OKX Brasil launches World Cup promotion with NFTs

The Brazilian arm of the global exchange OKX, partner of Foxbit, announced the NFTs event " OKX Football Cup ", where users will be able to mint NFTs for free to compete for prizes, according to the results of the Qatar World Cup games.

Each OKX registered user can create up to 3 NFTs free of charge for 1, 2 or 3 of the 32 teams participating in the FIFA World Cup 2022. Issued on the Ethereum network, the tokens are ERC-1155, according to the official promotion website, and can be “ minted ” until the 3rd of December.

These NFTs may suffer price variations as the selections are eliminated or advance in the Cup, as the award of each NFT is linked to the football team in which it is assigned. Therefore, a secondary market can be used to speculate on the results.

Here's how the prizes will be distributed:

• During the group stage: each match has a fixed prize pool of 20,000 USDT ($20,000 in tether). Before a match, OKX will make a list of NFT owners of competing teams once the match starts. After the match ends, the NFT owners who supported the winning team will split the prize pool. If a match ends in a tie, the NFT owners of both teams will split a prize pool of 10,000 USDT.

• During knockout rounds: For every NFT minted, OKX adds 10 USDT to the prize pool. For each match during the knockout round, the losing team's prize pool is added to the winning team's prize pool. After the Round of 16, participants can decide to opt out of the game to claim the cash prize, or they can hold on to their NFTs and stay in the OKX Football Cup for a chance to win more prizes.

• Third Place Match: This match has a fixed prize pool of 100,000 USDT. Once the match starts, OKX will make a list of NFT owners of competing teams. Each NFT for the winning team gives the holder a chance to get a share of the 100,000 USDT prize pool.

For every NFT created, OKX will add 10 USDT to the prize pool. During knockout matches, the prize pools of the losing teams will be added to those of the winners. The prize pool will increase or decrease as participants join or leave the game.

In addition, the winning team from each group stage match will receive a spot prize of 20,000 USDT and the winner of the third place match will receive a spot prize of 100,000 USDT. Prize pools and spot prizes are sponsored by OKX and key partners.

It is worth noting that, so far, the teams with the most NFTs created are Brazil, Argentina and Germany. This could mean that there is great expectation on top of these teams to stand out in the Cup.

Although the creation of the NFT is free, for each of them the user must leave 10 USDT in staking until the end of the event. As of December 20, 2022, users can claim their rewards and redeem their staked USDT.