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NFTEA: The first multi-dimensional NFT options product based on sporting events

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As sports culture and the crypto economy converge, and major events such as the Qatar World Cup approach, derivatives based on sports events open up new opportunities for crypto investors.

New York, NY / AccessWire / November 24, 2022 / NFTEA, a web3 based NFT ‘Tea House’ has NFT options, games, galleries and many other derivatives. It features brand new community governance and fully decentralized contract interaction that achieves total fairness.

For the first time ever, NFTEA has integrated NFTs, options and sports culture into its core, allowing investors to participate in options trading and earn profits while enjoying the event.

NFT multi-dimensional options product for sporting events

In the run-up to the 2022 World Cup in Qatar, 2022 NFTEA World CupAn NFT-based options product has been launched, marking several firsts during its debut:

  • First Sports NFT Option;
  • First Multidimensional Options NFT;
  • Leading the integration of AMM into NFT options.

2022 NFTEA World CupThe products run fully decentralized on-chain. Based on a simple options mechanism, users can support their favorite teams by buying options for different teams.

Options represent asset certificates with multiple conditions and potential future value that can be traded in the markets. open sea always. This right will be exercised at the end of the Qatar World Cup. Investors who hold different teams are expected to receive significant equity income.

NFTEA is supported by the project Qatar 2022 digital twinThat is the first meta-universe ecosystem supported by the royal family of Qatar.

How Decentralized NFT Options Are Designed

2022 NFTEA World Cup Polygon is built on the mainnet with a total of 32 teams, each with 40,000 options and NFTs. Team Options records team information, practice dates, expected returns, etc. Records team NFT purchase time, team information, etc. Both Team Options and NFTs are based on Ethereum’s ERC1155 standard.

Users must purchase NFT options to participate in the event. NFTEA adopted amm system, with the starting price as 3USDC. The subsequent value creation mechanism is completely decentralized and determined by the market, with overriding factors such as team performance, market mood and community feedback. For example, the future performance of the team is still unclear before the game starts, so the price of the options will not be high; Once the game starts and strong teams present themselves, indicating a higher chance of taking advantage of such a team, the price of the options will certainly rise.

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This means that the cost of buying option cards for stronger teams will increase significantly as the game progresses, and the sooner you buy, the lower the cost and the more profitable you’ll be (early entrants are the most). can earn). Meanwhile, the costs of some unpopular teams are relatively low, with the help of appropriate strategies you can even make some profit.

Team NFTs represent NFT options, which are used as a symbol and collectible to give users free after purchasing NFT options.

Fully decentralized income system

Users with NFT options can exercise their rights after the World Cup to earn money. When users purchase NFT options, 10% of the fee is credited to the development team as development funds and copyright revenue, while any remaining sales are passed back to participating users.

Depending on each team’s final score, the buyer of the team’s NFT option may receive different amounts and may also lose money.

The revenue pool includes:

1. Team Bounty Pool (90%)

According to the final results of each team (champion, runner-up, 3rd place, 4th place, quarterfinal, top 16, out of top 16), the buyer of NFT options in the team has the possibility of receiving different amounts of winnings as well as losses. Could be possible.

We take into account both the cost price and the number of sales. Assuming that the number of options sold is the same for each team, we get the following cost-benefit ratio:

One team (40,000 in total)

  • If 5,000 tickets are sold, the average price of the option is USD 3,428 and the highest price is USD 3,918. After winning the championship, 3,428*2=6,856 USDC can theoretically be recovered (provided other teams have sold the same number of options).
  • If 10,000 tickets are sold, the average option price is 4 USDC, and the highest price is 5.33 USDC, theoretically 4*2= 8 USDC can be recovered after winning the championship.
  • If 15,000 tickets are sold, the average price of the option is USD 4.8 and the highest price is USD 7.68. After winning the championship, theoretically 4.8*2= 9.6 USDC can be recovered.
  • If 20,000 tickets are sold, the average option price is USD 6 and the highest price is USD 12. After winning the championship, theoretically 6*2= 12 USDC can be recovered.
  • If 25,000 cards are sold, the average option price is USD 8 and the highest price is USD 21.33. Theoretically, 8*2 = 16 USDC can be recovered after winning the championship.
  • If 30,000 tickets are sold, the average price of the option is 12 USDC and the highest price is 48 USDC. Theoretically, 12*2 = 24 USDC can be recovered after winning the championship.
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So, assuming all teams sell 20,000 options (40,000 in total), with Team A winning the championship, the final return could be twice the average price of 8U for selling 20,000 options, which is 16U.

For early investors who bought at 3U, they can get 4x returns. Despite the fall in returns, those who buy later can still get a nice return. With this model, you can see that users who join early benefit the most.

It is noteworthy that on each team’s option details page, the option’s highest payout (if they win the championship) and the lowest payout (if they don’t finish in the top 16) are constantly updated in real-time. Users can use this information to assess teams and people’s expectations for them, combine such information with current value to make overall decisions and decide which team options to purchase.

2. End Buyer (1%)

The last buyer of all teams will receive an additional grand prize of 1% of the team’s prize pool.

3. Referral Reward (5%)

We have referral rewards! When a user invites a friend to buy NFT options, he or she will receive a direct sales commission of 5%. For example, if player B buys 3 USDC options through player A’s referral link, player A will immediately receive 5% of the sale at his address, which is 0.15 USDC. This is another way to get more benefits for the users.

4. Lotto Prize Pool (3%)

This portion of the revenue pool will run various small activities such as blind boxes, card collection, air dropsetc

5. Community Promotion (1%)

This portion of the revenue pool is used to reward active community members and administrators, incentivizing those who actively contribute to the project.

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2022 NFTEA World Cup The product range is a pilot for the team to move to the NFT option in the sports arena. From 2023, we will launch products for five major European leagues, NBA, e-sports (Dota, League of Legends, CS) and other diverse sports NFT option products to meet the needs of our users.

About NFTEA

A web3 based NFT ‘Tea House’ houses NFT options, games, galleries and many other derivatives. It features brand new community governance and fully decentralized contract interaction that achieves total fairness.

NFTEA has launched a dedicated NFT option product for World Cup Qatar 2022Which can be used to buy your own corresponding NFT option card, support your favorite team while trading options and participating in sports.

Make friends, play and earn. lots of fun!

Website: www.nftea.homes
Contact person: Joseph
E-mail address: [email protected]

Source: NFTEA

Source: news.google.com

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