NFTEA: First Multi-Dimension NFT Options Product Based on Sports Events

The FIFA World Cup in Qatar is being celebrated in different ways and the NFT Options idea from NFTEA is a new way in which technology is deployed to join the celebration. 

The Qatar World Cup, arguably the biggest sporting event in world history is set to kick off in a few days, and NFTEA, a Web3.0-based Non-Fungible Token (NFT) “Tea House” has engineered a way to make the event inclusive. The startup has launched NFT-focused Options, Games, Galleries, and many other derivative products that can help adept fans earn passive income as they cheer their fans on.

The NFTEA platform has reiterated that its NFT option is 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 an opportunity to show support to their favorite teams by buying their NFT Options. The options will cost as much as 3 USDC coins and they can be traded for a higher value after the world cup. This future valuation is dependent on the performance of the team in the world cup.
While all of the NFT Options will cost the same price at the beginning, the valuation will grow based on the team that wins the World Cup, the come that comes second, third, semi-final, and so on. Even the poor-performing teams can also turn out profitable for fans, depending on the trading strategy they adopted.
The Options can be traded in the open market at the end of the World Cup tournament.

“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,” a descriptive blog post from the NFTEA platform reads.
The NFTEA NFT Option Design Model
The FIFA World Cup in Qatar is being celebrated in different ways and the NFT Options idea from NFTEA is a new way in which technology is deployed to join the celebration.
The products are built on the Polygon Layer-2 protocol and it features a total of 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 by the Qatari Royal Family.
The NFTEA project presents an opportunity for football lovers to invest and earn money while also catching fun at the same time.
The sales of the NFTEA NFT Options kickstarted on November 14 and are bound to end on November 29, a date that falls at the end of the 2nd round of the group stage of the World Cup. For interested participants, the options can be purchased through dApp on the NFTEA platform or via OpenSea.
The calculation and distribution of the rewards are automated but designed such that it is fair to all participants across the board.
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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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This article has been originally published at: https://www.coinspeaker.com/nftea-nft-options-sports-events/