2021’s South American Soccer cup, “Copa America”, winner’s trophy will be minted as a Non-fungible Token (NFT).
Ethernity Chain To Mint Copa America Trophy As An NFT
The South American Football Federation (called “CONMEBOL”) has announced that it’s partnering with Ethernity Chain for minting the NFT.
The NFT will be based on the trophy given to the winner of Copa America, South America’s top continental cup.
National teams in the continent compete every 4 years for the title, and this year’s occasion marked the 47th time the cup has taken place.
Argentina beat perennial rivals Brazil 1-0 in the final, and took home the trophy this year. The title marked the end of a 28-year drought for the nation. It’s also the first international trophy for the Argentine captain, Lionel Messi.
Related Reading | The NBA’s Cleveland Cavaliers Add NFTs To Public Art Engagement Program
COMNEBOL also plans to mint four other NFTs. One of which would be for the aforementioned superstar, Messi, who has received the player of the tournament award.
Out of the remaining 3 collectibles, the finalists will receive one each, and the last one would be based on the top goalscorer award, called the Goleador trophy.
The Non-Fungible Token Market
The NFT market crashed almost 90% in the month of May, and since then hasn’t recovered much in terms of trade volume.
Some believe that the previous market was only a bubble. However, many others still believe that the future of the technology is pretty bright.
In recent months, there have been some huge investments in the industry, like Fox’s 100 million blockchain business, or Marvel’s NFT store. Big name backings like these act as quite the vote of confidence in the future of NFTs.
With widespread adoption, the market will only improve in the future. The Copa America and Marvel digital collectibles only show that these Non-Fungible Tokens have started going mainstream.
An interesting fact to note is that the NFT crash happened in tandem with the crypto crash where Bitcoin’s value fell almost 50%.
Right now, Bitcoin is trading around $32.5k, down more than 4% in the past week. Over the past 30 days, the crypto’s value seems to be down around 9%.
Here is a chart showing the trend in BTC’s price for the last 6 months:
Bitcoin price seems to be going down | Source: BTCUSD on TradingView
BTC has looked to be stuck in a rangebound market for a while now, not moving much in price. Right now, the coin seems to be on a slight downward trend, but it could be pumped back to $35k soon like it has happened many times over in the past few weeks.
Currently, it’s hard to say when Bitcoin will finally break out of this range.
Featured image from Ethernity Chain