Should you take a chance on FIFA NFTs on OKX?

By:
on Nov 23, 2022
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  • FIFA World Cup has become a popular event this week.
  • OKX launched FIFA NFTs, which people can trade as the event continues.
  • OKX increased the total prize pool for the competition.

The ongoing FIFA World Cup is expected to draw billions of viewers globally. The event is also expected to be a boom for the blockchain industry. One of the top companies seeking to benefit is OKX, which launched the OKX NFT Football Cup. You can read more about these NFTs here. So, does it a good idea to trade these NFTs?

Are OKX FIFA NFTs worth it?

Here are some quick facts to consider in making a decision if you want to take part in the OKX NFT Football Cup:

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  • You can mint up to three team NFTs for no cost (one on the website, two more on the OKX app).
  • Alternatively, you can buy team NFTs through the broker’s Marketplace / secondary NFT market.
  • If the team you minted NFTs for wins, you are entitled for a portion of the fixed prize pool.
  • Your individual prize is subject to the total supply of the team’s NFTs.

OKX’s Football Cup NFTs have become popular among traders and crypto users. According to its website, most people have minted NFTs in support of Brazil followed by Argentina, Germany, France, and England. 

These teams have had over 72,158 people mint their NFTs. In total, these teams’ prize pools have raised over 834k USDT. Other popular teams are Belgium, Spain, and the Netherlands.

Further, the process of minting and trading the NFTs is relatively easy. All you need to do is mint the NFT for your preferred team and wait for the match to end. These rewards will continue increasing as the World Cup goes on.

During the knockout stage, OKX will add 10 USDT for each NFT. For example, if Argentina and France are playing and the two have 200 and 300 NFTs in the group stage, OKX will add 5,000 USDT in the prize pool. Therefore, based on your prediction prowess and luck, it is possible to make substantial returns.

Low-risk, high reward

The whole process seems like a fun thing to do as you watch the World Cup event. It also has a low-risk and high reward potential depending on how the World Cup event goes on. Free minting of football NFTs will end when the group stage ends on December 3.

A higher reward happens in the third-place match, where the game has a fixed 100,000 USDT prize pool. If only a small number of people predict the winning team, your chances of winning a substantial sum of money will increase. In the group stage, users stand a chance to share 20,000 USDT per match.

Another reason to consider these NFTs is that it is a good opportunity to participate in the crypto industry as prices of most coins remain under pressure. Most coins, including Bitcoin (BTC/USD) and Ripple (XRP/USD) have dropped sharply this month. As such, trading these NFTs provide good opportunities to diversify your income.

They are also safe since they are based on Ethereum. As such, it is almost impossible to lose your NFTs.

Finally, there is a good way to exit the NFTs. You can wait until your team plays and see the results. Alternatively, you can burn your team NFTs and settle the rewards you won during the knockout stage. After burning your NFTs, you will not be entitled to any more rewards from the team.

There are two main risks for trading these NFTs. First, there is the risk that your team selection will not succeed. If your prediction fails, your funds will be transferred to the winner’s prize pool.

Second, before the round of 16 ends and the knockout stage starts, participants cannot burn their NFTs. The only option is to hold the NFTs until the match ends or sell them. At this stage, it is possible to exit at a loss.