29, a date that falls at the second round of the group stage of the World Cup.
For all interested participants, these options can be bought via dApp on the NFTEA platform or through OpenSea.
The calculation and distribution of the rewards are automated but designed such that it is fair to all participants.